High-Net-Worth Divorce

Overview

While divorce can be a complicated process regardless of a couple’s circumstances, high-net-worth cases present unique concerns that can be more complex than traditional divorces.

Generally, a high-net-worth divorce usually has more issues and is more likely to be contested. With more at stake, these cases require particular attention to detail and expert strategy. A qualified and experienced attorney can provide you with the guidance, knowledge, and support you need and help you avoid mistakes that can significantly impact the outcome of your case and your future.

The Family Law Practice Group at Kelley Kronenberg has decades of experience representing clients in high-net-worth divorces and high-conflict family matters across Florida. We are deeply familiar with the complexities and nuances surrounding high-net-worth cases and utilize sophisticated legal strategies to protect our clients’ interests and financial security.

As a cross-disciplinary law firm, Kelley Kronenberg is uniquely positioned to offer complete legal services tailored specifically to each client and their unique needs. Our integrated team of attorneys routinely collaborates with the firm’s other practice areas, including Business Law, Real Estate, and Estate Planning, to provide a comprehensive and unified approach to all family law matters. Our substantial knowledge and resources provide positive benefits to you as our client, saving you time, stress, conflict, and expenses.

What is a high-net-worth divorce?

Generally, a high-net-worth divorce involves more the one million dollars in combined liquid assets. Assets can be in multiple forms, such as cash, property, real estate investments, stocks, bonds, and retirement accounts. Other assets to consider in high-net-worth cases are businesses, second/vacation homes, luxury vehicles, and other expensive items, such as boats and planes.

How is property divided during a high-net-worth divorce?

Dividing properties and assets after a marriage ends can be a daunting task, particularly in cases that involve high-net-worth individuals or substantial assets.

Florida is an “equitable division” state, meaning that all marital assets and liabilities are divided between the spouses in a fair and equitable manner. Florida law begins with the presumption that the distribution is equal (50/50) unless there is justification for unequal distribution. Courts may order unequal division when certain factors are considered, including:

• the contribution to the marriage by each spouse, including contributions to the education and care of children and services as a homemaker,
• the length of the marriage,
• the economic circumstances of the parties,
• the sacrifices of one spouse for the other spouse’s career or education,
• the desirability of retaining any asset,
• and any other relevant factor.

How is alimony determined in a high-net-worth divorce?

In a high-net-worth divorce, the courts may order the high-earning spouse to pay spousal support to the other, known as alimony. Florida has several forms of alimony. The amount owed is based on need and ability to pay. When determining the proper type, amount, and duration of alimony, courts may consider all relevant factors, including:

• the duration of the marriage,
• the standard of living established during the marriage,
• the parties’ age, and physical and emotional conditions,
• the financial resources of each party,
• the contributions of each party, including services rendered in homemaking, child care, education, and career-building of the other party, and
• the parties’ child responsibilities.

How is child support calculated in a high-net-worth divorce?

To determine the amount of child support each party is responsible for paying, Florida utilizes the child support guidelines, which contain a specific mathematical formula and considers a variety of factors, including:

• the parents’ gross earnings from all sources and the appropriate deductions,
• the time-sharing arrangement and number of overnights each parent has with the child,
• the amounts paid for the child’s medical and/or dental insurance, and
• the amounts paid for the child’s daycare.

The courts may order child support that exceeds the guideline amounts in certain circumstances. The most significant factor in calculating child support is the parents’ income. Other relevant factors the courts may consider in high-net-worth cases include private school tuition, summer camp costs, specialized tutoring, and expensive hobbies.

What about pre-nuptial agreements?

A pre or post-nuptial agreement can significantly change the divorce process. It serves as a legal contract between spouses that determines how certain issues will be treated, such as alimony or the division of assets, in the event of separation, divorce, or death. A valid marital agreement must be executed voluntarily with full disclosure of both parties’ assets and liabilities, in writing, and signed by both parties.

Like any other contract, a prenuptial agreement can be challenged at any time by either party. Common grounds to challenge a prenup include unfair or unreasonable provisions, as well as fraud, duress, and coercion. In some cases, the courts will void the entire agreement or invalidate clauses that are illegal or contrary to public policy.

How Kelley Kronenberg Can Help

Because of the unique considerations involved in a high-net-worth divorce, it is critically important to consult a knowledgeable and experienced Florida attorney to help you obtain the most favorable results in your case. Failure to timely obtain experienced legal counsel can have significant, long-lasting impacts on your assets and your future.

The Family Law attorneys at Kelley Kronenberg have decades of experience handling high-net-worth cases and complex financial issues in both contested and uncontested divorces across Florida. We are focused on assisting clients with all aspects of their case and dedicated to providing high-quality legal representation and unparalleled service across a wide range of family law matters, including:

We Are Here For You During Your Divorce

At Kelley Kronenberg, we know how complicated divorce can be, especially in high-net-worth cases. Our team of compassionate and experienced attorneys will be there to guide you through every step of your case and answer all your questions. We will ensure your interests and assets are protected and help you strategize every financial decision to make sure you receive the most beneficial outcome possible.

If you have questions about high-net-worth divorce or for help with any of your family law matters, fill out our inquiry form and we will be happy to schedule your initial confidential consultation at no cost to you.