What Do I Need to Know About High Income Divorces?

The size of your marital estate and the amount of money you have in the bank to pay for attorneys does not make the divorce process any easier. For celebrities and individuals of high wealth, there is more that comes along with a divorce when compared to a typical non-high-profile divorce. In the State of Florida, equitable distribution is standard in a divorce matter. See Florida Statute §61.075. Florida courts conduct this under Florida Statute §61.075, in which the state outlines how marital assets and liabilities will be distributed. Celebrities or other high wealth individuals likely have extensive assets that must be protected and naturally, make the process more complicated. It is common for high net worth couples and individuals to have extensive stock portfolios, bonds, vacation properties, businesses, luxury vehicles, intellectual property, investments, etc. that will need to be equitably divided in the event you divorce. With these many possible assets, where does one even begin? Due to one or both of the parties having high net worth, it is common for these individuals to have prenuptial agreements which is also a great place to start. A prenuptial agreement may protect an individual’s property owned at the time of the marriage. Commonly, the key purpose of this type of agreement is to provide financial protection to both spouses as a prenuptial agreement commonly outlines the division of property, alimony, debts, etc. In the State of Florida, alimony is decided in accordance with the factors explained in Florida Statute 61.08. See Florida Statute 61.08. In the circumstance where an individual or couple has a high net worth but no prenuptial agreement, dividing these assets can become more difficult. For the courts to equitably divide these assets, the court will likely need to see the sources of income used to purchase the property acquired during the marriage. Many times, in high asset divorces there are numerous sources of income, making it more challenging to trace. See Florida Statute §61.075. After determining if there are agreements in place, you must then determine the value of these assets. Valuation of assets includes the process of estimating the value. To determine the value, a forensic accountant may be required. A forensic accountant uses accounting, auditing, and investigative skills to examine a party’s individual finances or business finances. They are Certified Public Accountants that then analyze this information and often testify in court as expert witnesses. See Florida Statute 12.365. The valuation of assets can not only affect the division of property, but also alimony and child support. When determining alimony and child support, forensic accountants will be tasked with determining the spouse’s true income and their ability to pay. In Florida, child support is statutory according to the guidelines and as such, the accountant will assist the attorney in this calculation if needed. See Florida Statute 61.30. If you or someone you know is seeking advice on divorce matters, you can speak with one of our family law attorneys at the Yaffa Family Law Group at 561-276-3880 or visit our website at www.yaffafamilylawgroup.com to schedule your confidential complimentary consultation.

Frequently Asked Questions

How long does a divorce take in Florida?

In Florida, an uncontested divorce can be finalized in as little as 3–4 weeks, while a contested divorce may take 6 months to over a year depending on the complexity of the case and the court's schedule.

Do I need a lawyer to get divorced in Florida?

While Florida law does not require you to hire an attorney, having an experienced family law attorney significantly improves your chances of achieving a fair outcome, especially in complex cases involving assets, children, or spousal support.

How is property divided in a Florida divorce?

Florida follows the principle of equitable distribution, meaning marital assets and debts are divided fairly — though not always 50/50. Courts consider factors such as the length of the marriage, each spouse's financial contributions, and future earning capacity.

What is the first step in filing for divorce in Florida?

The first step is filing a Petition for Dissolution of Marriage with the circuit court in your county. You'll also need to serve your spouse with the petition and financial affidavits. Consulting an attorney before filing helps ensure you protect your rights from the start.

If you're facing a family law matter in South Florida, the experienced attorneys at Yaffa Family Law Group's Divorce practice are here to help. Our team understands Florida family law and can guide you through every step. View all our practice areas or contact us today for a confidential consultation.

What Do I Need to Know About High Income Divorces?

Frequently Asked Questions

How long does a divorce take in Florida?

Do I need a lawyer to get divorced in Florida?

How is property divided in a Florida divorce?

What is the first step in filing for divorce in Florida?

Free Guide: 10 Things To Do Before Filing For Divorce

Doreen Yaffa

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