When most divorcing couples think about splitting property, they are usually talking about the family home and car. However, if you or your spouse have a high net worth, you probably have many more assets to consider. Unless you were childhood sweethearts, you may each have assets that you brought into the marriage.
How is property split in a Florida divorce?
If you take your divorce to Florida court, a judge must split property fairly, which may not mean equally. It is called “equitable division.” To do so, they need to divide your property into two categories:
- Assets you owned before you were married.
- Gifts that someone other than your spouse gave you.
- Assets you agreed to exclude (hence prenuptial agreements).
- Income earned during the marriage from any non-marital assets.
- Assets bought or created, while you were married.
- Gifts made to you by your spouse during the marriage.
- The extra value given to non-marital assets during your marriage.
- All rights, funds and benefits created during your marriage.
If you have more wealth than most, property division in a divorce can be especially complicated. To use an example: Your partner had a small clothing business before you married. When you married they grew the company using the strength of your name as a professional athlete. How would a judge consider that?
A high net worth divorce requires an attorney used to dealing with significant assets. It is likely you and your spouse hold assets in many different places, not just the bank. You need to take all of these into account.