In the State of Florida, a divorce proceeding involving individuals with high net worth often present complex issues related to property valuation and distribution. When divorcing spouses cannot agree on how to value and divide their assets, the court must step in to make the decision for them. Under Florida’s equitable distribution system, a judge must ensure that property is divided in a manner that is fair and equitable, though it is important to note, not necessarily equal. For spouses who own businesses or possess diverse assets and income sources, this division can be particularly challenging and requires the service of qualified attorneys. The attorneys are Lungarelli Law have vast experience with how to properly assess assets, business and liabilities associated with a high-end dissolution of marriage proceeding.
Before making a final decision on asset division, the court must first determine the full extent of the couple’s property, including the valuation of any business interests based on fair market value. This process can be difficult and complex, as it involves assessing not only the tangible assets and anticipated income of the business but also intangible elements such as “goodwill,” which encompasses trademarks, business relationships, and organizational synergy. These evaluations often lead to expert testimony and can become contentious, but ultimately, the court aims to determine the market value that the business would likely get if sold.
Assets in High Net Worth Divorce
A comprehensive understanding of each spouse’s assets and financial situation is crucial in determining their needs for and ability to pay alimony or child support. While all assets should be disclosed during settlement discussions or court proceedings, sometimes one party may attempt to withhold information.
“Hidden assets” refer to those that are not easily identifiable in financial records, often due to complex maneuvers that may be intended to conceal them from the other spouse or the court. These assets are typically liquid, such as stocks, bonds, or bank accounts, and may be hidden through transfers to friends, associates, or offshore banks. An experienced investigator can often help locate these hidden assets. Contact Lungarelli Law for referrals.
