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Equitable Distribution in High-Net-Worth Divorces in the Orlando, Florida Area

The Florida Statute on Equitable Distribution is Florida Statute 61.075. It mainly explains the law on equitable distribution in Florida. Further, if your case goes to trial, it explains the legal analysis the court must apply in deciding and pronouncing its judgment on your dissolution of marriage case. The statute explains the date of valuation of assets and debts for a divorce, how nonmarital assets and debts are determined and handled, and how marital assets and debts are divided. It also discusses the procedure for proving dissipated assets. 

Of course, when you hire an Orlando, Florida area attorney, they will explain the relevant case law on equitable distribution in conjunction with the Florida Statute 61.075 Equitable Distribution. Further, they will explain the dissipation of assets case law in Florida and the required proof. 

Putting Together a Team

The division of highly lucrative assets, corporations, LLCs, trusts, etc., require you to put together a team that will handle your complex finances. This team should include a knowledgeable attorney, a financial expert who can handle business valuations and explain your tax ramifications, and your trust attorney and/or estate planning attorney. Your CPA and financial planner should also be intricately involved in the process. 

Determinations to be Made

You need to determine if certain assets, such as SLATS trusts, fall outside the marital estate. Further, depending on whether or not you want an asset to remain outside the marital estate will require extra actions. 

You would need to include the trust in the dissolution of marriage lawsuit as a party and serve the trustee. Further, you would work with your trust expert regarding whether to join the trust, or prevent the trust from being joined in the dissolution of marriage case. You would also discuss with your trust attorney whether the divorce court can rule on the trust without a modification or revocation of the trust. Your trust attorney would advise you whether this would require a separate  legal action against the trust. 

Further, whether there is a trust or not, there may be many high-value assets such as properties and businesses that need to be valued and appraised. There may be appraisals of jewelry including watches; and designer shoes and purses. There may be exotic cars that also need to be valued. 

Your financial expert working with your divorce attorney needs to determine what assets and liabilities are nonmarital. They need to determine if any non marital assets were used to acquire marital assets. They need to determine if marital and nonmarital assets are commingled. 

If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation. 

This article is for informational purposes only and does not form an attorney client privilege.