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What is a High Net Worth Divorce in Orlando, Florida?

High net worth divorces in Orlando, Florida are divorces wherein the parties’ net worth is in the multi millions. The same dissolution of marriage law applies in these cases as in any divorce case. However, due to the high net worth, there are more complicated issues. The parties need to involve their financial planner and CPA in the matter to make sure they do everything necessary to best preserve their assets and prepare for the tax ramifications after the divorce is finalized. 

It is crucial in these cases to help prepare the parties so they can continue to live the lifestyle they have become accustomed to. However, everyone knows that after a divorce that both parties’ lifestyle is not going to be as good as it was prior to the divorce. 

Collaborative Divorce vs. Litigation

If you are going to go through a high net worth divorce, then you may want to decide if you prefer to do it collaboratively or through litigation. If you think the case is going to be highly contested and acrimonious, then you may benefit from the collaborative  process. When high net worth cases are fiercely litigated, both parties’ assets are dissipated by the attorney’s fees. You may save money and preserve your assets by using the Collaborative Divorce Process. 

Florida Statutes to Review

In preparing for a high net worth divorce, the Florida Statutes that you should review are Florida Statute 61.075, the Equitable Distribution statute; Florida Statute 61.08 on Alimony, and Florida Statute 61.16 on Attorney’s Fees. 

If there are children involved in the case, then you will also want to review Florida Statute 61.13 on the Best Interest of the Child and Florida Statute 61.30 on Child Support. One thing to consider is that your children may attend private school, and you most likely want them to continue their education at the private school. 

Sorting Out Finances

You likely will engage your own independent financial expert in a high net worth divorce case. The expert will evaluate the financial information from your financial planner and CPA. They can also help you determine the amount of alimony you will need to live independently. 

With high net worth cases, you may need a business evaluator to determine the valuations of corporations, LLCs, businesses, etc. You will need to obtain appraisals on the real property that you own. You may also need appraisals of your jewelry and other valuables. These are things to think about if you are facing a high net worth dissolution of marriage. 

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.