Miami High-Asset Divorce Attorneys
At Pacheco Perez P.A., we can help if you are going through a high-asset divorce in Miami. Our high net worth divorce attorneys have handled these matters for many years. We know high net worth divorces involve many unique assets, and we frequently work with forensic accountants, financial investigators, appraisers and other professionals to value these so the couple or a family law court can divide them appropriately.
If you are preparing for a high-asset Miami divorce, let us help you. We will take essential steps to protect your property. And we will strive to achieve an outcome that minimizes your divorce’s impact on your net worth.
What Assets Are Involved In High Net Worth Divorces?
Divorcing couples with substantial assets or high net worth investments often encounter different types of distribution than a typical divorce. In addition to dividing a primary residence, the following are often involved in a high-asset divorce:
- Real estate investments: Both commercial and residential real estate investment properties may be subject to division, even if only one spouse owns them.
- Vacation homes: It is not uncommon for high net worth couples to own one or more vacation homes where they spend their leisure time.
- Automobiles, boats and watercraft: Car collections, yachts and other fine motor vehicles may hold substantial value to each spouse, both personal and financial.
- Jewelry, furs, handbags and artwork: Like vehicle collections, fine clothing, handbags and artwork can add worth to a marital estate as well as have sentimental value to a spouse.
- Retirement accounts: Several different types of retirement accounts exist, and all of these can be difficult to divide. Even though retirement accounts are often held in one spouse’s name, they are still considered marital property if they were created or funded after the marriage happened.
- Bank accounts: Multiple individual and joint bank accounts often come into play in high net worth divorces.
- Stocks, bonds and crypto investments: Investment portfolios are one of the most valuable assets high net worth couples will divide. Some investments, specifically cryptocurrency, can be challenging to track down and require legal help to discover.
- Businesses: Many high net worth individuals own businesses that may have to be distributed. Retaining ownership of a business may come down to forfeiting other valuable assets in order to achieve an equitable distribution.
- Inheritances: Some high net worth individuals come into wealth (or greater wealth) through an inheritance. Inheritances are considered separate property in Florida unless they have been combined with the marital estate.
If all of the above are considered marital property, they will be subject to division in a marital estate, and they all will need to be valued and divided.
In some cases, parties can negotiate and reach an agreement on who is keeping which assets. However, an appraisal to determine the value of the property may still be required.
Hidden Assets In Your Miami Divorce
Our high net worth divorce attorneys have experience uncovering hidden assets. Over the course of a marriage, it may be possible to have acquired assets unknown to your spouse or to have separated assets into an offshore account or another repository.
When the discovery process begins, all parties will have the opportunity to investigate any asset buried or shrouded by the other spouse in an attempt to prevent it from becoming subject to division in your divorce.
Offering Guidance On Marital Agreements
A large percentage of high net worth couples execute prenuptial or premarital agreements prior to marriage. The parties can also execute an agreement after the parties’ marriage, a postnuptial agreement, which works just like a prenuptial agreement. If you and your spouse have executed a marital agreement, our lawyers can analyze the document and offer guidance on its impact on a Miami divorce.
High-Asset Divorce FAQs
At Pacheco Perez P.A., our high net worth divorce lawyers have helped countless clients. One of our services is helping our clients better understand the law and how it applies to their unique situations, particularly when significant assets are involved. Here are the answers to some of the most common questions we hear:
What defines a high-asset divorce in Miami?
In Miami, a high-asset divorce is typically defined as one involving a combined net worth of at least $1 million. These assets can include real estate, vehicles, jewelry, retirement accounts, savings, stocks and businesses. Each spouse’s income, the length of a marriage and financial obligations may also be considered in a high-asset divorce.
High net worth divorces are often more complicated than typical divorces because of the vastness of the marital estate. Because of the challenges spouses may face in a high-asset divorce, it can help to seek legal representation from an experienced attorney to ensure assets are divided equitably.
How are real estate investments divided in a high-asset divorce?
Real estate is a common asset in high-asset divorces. The specifics on how real estate will be divided in a high-asset divorce often require expert evaluations and appraisals, and some negotiations. If real estate was owned prior to marriage or included in a prenuptial agreement, then the asset may not be divided.
However, if the real estate was acquired during the marriage, then it may be considered marital property. In many high-asset divorces, real estate holdings beyond the marital home are investment properties or income-producing properties, so division has to be handled carefully with an eye toward their current value, ability to produce income and any taxation issues that might arise.
Can vacation homes be excluded from marital property?
In some cases, yes. If the property was purchased before marriage, then the vacation home may not be included in the marital estate. Alternatively, a vacation home may be added to a prenuptial agreement and excluded from the division process.
What steps are involved in valuing luxury items like jewelry and artwork?
There are several methods to value luxury items in a high-asset divorce. This may include reviewing purchase receipts, comparing assets to current sale prices or having valuables appraised. Our attorney can help clients value luxury items to fairly negotiate the division of marital assets.
Make An Appointment With A High Net Worth Divorce Attorney In Miami
High net worth cases are very complex. If you are seeking a skilled, reputable team of family law attorneys in South Florida, contact us for help.