High Net Worth Divorce Lawyer in Fort Lauderdale

High Net Worth Divorce Lawyer in Fort Lauderdale

High Net Worth Divorce Lawyer in Fort Lauderdale

Divorce is devastating and complicated. Things get even worse when one or both partners have extreme wealth. If you need a high-net-worth divorce lawyer in Fort Lauderdale, call Scott A Levine at 954-587-2244.

What is a High Net-Worth Divorce?

It is a million-dollar divorce in the traditional sense of the word; when one or both partners in the divorce has a net worth of over $1 000 0000. The number of millionaires has more than doubled in the recent past. As of now, a substantial amount of divorce cases involves several millions of dollars.

Challenges in High Net-Worth Divorce

Complexities in asset divisions

High net worth couples are in a different tax bracket than those in ordinary divorce cases. The process of asset division is thus prolonged and much more intricate. Some of the assets in these cases include brokerage accounts, real estate property, art jewelry, and much more.

The biggest challenges include identifying and classifying assets. They are numerous and of high value. Some were acquired before marriage and should be separated from those that belong to both spouses. An impenetrable prenuptial agreement can make things easy. But it is not uncommon for these agreements to be found invalid for reasons such as duress and fraud.

Child support formula causes headaches.

Florida child support formula is already complicated as it stands. The state uses an Income Shares Model where both parents contribute the same amount of cash they would if they lived together. The amount each parent contributes depends on their income levels.

Things get much complicated for families beyond the $1,000,000 threshold. Wealthy parents may also be asked to support their adult children, such as college fees and expenses. All resources are accounted for in these expenses, including retirement savings.

Property appraisal

Every divorce case needs property appraisal. In a complex divorce case, total asset valuation and assessment are critical for personal and business assets. Here, couples must work with a practiced high asset divorce lawyer and accountant to determine asset value and division formula.

Assets such as stocks and intellectual property require a special kind of valuation. The value of the brokerage and Investments accounts can fluctuate. When dividing these assets, there needs to be a delicate balance between risk and profit potential, so one doesn’t end up with loss-making assets after divorce.

Tax implications

The taxman is always watching. Tax matters become even more critical when dealing with many high-value assets. In the absence of intelligent strategies, asset division in these cases can increase the tax obligations of the parties to ridiculous amounts.

Secret assets

Fewer things are secretive as the assets held by rich people. In most high net worth divorce cases, some marriage partners may try to hide assets. Some of these cases involve assets stowed in trusts, stored in offshore accounts, or temporarily gifted to friends and family. If a spouse is attempting to hide assets in a high net worth divorce case, your best bet to get a fair share is a specialist lawyer.

Call 954-587-2244 to discuss your case with Scott A. Levine

Work with an experienced Fort Lauderdale High Net Worth Divorce Lawyer

The above is, at best, an incomplete representation of the complications inherent in million-dollar divorce cases. Further challenges imminent include child custody, spousal support, and division of shared interest in the business. Florida’s leading high net worth divorce attorney, Scott A. Levine, has handled such cases for many years.

These are not ordinary divorce cases with common strategies. No calculation conforms to standard estimates in high-value divorce cases, including asset valuation and categorization or child support and alimony. Contact Scott Levine for a consultation.

Highly trained in complex issues.

Scott Levine is highly experienced in high net worth divorce cases. He will handle your case with high professionalism and the confidentiality that you deserve. You will get the advantage of attorneys who know their way around complex taxation matters, convoluted asset tracing, and non-standard child/spousal support obligations. The law offices of Scott A Levine can help you with asset evaluation and classification:

  • Asset tracing in revocable and irrevocable trusts, offshore accounts, and retirement accounts
  • Contesting or defending premarital agreements
  • Determining marital and no marital assets
  • Protecting personal assets acquired before marriage
  • Child custody and spousal support matters

Scott Levine has successfully litigated, negotiated, and mediated complex divorce cases involving high net worth personalities. His courtroom and settlement experience will help bring your case to a speedy and positive conclusion.

High Net Worth Divorce Strategies Fort Lauderdale

Some of the leading strategies employed by Scott A Levine include:

Forensic accounting

Forensic accountants help where there are multimillion cash sums involved, diversified business assets, and personal accounts. This strategy helps optimize business valuations and asset tracing and streamline calculations for child and spousal support.

Scott Levine can work with a forensic accountant hired and retained by one or both spouses. The qualified family lawyer can also play well with court-appointed forensic accounts for the success of your case.

Comprehensive planning

Child custody, child support, and spousal support are critical issues that need in-depth planning in high net worth divorce cases. Ultra-rich individuals face unique child custody issues, including high conflict and disagreements that may lead to a court filing. Before litigation or negotiation, it is essential for parties to critically evaluate their work or travel schedules and the likelihood of staying in one state or country.

Scott can help you get or contest custody and visitation stipulations fast and seamlessly. For support purposes, the divorce attorney can defend your rights through strategies that account for factors such as base income, stocks, options, and profit distributions, interest, company perquisites, and phantom payments.

Intelligent litigation

Smart and responsible litigation are a sine qua non for successful resolution of high net worth divorce cases. Scott A Levine will focus on settling case aspects than being resolved, including child support and custody. He narrows the issues to save you time and frustration. For matters that need litigation, the Fort Lauderdale lawyer has the right experience in family law courts to get you a positive outcome.

There are a lot of complexities involved in high net worth divorce cases. For expert help in Fort Lauderdale, talk to high asset divorce lawyer Scott A Levine.

Call 954-587-2244 to discuss your case with Scott A. Levine

High Net-Worth Divorce FAQs

1. Why Are High Net-Worth Divorces Specific?

High net worth divorces involve multi-million dollar marital property, putting them into the complex divorce category. Furthermore, high-end divorces are typical because they include premarital and post-nuptial agreements dealing with property distribution. In addition, spouses in high net-worth divorces usually own large family businesses, offshore assets, and property overseas. They are typically middle-aged and older couples.

High Net-Worth Divorces

2. What is Marital Property in Florida?

In Florida, marital property is property acquired during the marriage. Unlike marital property, which is subject to division, non-marital property is property each spouse owned before marriage. Florida is an equitable distribution state (Section 61.075 of the 2021 Florida Statutes), meaning that in distributing marital assets and liabilities, the court must begin with the premise that the distribution should be equal unless an unequal distribution is justified.

3. What Justifies an Unequal Distribution of Marital Property?

The factors justifying an unequal distribution of marital assets include:

  • The contribution to the marriage by each spouse
  • The economic circumstances of the parties
  • The duration of the marriage
  • Any interruption of personal careers or educational opportunities
  • The contribution to the personal career or educational opportunity
  • The desirability of retaining any asset (an interest in a business, corporation, or professional practice)
  • The contribution to the acquisition or enhancement of the marital property.
  • The desirability of retaining the marital home
  • The intentional dissipation, waste, depletion, or destruction of marital assets

4. Why Are Premarital Agreements Important in High-End Divorces?

The complexity of high net-worth divorces increases if premarital agreements are involved. These agreements govern marital property division and other related issues, so you need an experienced divorce attorney to help you navigate the complex property division process.

5. What Are Complex Financial Assets in a High Net-Worth Divorce?

Complex financial assets include real estate, highly valued collections, stocks and bonds, bank accounts, investments, intellectual property, retirement funds, trust assets, etc. Affluent couples own multiple properties, apart from a family home. Dividing the family home is one of the most sensitive issues in complex divorces. In most cases, selling the house is the best option. For that, you need the help of real estate experts and appraisers, including your attorney. Highly valued collections include rare artifacts, unique paintings, old-timers, etc. Stocks and bonds are typically the assets of wealthy couples. In dividing these assets, determining their current and potential value is vital. The same applies to dividing dividends and deciding the contribution to the investments. The income from intellectual property rights is also subject to division, requiring the help of attorneys and financial experts. Retirement funds and trust assets can be of significant value. They are subject to strict regulatory requirements, so dividing these assets requires the assistance of a divorce attorney with a proven record of success.

6. Which Experts Are Involved in High Net-Worth Divorce?

Going through a high net-worth divorce is unthinkable without experts. They help untangle complex financial issues, enabling the parties to understand the disputed issues. Financial experts include accountants with special forensic training, appraisers (who evaluate real estate, precious collections, etc.), business valuators (who help determine ownership interest in the family business), and actuaries (who determine the present and future value of complex financial assets).

7. What are Secret Assets?

One or both spouses in high net-worth divorces often intentionally hide assets from their partner, trying to avoid equitable distribution. The only way to deal with hidden assets is to have an experienced, complex divorce attorney on your side who can utilize litigation financial disclosure mechanisms.

8. How to Achieve Transparency in Complex Divorce Litigation?

Litigating complex divorces allows the parties to use different methods of financial transparency. The most common tools of financial disclosure are asking questions and examining financial documents through subpoenas and interrogatories. An experienced attorney can find the best ways to put these mechanisms into use, helping you gain a true and accurate picture of your marriage finances. Failing to comply with the subpoena or ignoring interrogations triggers sanctions for the non-compliant party.

9. What is a Statement of Net Worth?

Another instrument of financial disclosure in litigation is the so-called Statement of Net Worth. Spouses exchange documents containing their assets and liabilities, allowing them to get an insight into their partner’s finances. The parties give statements under oath.

10. What Are Common Mistakes in Dealing with High Net-Worth Divorces?

Many couples find the divorce procedure too stressful, so they tend to accept a settlement too quickly. Trying to avoid exhausting litigation, they fail to examine the key provisions. Furthermore, failing to identify marital assets in detail can let the other spouse get away with hidden assets of significant value. Finally, entering a high-net-worth divorce procedure without hiring a knowledgeable divorce attorney can be your most fatal mistake.

Call 954-587-2244 to discuss your case with Scott A. Levine

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