Boca Raton Complex Asset Division Lawyer

Boca Raton Complex Asset Division Attorney

It can be extremely challenging to divide assets in a divorce, especially when a lot of items are of high-value or are complex financial holdings. With so many complicated assets to split, such as business interests, real estate portfolios, stock options, and retirement accounts, it’s important to have qualified professionals supervising the process to ensure an equitable distribution. This is where a Boca Raton complex asset division lawyer can provide tremendous value.

At Benzion Law, we have seen firsthand how stressful divorces with complex asset division needs can be. We understand how important your own possessions are and the fear that someone else might take more than necessary under Florida law. When you hire a team like us, we can supervise the entire process to make sure no one takes advantage of your rights. Contact us today to learn more about how we can keep your complex assets protected.

What You Need to Know About Complex Asset Division in Florida

Any time high-value properties and assets are involved in a divorce, you need to have a strong plan to protect them. The state follows equitable distribution laws, which means assets or property division needs to be divided fairly, rather than being an equal split.

Here is a breakdown of key aspects of the process:

Identifying Marital and Non-Marital Assets

Before assets can be divided, they must go through the process of being identified as either marital or non-marital property. As a general rule, marital assets are classified as any property that was obtained during the tenure of the marriage, while non-marital assets were brought into the marriage.

This seems like a simple distinction, but cases can become more complicated when separate property has become commingled in the marriage. For example, one spouse decides to place the inheritance funds they received before their marriage into a joint account that supported both individuals. To understand how these unique circumstances apply under Florida law, a thorough financial analysis is needed.

Business Valuation and Division

If either spouse owns a business, it’s important to determine its value as part of the asset division process. Your attorney may recommend bringing in business valuation professionals to review your financial statements, assets, liabilities, and projected earnings. All this information will help them land on a fair market value of your business.

Depending on the rest of the circumstances in your case, one spouse might choose to buy out the other’s share of a business. Some former couples might decide to co-own the business after the divorce. They could also liquidate assets to achieve a more even financial split. With so many options, it’s important to have a lawyer guiding the process to see which approach is the most advantageous to both parties.

Dividing Investment and Retirement Accounts

Divorces with complex assets often involve a wide range of investment and retirement accounts that need to be sorted out. These can include stock portfolios, 401(k)s, IRAs, and pensions. Florida has several tax laws that need to be considered as well to avoid unnecessary financial penalties. Market fluctuations can also impact how certain complex assets are valued, which is why the timing of the asset division can also be a critical aspect to consider. To navigate these financial complexities effectively, it’s important to find a Boca Raton divorce lawyer who understands asset valuation and equitable distribution under Florida law.

Hidden Assets and Forensic Accounting

Sometimes, in high-net-worth divorces, a spouse will try to hide or undervalue certain assets to manipulate their financial obligations. This is illegal and may involve some classic tactics, such as using undisclosed bank accounts, having offshore holdings, or manipulating how much money their business actually profits. If you are suspicious of this, your attorney may bring in a forensic accountant to trace financial records and see if they can pinpoint any misconduct.

FAQs

Q: Are Assets Always Split 50/50 in a Divorce in Boca Raton, Florida?

A: No, while it may happen in many cases, assets are not necessarily split 50/50 in a Boca Raton, Florida divorce. As outlined in Florida Statute 61.075, after looking at certain details of the marriage, like how long it lasted and what each spouse contributed to it, the court will split the complex assets to meet each party’s financial needs and obligations.

Q: What Assets Cannot Be Touched in a Divorce?

A: A few assets cannot be touched as part of the divorce process in Florida.

These include:

• Personal inheritances from other family members
• Gifts from third parties
• Assets that were brought into the marriage
• Assets that were acquired after the couple filed for separation or divorce

Also, any assets that are explicitly stated to remain “separate property” in a pre- or postnuptial agreement will also remain untouched. Because classifying these assets can become complicated, hire a skilled attorney to assist.

Q: How Long Do You Have to Be Married in Florida to Split Assets?

A: Florida does not impose a minimum marriage length for asset division. Regardless of how long you have been married to someone, any asset acquired during the marriage, even during a short one, is likely considered marital property and up for division. However, the length of the marriage can impact how certain assets are divided. For instance, the court may prioritize restoring each spouse to their pre-marriage financial status in shorter marriages. That said, the timeline for finalizing a divorce in Florida can also vary depending on the complexity of the marital estate and the willingness of both parties to cooperate.

Q: What Happens to the Family Home in a Florida Divorce?

A: The fate of a family home in Florida depends on many different factors, such as:

• The name on the title
• The financial circumstances of both parties
• How the decision would impact the interest of any children that might be involved

If the home was purchased during the marriage, it is considered marital property. Sometimes, the home will be sold, and the couple splits the proceeds. In other cases, one spouse might “buy out” the other’s share to offset equity.

Contact Benzion Law Today

If you enter a divorce and have a number of complex assets to divide, contact our firm today. We can inventory everything under consideration, supervise the process, and make sure no one tries to take more than what is rightfully theirs under Florida law.