Why Florida Has So Many High Asset Divorces
At our family law firm in Tampa, one of our areas of specialty is high asset divorces. High asset divorces are those involving couples with assets of over a million dollars. Many are significantly higher. Why does Florida have so many high asset divorces?
It is a Matter of Numbers
At about 22.5 million people, Florida is now the third-most populous state in the United States. With an average marriage rate of 45%, the state has 10 million married people, or 5 million married couples.
No Income Tax
The fact that there is no income tax in Florida makes it attractive to high income earners.
High Value Real Estate
Florida boasts over 8,400 miles of coastline, second only to Alaska. As those of us in the Sunshine State know, real estate can be very attractive to high-wealth families.
The Impact of Weather
At first, this may seem odd, but Florida’s favorable weather makes it the perfect playground for those with expensive toys and hobbies. That can include luxury and super-cars, yachts, tennis, golf, and deep-sea fishing. Florida is also home to more fly-in communities than any other state. Florida has 71 of these residential communities with their own neighborhood airports.
Florida Has a High Percentage of Millionaires
Florida has the fourth-highest percentage of millionaires in the country, following California, Texas, and New York. Florida has almost 6% of households that are worth a million dollars or more in the country.
Home to the Ultra-Rich
Florida is also home to the country’s third-most billionaires. Florida follows California (189) and New York (114) with 80 billionaires.
Home to Older and Multi-Marriage Couples
Because many move to Florida later in life after achieving some level of success, they have significant assets when getting divorced. This may not be the first go-around for many of these couples as well.
High asset divorces are frequently complex and drawn out. They can benefit from the expertise of an attorney who specializes in high-wealth divorces. Not only are we experienced in these cases, we have access to experts like forensic accountants and auditors who can help locate hidden assets.
There is a lot at stake in high asset divorces, and Florida has an abundance of them. If you are potentially facing a divorce involving a significant amount of assets, the time to seek legal guidance is now. Contact us for your no-cost, no-obligation initial consultation today.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.