These 3 Assets Are Hard to Divide in a Miami Divorce

Divorce for high net-worth couples is complicated for various reasons, with many couples having assets spread across dozens of states or foreign countries. In our experience, certain assets are harder to divide than others. In particular, pets, cryptocurrency, and small businesses are especially challenging and require the help of an experienced legal team. Call Hamilton O’Neill to talk with an attorney.

Pets

Some people are shocked to learn that their pets are legally considered to be personal property, really no different than a piece of luggage or motor vehicles. Even though you might think of your dog or cat as one of your children, the law does not. For this reason, a judge will not “divide” custody of a pet or arrange a visitation schedule when you get divorced.

Instead, you and your spouse need to decide who will get the pets, or you must come up with your own arrangement for sharing ownership. Pets are sometimes a bargaining chip in a divorce, and quite a bit of anger can arise if you think your spouse is using a pet to squeeze more money out of you in the divorce.

Cryptocurrency

Cryptocurrency such as Bitcoin, Ethereum, or Monero is a challenge to divide in a divorce, principally because their value fluctuates so much and it is difficult to obtain documents on the value of the asset. Any cryptocurrency you acquired while married is probably marital property, which means that it goes in the pot with other assets to divide equitably.

Another challenge is to avoid trading your cryptocurrency so that the interest can be valuedduring the divorce. Many investors like to buy and sell at the drop of a hat, offloading millions of dollars in a single day or dropping $10 million or more in purchases. You might need to take a pause in your cryptocurrency trading while your divorce is in process to make it easier to divide the marital property in the form of cryptocurrency.  If cryptocurrency is a significant asset of your marital estate, you will want to talk with your attorney about how to value and trade during the divorce proceedings.

Closely Held Businesses

Dividing stock in a publicly traded company is easy because we can ascertain the market value, and giving your ex-spouse some stock is usually not upsetting to most investors.

However, dividing closely held businesses is very different. For one thing, you could be working for the business, and you do not want your ex-spouse to have any ownership interest. For another, dividing a closely held business is a challenge to value properly. There might not be any similar companies in the market to use as comparisons, or the company’s value is heavily tied up in goodwill or the owner’s identity.

Nonetheless, business interests often represent a considerable share of a couple’s value, so it is not easy or in your best interest to avoid dividing this asset.

Call Hamilton O’Neill for Assistance with Your Miami Divorce

Our legal team can address any valuation concerns you have. We are passionate advocates for our clients and have tackled many high-end divorces in the past for recognized business owners or athletes. We excel at identifying and assisting your expert to value marital property and advocating for your fair share. Contact our office to speak with a Miami asset division lawyer about your divorce.