Tag Archive for: high asset divorce Florida

Divorce Without Destroying Your Business: A Tampa Bay Guide for Owners

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Protecting Your Small Business in a Tampa Bay Divorce

If you built a business in Tampa, St. Petersburg, Sarasota, or elsewhere in Florida, it likely represents more than income. It reflects years of effort, risk, and identity. When divorce enters the picture, the fear of losing control of that business can feel overwhelming. You may worry about public court filings, forced valuations, or a judge who does not understand how your company actually works.

You are not wrong to worry. Traditional divorce litigation often puts small businesses at risk. Fortunately, there is a better way.

Quick Answer

You can protect your small business in a Tampa Bay divorce by using Collaborative Divorce, which keeps negotiations private, avoids court-imposed decisions, and allows tailored solutions that preserve business operations and long-term value.

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Does Florida’s Collaborative Divorce Statute Protect Confidentiality?

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When you face divorce in Florida, you may worry that your financial information, business details, or parenting struggles could become part of a public court file. If you or your spouse are a doctor, lawyer, executive, business owner, or anyone who values privacy, the idea of those details becoming public can feel overwhelming. You want a process that keeps your information protected and puts you, not a judge, in control.

Collaborative Divorce offers that protection. One of the most common questions clients ask is whether Florida’s Collaborative Law statute truly protects confidentiality.

Quick Answer

Yes. Florida’s Collaborative Divorce Statute (specifically, Fla. Stat. §61.58) protects confidentiality by, with narrow exceptions, keeping Collaborative communications private and preventing them from being used in court. The statute also protects nonparty participants (for example, a Neutral Financial Professional or Neutral Facilitator) so the professional team can help you make informed decisions without fear that exploratory discussions meant for informal discussions will later become evidence in a trial.

Key Takeaways

  • Collaborative communications are confidential and generally cannot be used against you in court.
  • The confidentiality and privilege belongs to the spouses and, in certain instances, nonparty participants.
  • Neutral Financial Professionals and Neutral Facilitators are nonparty participants who receive protections so they can work freely and creatively.
  • Fla. Stat. §61.58 has narrow exceptions, such as threats of harm or information that must be reported under other laws.
  • The process supports open problem-solving and protects privacy, which can be especially helpful for high-asset families.

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Florida’s Save Our Homes Portability Benefit and Divorce: Is it a Marital Asset?

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If you are going through a Florida divorce, you may worry about how to protect your home, your long-term tax burdens, and your financial stability. Many high-income professionals focus on dividing the home itself, but Florida’s Save Our Homes Portability Benefit also carries real value. If you have established a homestead in Tampa, St. Petersburg, Sarasota, or elsewhere in Florida, this benefit can reduce your future property taxes, yet it is often overlooked during divorce. When you understand how it works, you can make better decisions and avoid losing tax advantages that could protect your financial future.

Quick Answer: Is Florida’s Save Our Homes Portability Benefit a Marital Asset?

Yes. Florida’s Save Our Homes Portability Benefit is usually treated as a marital asset because it grows during the marriage and can reduce future property taxes for one or both spouses. It has a value that can be taken into consideration when reaching a divorce agreement.

Key Takeaways

What the Save Our Homes Portability Benefit Actually Is

Florida’s Save Our Homes law limits how fast your homestead’s assessed value can rise. Even when the market value increases sharply, the assessed value can only increase by 3% or the Consumer Price Index, whichever is lower. This creates a gap between market value and assessed value, known as the assessment difference. Over time, this difference becomes meaningful because it reduces your property taxes year after year.

Portability allows you to take up to $500,000 of that assessment difference with you when you establish a new Florida homestead. This lower starting assessment can reduce your taxes for many years, especially if you plan to stay in your new home long-term.

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