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Father of 2 tennis stars facing high asset divorce battle

Florida residents who follow tennis will recognize the names Venus and Serena Williams. Both women have created astounding careers for themselves, and have become some of the most recognizable names and faces in the world of sports. Many tennis fans are aware that their father, Richard Williams, was instrumental in pushing them to achieve and surpass their goals at early ages. Richard Williams is currently in the news not in relation to his superstar daughters, however, but based on his upcoming high asset divorce.

Williams divorced his first wife (mother of Venus and Serena) in 2002 and married his second wife, Lakeisha Williams, in 2010. The couple welcomed a child in 2012. Last month, Richard Williams filed for divorce, claiming that his wife had abandoned himself and their child. He also made a number of claims related to the dissipation of marital wealth.

More research that supports the benefits of collaborative law

Few Florida residents relish the thought of a highly contentious or bitter divorce. That is especially true for parents, who must also consider the effect that a nasty divorce might have on their shared children. Researchers have looked at the impact that divorce can have on children, and have concluded that it is not the divorce itself that causes hardship for kids, but the manner in which the parents handle the divorce. That is yet another reason why parents should consider a collaborative law approach as they prepare to part ways.

Researchers have long known that divorce can increase a child's risk of depression, anxiety, trouble with grades and difficulty trusting others. However, a closer look at the data reveals that children whose parents have found a way to communicate and work together to place their kids at the forefront of the divorce process experience lower rates of those troublesome outcomes. It appears that kids are able to weather the changes in their family structure when their parents are able to forge a new type of relationship after the divorce is made final.

Supreme Court weighs in on military divorce property division

For Florida servicemembers, going through a divorce is a challenging time. Determining how to divide marital wealth is one of the most difficult aspects of the process, and the outcome will shape the financial futures of both parties. A recent case that went before the United States Supreme Court has led to clarification on property division issues that affect military families.

The case centered on a man who retired from the Air Force and his former wife. The two had reached an agreement under which the wife was entitled to receive half of her former husband's retirement pay. Once he retired the following year, both parties began receiving a share of his retirement pay. In 2005, he filed for disability, claiming that he became disabled due to his military service. He was approved, and began receiving monthly disability compensation.

Making the most out of property division proceeds

Once a divorce is concluded, most Florida spouses will walk away with a share of the wealth that was accumulated during their marriage. The proceeds of the property division process should be dealt with very carefully, so that the wealth is preserved and available for use for many years to come. In order to reach those goals, it may be necessary to make financial adjustments in the months or years following a divorce.

When it comes to preserving wealth, there are two basic options that are available to most individuals. People can either spend less or make more. In the best outcomes, they choose a path that accomplishes both of those objectives. In terms of spending less, the same rules apply to newly divorced spouses as to individuals coming out of bankruptcy. Adjust discretionary spending while also maintaining a positive quality of life.

Potential property division issues for spouses to consider

Dividing marital wealth can seem like a straightforward process, but that is not always the case. Pointedly, there are issues that can arise long after the paperwork has been signed, and an inability to reach an agreement on those matters can bring former spouses back to a Florida court. An example is found in the area of real estate and property division. While not a common concern, one couple's story serves as an illustration of how things can turn into a problem years down the road.

The issue centers on the short sale of the home where the couple lived as a family. As part of the divorce, an agreement was made that allowed the husband to remain living in the family home, while the wife was relieved of any obligation to cover the monthly mortgage payments. Because both parties had signed on for the mortgage, however, they both remained listed on the loan.

3 ways to minimize stress in a divorce

A substantial portion of marriages end in divorce, but despite its frequency, it remains one of the most stressful situations a person might encounter. Nobody wants to separate from the person they expected to spend the rest of their life with, and it is inevitable that some negative feelings will emerge throughout the process. Accepting this does not mean you must resign yourself to melancholy, though. There are several effective ways to minimize the stress you and your partner encounter throughout the process of a divorce.

Prioritize calm communication

Can political disagreement lead to divorce, property division?

Even healthy Florida marriages go through periods of difficulty. In some cases, tensions arise over the shared responsibilities of household management, such as raising kids and paying the bills. For other families, however, disagreement centers on more ideological matters, including politics. According to a recent survey, discord over the new Trump administration may be leading to an increase in divorce and subsequent property division.

A study conducted by Wakefield Research asked 1,000 adults about how the current political environment is impacting their interpersonal relationships. The results suggest that not only can political tensions have a negative effect on a romantic relationship, they can actually lead to the demise of a marriage. A notable increase in disagreements centered on political views surrounding the Trump presidency has surpassed more common topics of contention, including financial matters.

Quiet sale of art in the early stages of this high asset divorce

Many Florida readers are aware of the divorce between billionaire Harry Macklowe and his wife of 58 years. Their story has gained a great deal of media coverage, both due to the length of their marriage and the odd twists and turns in their high asset divorce. Now, the dissolution of their marriage is once again front page news after claims that Macklowe is quietly selling high dollar art in an effort to keep assets away from his wife.

A Roy Lichtenstein painting valued at nearly $35 million is scheduled to be sold at auction through Christie's. Linda Macklowe has been an avid art collector for many years, and is known to have a talented eye in selecting new pieces for the family collection. The painting in question is part of a limited 14 works from one of Lichtenstein's series to be held privately; the majority are housed in museums around the globe.

Separation could complicate property division for seniors

Much has been written about the uptick in the number of older Americans who are seeking divorce. For many, that decision comes after years of ambivalence about the marriage. For some Florida couples, the transition from married to single takes a long time to complete. A lengthy separation is not unusual among couples in their 50s and beyond. It is important to understand, however, the impact that a separation could have on property division and other divorce matters.

To begin, there can be no formal property division without a divorce. Couples who simply decide to live apart for lengthy periods of time are taking a risk in regard to their financial stability. One party can rack up high levels of debt, and the other could be held responsible for a portion of that debt.

Tech entrepreneurs and the risk of high asset divorce

Anyone can experience the end of a marriage, no matter their age, level of education, occupation or wealth. For some people, however, the complexity of a high asset divorce can be greater than many others experience. One industry in which divorces can become very challenging is in the tech fields. That is especially true for those in Florida who achieve high levels of success early on in their careers.

Divorce attorneys who work with tech entrepreneurs report that many of their clients marry young, after one or both parties have already earned a significant volume of wealth. It is not uncommon for such clients to head into marriage with impressive stock portfolios and hefty retirement savings, even before they reach the age of 30. If the proper precautions are not taken, those individuals stand to lose a great deal if their union should end in divorce.

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Fort Myers Family Law

Sheldon E. Finman, P.A.
2134 McGregor Boulevard
Fort Myers, FL 33901

Toll Free: 877-214-3207
Phone: 239-332-4543
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