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.
One challenge for those within the tech fields is the difficulty in placing a value on certain intangible assets. Matters such as patents, trademarks, trade secrets, copyrights and other types of intellectual property can be difficult to value. That can make it hard to draft a comprehensive prenuptial agreement, since part of the process of creating a prenup involves full disclosure of the value of currently held assets.
This does not mean that those in the tech field or with entrepreneurial aspirations should avoid seeking some form of protection. It is possible to create a prenuptial agreement that can address intellectual property. Doing so, however, requires a degree of attention and effort. The best way to properly protect these types of assets is by working with a Florida attorney who is skilled in the area of high asset divorce and the valuation of intellectual property.
Source: bizjournals.com, “Why Silicon Valley divorces can be especially pricey splits“, Gina Hall, April 20, 2017