When a Florida couple has achieved a significant degree of wealth, a great deal of effort is often placed in securing those assets from loss. That includes losses that occur during high asset divorce. Many a wealthy man or woman has watched his or her assets take a significant hit after a marriage fails. In some cases, those losses are sustained after only a few years of marriage, and when one party contributed far more to the base of marital wealth than the other.
Wealthy couples have numerous tools at their disposal to protect against financial losses. One such tool is known as a marital settlement agreement. This little-known legal document outlines a means through which one spouse provides financial support to the other while the couple remains married. While these agreements are often seen as a precursor to high asset divorce, that is not always the case.
An example is found in the marriage of David Rubenstein and his wife of 34 years, Alice Rogoff. One party lives on one side of the country, and the other resides on the other. They come together for certain social and family events but seem to enjoy largely separate lives. It was recently discovered that the couple has had a marital settlement agreement in place for many years.
A marital settlement agreement can help wealthy Florida couples outline financial transactions from one party to another. In cases where personal and business finances are highly complex, having an agreement in place can help clarify a number of matters, including tax obligations, estate planning and more. In the event of a high asset divorce, a marital settlement agreement can be used alongside a prenuptial agreement to determine how assets will be divided.
Source: The Washington Post, “Billionaire David Rubenstein and his wife have a “marital settlement agreement”“, Emily Heil, Aug. 18, 2017