In the typical divorce, one of the most pressing issues is forcing strained resources to cover two households. However, in a high asset divorce, there isn’t typically a lack of resources but, rather, no clear plan for how to arrive at an equitable settlement. Florida residents who are anticipating filing for a divorce can take steps that can ease the process.
In many high net worth marriages, a portion of the marital assets may come from a family business owned by one of the spouses. In many of these scenarios, the business owners may insist that younger family members enter into a prenuptial agreement when they prepare to wed, which can help preserve a business in a future divorce. A carefully prepared prenup can also address most of the issues that arise during a dissolution. Along with a prenup, those in a high net worth marriage are encouraged to take a thorough inventory of all of their assets and liabilities. Having a clear picture of the financial lifestyle and health can facilitate the settlement process.
Barring a prenup, it is important to take steps to limit a business’ exposure to a divorce. It may be advisable to seek a shareholder agreement that can help protect the viability of a business by limiting stock transfers and outlining how a business is valued. Spouses may also benefit from consulting with financial professionals to assess their financial position and establish estate plans.
There are other things that professionals recommend not to overlook in a high asset divorce, including paying attention to the possible tax consequences of a divorce. Since an estimated 50 percent of all marriages end in a divorce, it is prudent to take measures to ensure that assets are protected during a dissolution. Florida residents who are concerned about crafting an equitable settlement may be best served by consulting with an experienced attorney who can provide sound guidance throughout the process.