Though not pleasant for engaged couples, discussions involving a possible future divorce are a prudent measure. Approximately half of all marriages end in a divorce, and those who own considerable assets may do well to prepare for a high asset divorce even before the wedding. Florida residents who are concerned about such an eventuality can take steps to ensure their financial security.
If either party cannot have a serious conversation about the possibility of a divorce, it may indicate that communication problems already exist. When one or both parties own considerable assets, it may be best to enter into either a pre- or post-nuptial agreement. Ideally, both spouses will be knowledgeable about the property division laws in their state and will set up their finances in the manner best suited to their needs. If either partner owns property, it is recommended that he or she remains separate and that tax and other property related liabilities are maintained under the individual’s name.
Spouses may wish to set up a revocable trust to manage their personal assets. Doing so could prevent those assets from being subjected to division in a future divorce. Spouses are encouraged to maintain thorough records of all of their major transactions and to keep a record of their credit scores at the time of their marriage. It is also helpful to maintain a record of personal wealth both before and during the marriage. If the value of assets increases, careful record keeping can determine whether the increase was attributed to individual or joint efforts.
Though no wants their marriage to end, the reality is that many marriage do not survive. Those who own considerable assets are acting prudently if they plan for a possible high asset divorce. Florida residents who are concerned about how their divorce will impact their finances may be best served by seeking the guidance of an attorney who can structure a settlement that will provide for their current and future needs.
