No matter one’s income bracket, when a relationship ends, there is often emotional and mental fallout. However, when the couple involved are headed for a high asset divorce, the nature of the process may be much different than one between average-earning couples. Florida residents who are preparing for a divorce will likely benefit from the assistance offered by professionals.
When couples with modest means file for divorce, the process may get bogged down in the details of property division. Since there may be fewer assets, the need for an equitable split becomes more pressing. For those with a high net worth, the issue of an equitable division becomes less important. Instead, tax advantages and deciding how best to value rare collectibles and divide stock holdings may take more time and finesse. Those who have vast holdings and assets owned through shell companies may find the proceedings to be much more complicated.
The change in the tax code that eliminated the alimony deduction impacted high net worth couples in a disproportionate fashion as an estimated 20% of wealthy spouses benefited from this tax break. Another difference for the top-earning couples is establishing residency as many own several different properties in various locations throughout the world. The vast amount of holdings these couples possess makes the process more complex, with each side typically needing the guidance of several financial professionals to arrive at an acceptable settlement.
While the process of obtaining a high asset divorce is more complicated, in many situations, the proceedings are more amicable as the couple relies more on proxies to work through the details. An example is the divorce between Jeff and MacKenzie Bezos, which was resolved in short order based on the decision of the couple to end the relationship amicably. Florida residents who are hoping to resolve their divorce in a timely manner — without undue animosity — may wish to consult with an attorney who routinely handles these complex divorces.