The more money you and your spouse earn, the more complicated your financial situation can be. This could lead to fighting over what to do with the money which can result in a breakdown of your marriage.
If you are heading for divorce, you may feel stressed and overwhelmed. These tips can help you prepare for and manage your high net-worth divorce.
Marital and separate property
Remember that divorce law is the same no matter your financial situation. Generally, a Florida divorce involves classifying assets as marital or separate assets and dividing the marital assets equitably, or fairly.
Marital assets are assets acquired during marriage while separate assets are assets acquired prior to marriage. Gifts or inheritances can also be considered separate assets.
One factor that can make a high net-worth divorce potentially more complicated is the intermingling of separate assets with marital assets. When a separate asset mixes with a marital asset it becomes a marital asset and is subject to division.
Adjust your expectations
This is simple enough if you are dealing with a handful of assets but a high net-worth divorce that involves many different types of assets is another story. Prepare for the divorce to take longer while you go through the property division process.
Before you begin negotiating property division, get a clear picture of your financial situation. Gather and organize all your financial documents involving your assets and debts.
