Not every divorce is an acrimonious affair, resulting in a dramatic court room show-down pitting one side against the other. Many couples in Florida are able to work amicably enough with one another to make other options for settling a divorce feasible, even in a high-asset divorce. These options include mediation and collaborative law.
Couples in Florida with significant wealth whose marriage is failing may want to consider finalizing their divorce by the end of 2018. This is because, starting in 2019, new federal tax laws affecting alimony will take effect. These changes could have a significant impact on those paying alimony and those receiving alimony. However, these changes will only affect couples filing for divorce in 2019 and after.
In general, a pension earned during the course of one's marriage will be considered a marital asset, and thus will be part of the divisible estate. This may be of concern to those who are divorcing later in life, and are relying on their pension assets to fund their retirement. Florida is a community property state, meaning both spouses have equal ownership interests in marital assets. However, there may be alternatives to simply splitting the pension in half that may be worth considering.
Whether it is through an inheritance, trust fund, high-paying job or other means, some people in Florida are relatively wealthy. While they may be generous and charitable, in the end many of these people want to pass their wealth down to their children someday. However, a wrinkle in that plan can come up if their child marries without a premarital agreement (also referred to as a prenuptial agreement).
A business owner may want to take steps prior to getting married to protect the business, should they later decide to end their marriage, especially considering that a business is often a person's most valuable asset.
Many people in Florida have heard of premarital agreements, also known as prenuptial agreements. Some may even have executed one prior to getting married. These are valuable documents that can ensure that, should the couple later divorce, financial issues such as asset division and alimony will be resolved much more smoothly. Of course, for a variety of reasons, a couple may never get around to executing a premarital agreement. When this happens, do couples in Florida have any other options to protect their financial interests in advance should their marriage not last?
When a couple in Orlando decides to divorce, the decision may be one filled with emotion, even if they both agree that ending their union is the right thing to do. However, such emotions can sometimes cloud their judgment or cause drama. This is especially true in a high-asset divorce, where couples are dealing with millions of dollars in assets. Unfortunately, when a person is unable to step back and objectively assess their financial situation, it could mar their ability to reach a fair settlement agreement.
Prenuptial agreements can be integral parts of any divorce. But it goes without saying that if you bring more assets to the table as a couple, then a prenup is more important to you and your marriage. This is why many high asset divorces involve prenuptial agreements: there is simply more to protect and thus a prenup is critical to this process.