Many high-asset divorces are complicated, but few are as difficult to navigate as those that involve a business that may be considered marital property. If you are facing a divorce and have concerns about how to protect your business in the settlement negotiations, you need to make some very difficult choices and take action immediately.
When couples with significant assets divorce, it must be handled very carefully. The greater marital assets are within a marriage the greater the potential conflicts, which can lead to expensive, protracted legal warfare between spouses. Just such a legal disaster finally looks like it coming to a close after more than a decade since the divorce was officially filed. The divorce in question involves a business fortune that was partially used to found several world-renowned cancer treatment centers.
For decades, it was presumed that doctors divorced at higher rates than the general public. As detailed on the Harvard Medical School news site, many speculated that physicians were "more likely to be divorced...because of the long hours they keep and the stress associated with the job."
When a couple with a great many assets decide to divorce, one spouse or another may choose to drain their accounts in surprising ways. The emotions at the heart of a divorce often express themselves in spouses trying to punish each other by doing anything they can to keep their spouse from getting a large chunk of the marital property. A Florida woman is accusing her husband of doing just during their divorce. The woman has gone so far as to sue the recipient of a large charitable donation from her husband, claiming that she is entitled to much of the gift herself.
Divorce, when approached poorly, can be dehumanizing and draining for everyone involved, leaving both spouses deflated and in financial ruins. Sure, it's a worst-case scenario, but it does happen. However, it truly does not have to be that way. Take for example two Miami socialites who recently split, making a point to do so amicably, despite the millions of dollars in assets that could have kept an army of lawyers busy for many years.
One of the most contentious parts of a divorce is the division of assets. This can be particularly true when there is a lot of money and property on the line. In these high-asset divorces, a comprehensive and accurate accounting of assets will be crucial in ensuring that the division of marital assets is equitable, or fair.
Any artwork collected - or created - during a couple's marriage is subject to division should they get divorced. This is problematic. Artworks fluctuate in value greatly and often. Determining a piece's true worth any given moment can be incredibly complex. As such, figuring out how to distribute a collection equitably is, for many, a source of anxiety.
When surveying life's financial landscape, most people can gaze into the future and identify some of the major expenses that may come their way, like retirement savings and homeownership. Often, however, people fail to appreciate just what a huge financial burden a divorce can be, especially when it is not approached with sober judgement and planning. If you are headed toward divorce, or in the middle of one now, it is vital that you take stock of your situation and take precautions against the many ways a divorce can shipwreck your financial life.
Whenever a couple divorces while holding significant marital assets, there will be a strong temptation for one or both spouses to act unethically in order keep some assets from being split up and diminished during the settlement negotiation. It's an understandable position — after all, why should this other person take half or more of everything? The law itself may simply seem unfair. Regardless of the fairness of the law, the truth of the matter is that attempting to hide or dissipate assets in a divorce settlement will almost certainly result in a worse result than abiding by the rules.
Determining a fair divorce settlement can become increasingly difficult when a couple has complex assets and is unwilling to work together to find a fair middle ground. It is almost always beneficial to both parties to be willing to work together to reach an acceptable compromise, but if that is not possible, it may be left up to the courts to determine a fair division of assets. If this is the case, there are several grounds that a judge in Florida may use to establish what is fair in a divorce settlement. Some factors may influence a judge to award one side a significantly larger share of marital property than another side.