Divorce was not particularly common in most of the 20th century, and few millionaires had to manage the division of an estate at the end of a marriage. However, changes starting in the 1970s now mean that half of U.S. marriages end in divorce, and the rich are no exception.
Divorce is unpleasant for many reasons. Although some of the reasons have to do with the emotional consequences of ending a marriage, the one that many people with significant amounts of property and assets all go through is figuring out who gets what. Wealth and real estate can go from feeling like security to being a burden when it all has to be negotiated.
Divorce is often confusing beyond the emotional turmoil that the event may cause. Parents will need to work out the best ways to support their children, and homeowners need to address the realities of moving on materially. But one thing that comes up in nearly every divorce is the matter of money.
Divorce is always a complicated issue. Even when spouses can still communicate, the emotional toll of ending a marriage can set a lot of personal goals back and throw families into chaos. The effect can be worse when spouses do not get along or are trying to conceal assets from each other during the divorce process.
It is hard to know where to start when you are considering divorce. Even if a couple had the foresight to craft a prenuptial agreement, the emotional and practical concerns can seem too hard to bear. Fortunately, Florida and other states have made moves to simplify the divorce process, even for couples with a lot of assets to divide.
Divorce usually calls up specific images of financial stress and emotional misery, especially if a couple has been together for a long time and built a solid life together. The process can be difficult, but it does not have to be awful if partners can agree to mediate their differences.
Divorce is usually a messy emotional situation, but it can become especially contentious when disputes over large assets are involved. Many people feel they are entitled to the lion's share of a marriage's asset if it ends, and disagreements can turn toxic and last for years.
A few things are always important when you are negotiating a divorce, especially when a lot of value in assets and possessions are at stake. One of the most vital is full disclosure to attorneys and the court because mediations and other resolutions rely on complete trust.
You're getting divorced and you blame your spouse for the breakdown of the marriage. You're angry. You decide to take it out on them in court. You are fairly wealthy, after all, so you figure you have the resources to make life miserable for your ex.
You and your spouse are getting a divorce, and your business is your largest asset. You own it together. You know that you do not want to continue to run it together, so your options are to sell the company or for one of you to buy out the other.