In recent years, there has been a surge in the divorce rate for those over the age of 50, often referred to as “gray divorce.” A gray divorce can be more complicated for those who have amassed wealth or assets over time. High-net-worth couples in Florida going through a high-asset divorce should keep the following special considerations in mind.
Working with a financial advisor
A financial advisor will have a more holistic understanding of a wealthy client’s assets and needs. Special accounts to review may include stock options, real estate, businesses, retirement accounts and more. A financial advisor alongside a divorce attorney can help reorganize and plan for the financial future.
Florida state laws
The separation of assets and property during a gray divorce are dependent upon state laws, such as whether it is a community property state. Florida is not a community property state. This means that just because a property was acquired during a marriage does not mean that the other spouse is automatically a joint owner in the property.
Interpreting any pre-existing agreements
Marital agreements such as prenuptial and postnuptial agreements are very common among wealthy couples. A divorce attorney may help interpret these documents. While some agreements are very specific, others leave plenty of room for negotiation and interpretation.
A gray divorce for wealthy clients can be exceedingly more complex than a traditional divorce. However, with proper guidance, a divorce for high-net-worth individuals does not have to be financially devastating. If you are undergoing a gray divorce, you should take the time to understand how your wealth can be protected.