The prospect of splitting up your assets during a divorce is never easy. Dividing up investment portfolios can be even more challenging than dividing up sentimental items, cars and a home. There are many reasons why this is often a complicated process.
Suppose you're fortunate enough to own multiple cars, luxury cars, art collections, expensive jewelry and other valuable assets. You've probably worked very hard to earn enough money to buy those assets. You probably want to avoid losing them at all costs. Holding on to them can be difficult if you're facing a divorce. If you're fortunate, then hopefully, your divorce lawyer will find that there are specific steps you took pre-marriage to preserve your assets if you were to divorce on down the line. If they do, then this could save you significant headaches in your Fort Myers divorce case.
Divorce happens to all types of couples, even those with high-net worths. Spouses of means, such as those with over $5 million of combined assets, tend to have more amicable divorces. One explanation for this is that when these couples part ways, they can do so without significant financial strain.
Often, couples might think that deciding to get a divorce is the hard part. Unfortunately, ultimately one of the more challenging aspects of the dissolution process is deciding how they're going to split up their marital assets. Conversations between Florida spouses regarding who will end up with certain assets often get so complicated that both a forensic accountant and a divorce attorney have to step in to help sort things out for them.
One of the assets that couples end up fighting most about when they divorce is investment accounts. One of these reasons why they do so is because they often have fluctuating values, so it's really hard to hone in on a particular value for them. There are also tax implications associated with taking on or divesting yourself of certain investment assets. These are some of the reasons why individuals who have these types of accounts seek to have a Qualified Domestic Relations Order (QDRO) drafted up in their case.
If you've known someone that's been through a divorce, then you likely know that it's hard on many different levels. It's quite difficult on a financial level. One of the reasons that it's difficult for divorcing spouses to reach a settlement in their case is because they know that a single misstep may affect you and your family's long-term financial security.
In Florida, judges may award either temporary or permanent alimony. The former is the most common. It's intended to give the recipient enough time to complete their education or professional training and restart their career. While most recipient spouses agree to receive monthly support payments, others receive a lump-sum payment.
One high-value asset that couples in the upper income brackets often share is a business. Assigning a value to real property is often much easier to do that it is to valuate a company.
When Amazon founder Jeff Bezos and his wife announced that they were ending their 25-year marriage back in January, it stirred up a media frenzy. Many wondered what this would do to Bezos' $137 million fortune that he'd amassed over the years. It led to an increased spotlight being placed on high-asset divorces.
If you're ordered to pay child support in a divorce, it is based on your income and ability to pay at the moment. The idea is that your wealth will likely stay at or near that level, so the payments are both fair and affordable.