You Are Not Rich Enough to Afford to Make Your Divorce Ugly on Purpose

If we as a society have learned anything from the COVID-19 pandemic and its endless parade of financial aftershocks, it is that everyone is more financially vulnerable than they think they are.  A decade ago, a six-figure income from a salaried job could get you a stable middle class lifestyle, but today, almost everyone whose annual income is $100,000 lives paycheck to paycheck, and so do a lot of the people who make $200,000 per year.  Likewise, we have all heard rants from a guy who now lives in a one-bedroom apartment and spends all his money on child support while his ex-wife is sitting pretty in what was once the family home.  You, however, are rich enough to rise above all that.  For one thing, you and your spouse own several real estate properties, and you own enough equity in them that the worst-case scenario is for you to keep one family home and your ex-spouse to keep another.  You have probably heard about celebrities who burned through their vast fortunes over the course of their ugly divorces.  Given that your wealth is more modest, the same can happen to you, even if your divorce has only a fraction of the ugliness.  For help avoiding costly mistakes in your high net worth divorce, contact a Boca Raton divorce lawyer.

Learn About Marital Property Laws Before You Get Married, Even If You Don’t Sign a Prenup

The people who agree that everyone needs a prenup are Millennials, family law attorneys, and everyone who took a major financial hit in their own divorce.  Even if this is not enough to convince you that you need a prenup, the time to educate yourself about marital property laws is now.  Property is marital if you acquired it during the marriage, even if only your name is on the deed and you paid for it with your earnings.  Even inherited money can be considered marital property if you spend it for the benefit of both spouses.

Judges Consider Alimony a Measure of Last Resort

Likewise, you should not assume that, since you were out of the workforce during your marriage, you will continue your role as a stay-at-home parent after your divorce.  If you are healthy enough to work, the court will base its decisions about property division and, if necessary, alimony on the assumption that you will return to work by the time your divorce is final.

The Best Outcome for Your Divorce Is If No One Wins

Getting divorced without going to trial is the best option for your pocketbook and your ex-spouse’s.  It is worthwhile to put in the effort during mediation, or even better, get a collaborative divorce.

Contact Schwartz | White About High Net Worth Divorce

A South Florida family law attorney can help you stop your divorce from being as much of a spectacle as your lavish wedding.  Contact Schwartz | White in Boca Raton, Florida about your case.

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