Divorce is relatively common these days. People usually marry with the best of intentions, fully believing in their marriage lasting a lifetime, but that is, sadly, not reality for many people here in Florida and around the country. The issue can become even more complex when the couple in question has amassed a great deal of wealth during the marriage. Jeff Bezos, the founder and CEO of e-commerce giant, Amazon, recently announced the end of his marriage, and the high-asset divorce that will likely follow may be one of the largest divorce settlements in history.
As the new year dawns, many people here in Florida and all around the country may be looking to end their marriage. It is often a time for self-reflection and some may find that their current relationship is not one they wish to continue. However, those looking to divorce in the new year should be aware of the new tax laws take effect on Jan. 1, 2019, which could have dramatic implications on alimony payments, particularly in a high-asset divorce.
Protecting one's assets during a divorce can be a challenge. While many Florida spouses simply want a fair division of assets, when their definitions of fair do not match, they may expect a drawn-out legal battle. Unless a couple can arrive at a settlement about how to separate their belongings and valuables, the court may have to step in with a binding decision. One couple going through a high-asset divorce recently learned the fate of their extensive art collection.
Many individuals dream of moving to Florida or remaining here during their retirement years. Sadly, many may find their retirement plans altered due to a high-asset divorce after the age of 50. Special attention must be paid to retirement assets, Social Security benefits and insurance policies during a so-called gray divorce in order to protect future living expenses.
Divorce is painful, emotional and disruptive to the lives of a couple and all involved family members. Florida couples processing a high asset divorce are likely to be concerned about how their children will be affected throughout the proceedings and thereafter. One expert, Dr. Kenneth Ginsburg, has written a book on how to teach kids skills to help them to be resilient in difficult life circumstances. A divorce would certainly qualify as a difficult life circumstance where children will need coping mechanisms.
A few years ago, Florida residents may have viewed a Hollywood movie starring Channing Tatum and Rachel McAdams, which was based on the real-life story of one couple's unique love story. The movie was called "The Vow" and warmed the hearts of many who watched it. People in Florida who watched the movie may be sad to learn that the couple on whom the movie was based has faced some recent struggles and may be negotiating a high-asset divorce.
With available instructional information and videos on the internet, the do-it-yourself movement has grown significantly in many areas, especially when it comes to working on a home or property. As well as being able to DIY a home improvement project, there is an option to DIY a high asset divorce. Because of the significant issues that an individual can experience following a DIY divorce, individuals are encouraged to seek the advice of an experienced family law attorney in Florida.
August is child support awareness month. In a high-asset divorce, child support may be a significant part of negotiations. Child support typically involves the higher earning parent paying the parent with lower wages a calculated amount of financial support for the well-being of any shared children. Because of the complexity of negotiations and multiple different ways a family's unique circumstances can affect child support, many parents choose to have a Florida family law attorney to advise them through the process.