During the process of getting divorced in Florida, individuals may naturally wonder how their finances will be impacted. Unfortunately, erroneous thinking about the impacts of finances on divorce can lead to negative long-term consequences. This is particularly true in a high-asset divorce. Here are some common myths about how finances affect divorce in the Sunshine State.
Getting divorced in Florida can understandably be challenging at every stage. This is especially true during a high-asset divorce situation, where emotions can run high. However, some pointers may help people who are going through divorce to cope with it more easily in the months ahead.
Divorces happen for many reasons, to all kinds of people. Some may mistakenly believe that they will never get a divorce, but it is a relatively common occurrence across all demographics. Even so, sometimes experts can spot trends that may reveal how likely it is that someone will get divorced. One recent study may interest Florida families as it apparently shows that women who have a certain measure of career success may be more likely to end their marriage, resulting in a high-asset divorce.
Any divorce in Florida can be complicated, but wealthy people have added considerations to make. A person's tax liability often comes into play in a high-asset divorce. Both married and divorced wealthy people often decide to share their fortune with those in need, which can offset their tax burden besides being a good thing to do. Mackenzie Bezos, the ex-wife of Amazon founder, Jeff Bezos, recently took a pledge to donate at least half of her fortune from her divorce to charity.
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.