Truth be told, a high-asset divorce in Florida is bound to present complications regardless of what you do to mitigate them. However, with the right professionals on your side, and with a bit of forethought and planning, you can take steps to keep your divorce from turning into an expensive, drawn-out headache. Crain’s Custom Media turned to three Chicago-based professionals — two attorneys and a wealth management advisor — for divorce advice for executives and high-net-worth individuals.
One thing executives can do to simplify their high-asset divorce is get organized. Though this advice may seem simple, it can go a long way toward providing clarity regarding finances and peace of mind. Before you file for divorce, work with a financial advisor to discuss measures you should take before, during and after your divorce. Also, create cash flow projections to determine how much it will realistically cost you to maintain two households.
You should also gather and organize financial information in a digestible manner. Not only will doing this make the process less complicated but also, it can help establish a certain level of trust between you and your soon-to-be ex-spouse. Producing the requisite information slowly and only at the insistence of the court only serves to draw out discovery, thereby making the process more expensive than it needs to be. Moreover, it may cause your spouse, who may earn less than you, to grow suspicious of your intentions.
You should also consult with an attorney to discuss likely outcomes. Doing so can put you in a better position for negotiations as well as ensure that you nor your spouse develop unrealistic expectations, which are a significant cause of draw-out divorces.
The last bit of advice is for high-net-worth individuals who are happily married. These individuals should keep clear and accurate records on the time and source of funds used to acquire certain assets. These records can help the judge easily differentiate between marital and separate property come time to divide assets and liabilities.
You should not use this article as legal advice. It is for educational purposes only.