Anyone who is going through a divorce needs to make sure they are protecting their hard-earned assets and that they are not losing out on what is rightfully theirs. Individuals who have a significant amount of assets need to be all the more vigilant. A high-asset divorce can be a lot more complicated than an ordinary divorce and that is why it is essential for a person to have a divorce attorney helping them along the way. The right lawyer can make all the difference when it comes to keeping one’s assets under their rightful ownership.
What does my prenuptial agreement protect?
If the couple walked into their marriage with a prenuptial agreement then they will have most of their own assets, which they brought into the marriage, easily protected. This means that a person only has to worry about dividing the assets they accumulated together with their spouse. A prenuptial agreement generally decides how current property and assets will be divided in case a couple does end up divorcing. It also clarifies the financial responsibilities of each spouse.
The factors which a prenuptial agreement generally does not protect, however, are how the assets accumulated together during the marriage will be divided if both partners decide it is time to split.
Multi-millionaire high-asset divorce changed significantly by their prenuptial agreement
Richard Stephenson (owner of cancer treatment centers across America) recently ended a bitter 8-year-long court divorce with his x-wife, Alicia Stephenson. She ended up walking away with a lump sum of 6.8 million dollars and monthly spousal support of an unbelievable $55,000. However, she was not allowed access to a lot of the property which could have otherwise been hers because of her consent not to have any share in it when she signed her prenuptial agreement.
What property needs to be divided in our high-asset divorce?
Before going forward and actually dividing the assets, individuals in a high asset divorce first need to list down all of the assets they have. Some of them are very obvious such as a house or their vehicles, but a lot of them may not be so obvious and may not even be seen as assets on the outside. A few examples of dividable assets include:
- Business partners
- Art pieces
Basically, any intangible or tangible asset which has value needs to be divided in a fair and equal manner. The reason this can get so complicated is because it can be pretty hard to gauge who has more right over one thing then the other.
The sooner the two parties can agree on a division, the sooner the case will be resolved. It is often very difficult for a couple who is splitting up to agree on these matters alone or even with family mediators stepping in. The best way to ensure that one’s high-asset divorce proceeds as fairly as possible is for each partner to get their own divorce lawyer in Naples, Florida who can help them reason out divisions and come to a conclusion indefinitely.