Pros and Cons of Divorce as a High-Net-Worth Individual in Florida

High-net-worth individuals have unique considerations when approaching divorce. If you’re thinking about getting divorced in Florida, you need to consider a range of pros and cons that may not apply to lower-income individuals. At the end of the day, however, only you can decide whether divorce is necessary. Often, financial considerations are secondary to emotional priorities.

Con: You Might Lose Assets 

Many high-net-worth individuals fear losing assets during divorce, and these fears are well-founded. Florida follows a system of equitable distribution, and this may cause your ex to take possession of approximately half the marital property. Marital property may include anything you acquired during the marriage – but not inheritance or gifts.

Of course, many high-net-worth individuals often create prenuptial agreements prior to divorce, and these contracts should be enforceable. In addition, financially savvy spouses can use trusts, corporate structures, and other strategies to keep marital property separate during marriage. 

Pro: Alimony Laws Have Improved in Florida

 On the positive side, Florida has improved its alimony laws within the past few years – creating a system that is far more favorable to the paying spouse. Permanent alimony has been completely abolished, and you will not have to continue these payments until your last days. Short-duration marriages do not require any alimony, and retirees now find it easier to stop these payments. To learn more about recent changes to alimony laws in Florida, contact an Orlando divorce lawyer.

 Con: Child Support May Be Calculated Differently 

On the negative side, normal child support calculations do not apply to high-net-worth families. Instead, family courts consider factors that do not normally affect child support obligations. Judges try to determine the child’s standard of living, and your payments may help maintain this standard of living after divorce. For example, children in high-net-worth families tend to have access to better healthcare, expensive hobbies, luxurious vacations, and so on.

 Pro: You Can Move On With Your Life 

Last but not least, a divorce allows you to move on with your life. If you’re considering ending your marriage, you probably don’t feel completely confident about the relationship. While some difficult marriages can be salvaged, others are clearly lost causes. If there is truly no hope for your marriage, it’s best to end things quickly rather than drawing the process out. The sooner you begin this process, the sooner you can get on with your life. Although financial considerations are important for high-net-worth spouses, you also need to consider your psychological well-being.

 Contact an Orlando Divorce Lawyer 

If you’re considering the pros and cons of divorce, it’s worth continuing this discussion alongside an experienced family law attorney in Orlando. Choose Steve Marsee, P.A. today. During our first consultation, we can review your unique financial and legal situation – including any complexities regarding your high-net-worth estate. If divorce is truly the right call, we can help you get started with an action plan.

Sources: 

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

flcourts.gov/content/download/862618/file/2023-01%20AAML%20-%20Equitable%20Distribution%20Outline.pdf?mod=article_inline