If you are a wealthy man headed for divorce, you probably have a lot of concerns about your finances. One of your main worries might be alimony, especially if your wife has mostly stayed at home. How much is she going to fight for and how much will she get?
Property division is often a contentious part of divorce, and it can be complex if you and your ex have high assets. A pre- or postnuptial agreement may help clarify how to divide property, but if no such agreement exists, you and your ex will likely have to negotiate separation of your assets and property. It is worth noting that this is applicable only to that which constitutes marital property, though.
When getting divorced in Florida, you and your spouse will divide your assets through equitable distribution. You both must identify all property, debts and income and determine what is separate or marital property. Marital property is then divided either by the court or by a mutual agreement between the two of you.
If the relationship between you and your ex-spouse is not especially acrimonious, you may want to consider taking part in mediation as opposed to a traditional courtroom divorce. Mediation occurs when you and your soon-to-be former spouse sit down with an unbiased third party in a private location to hash out issues and allocate assets. Rather than act as a judge, the mediator is there to offer impartial guidance and assist you and the other party as you plan for your lives apart from one another.
Your impending divorce may have you counting the years that you will be receiving child support for your teen. That same number typically also indicates the amount of time you have left to build your child’s 529 college savings account. While planning for college can be tricky enough for a couple with a combined income, putting back enough money as a single parent may be much more challenging. Your teen’s future may depend on whether you and the other parent can work together.