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Financial stakes incredibly high in high-profile divorce

The relationship between actor Brad Pitt and actress Angelina Jolie has dominated tabloids for years, from their ever-expanding family to their political and professional decisions. They are perhaps one of the most recognized married couples in the world; or at least they were. According to reports, the two have evidently filed for divorce.

Whether you are a fan of Hollywood celebrity divorce stories or not, they can provide some insight into high-asset divorces, which many couples right here in Tampa are going through. In this post, let’s consider the financial aspects of these divorces, as they are often the most contentious elements of a split.

Who owns what?

First, there can be battles over which property is separate and which is marital. Categorizing property is essential, whether you live in an equitable distribution state like Florida or a community property state. However, when it comes to high-asset divorces, the line between “yours and mine” can be very blurry because the assets themselves are more complex.

For instance, do you own a business together? What assets did you enter the marriage with? Were separate funds co-mingled during your marriage? Are there future earnings that should be divided?

Who decides what is fair?

Once you have determined which assets are eligible for distribution, those assets will be divided. Various elements will need to be considered, from state laws to child custody arrangements.

But generally speaking, there are three elements that will determine your asset division: a prenup (if you have one), collaborative discussions and/or the courts. In many high-asset divorces, prenups and the courts will drive decisions; individual spouses may not be able or willing to work out complex arrangements on their own.

What happens after the divorce?

Life after divorce can be tricky for affluent, high-profile people and this is often reflected in a divorce settlement. In order to help make this transition, there may be privacy clauses put in place, spousal support orders enforced and other means of protecting each person’s reputation and financial stability specified in a divorce settlement.

Considering all that is at stake in high-profile divorces, it can be crucial that you work with an attorney familiar with these unique cases. With the guidance of a high-asset divorce lawyer, you can avoid costly mistakes and protect yourself, your family and your financial well-being now and in the future.

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Sparkman Law Firm
313 South Bungalow Park Avenue
Tampa, FL 33609

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Phone: 813-374-2000
Fax: 813-374-2031
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P: 813-374-2000
F: 813-374-2031

313 South Bungalow Park Avenue
Tampa,FL33609
Phone
813-374-2000
Fax
813-374-2031