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When financial stakes are high in divorce, legal support crucial

While every divorce case can be complicated, high-asset divorces can be particularly complex. This is because there can be huge sums of money, sophisticated investment portfolios and multiple properties that can be eligible for distribution. When there is a significant amount of money involved, an otherwise amicable divorce can get quite contentious.

People generally prefer an amicable divorce to a lengthy, bitter courtroom battle, but it isn’t always possible when divorcing spouses are trying to get as much money as they believe they deserve and don’t see eye-to-eye on who deserves what. This is likely something that Elon Musk and his soon-to-be ex-wife are trying to avoid. The two recently announced they have filed for divorce.

Musk is a well-known billionaire who has co-founded and started numerous companies and has invested in some of the most talked-about technology. In 2010, Musk was already an established businessman when he also married Talulah Riley but had yet to make his first billion.

Despite his existing financial resources, Musk and Riley decided against a prenuptial agreement. This means that all marital assets could be divided between the spouses. Not surprisingly, Riley is seeking spousal support in this divorce.

At this point, reports indicate that the divorce is amicable and the two intend to remain friends. However, there is the potential that things could take a turn if problems arise with the process of distributing assets.

For instance, Musk’s earnings from various investments over the years could be considered separate property, which would make them ineligible for distribution. This would have a significant difference on the money that Riley is awarded in a settlement.

While it is certainly a good thing when two people try to keep a divorce amicable, there are situations that are complicated and frustrating which can make it very difficult to work toward a peaceful resolution. However, with legal support and guidance, it can be possible to pursue the desired outcome while also working to avoid costly disputes.

Source: Fox News, “Elon Musk’s wife files to divorce billionaire,” March 22, 2016

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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