Divorcing Wealthy In Florida - Family Diplomacy | A Collaborative Law Firm

Divorcing Wealthy in Florida

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What is the best way to end up wealthy after divorce?  It is by being even wealthier before divorce.  The truth is that divorce is not cheap.  But there are things that you can do to help preserve your wealth even if your marriage is ending.

Retain a Neutral Financial Professional

One of the biggest challenges when going through divorce is that one spouse typically knows more about the family finances than the other spouse.  If you are the spouse with the knowledge, this can be frustrating because you feel you are making reasonable proposals that would benefit your spouse, and yet your spouse is outright rejecting them or refuses to make a decision, costing your family even more time and money.  If you are the spouse without knowledge of the family finances, you feel like your spouse is trying to control you by badgering you to agree to their proposal, but how can you even make a decision that could have disastrous consequences for your long term financial future?

This is where a Neutral Financial Professional comes in.

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Collaborative Law Process Act Protects Families’ Privacy

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Last Friday, the Florida Senate passed its version of HB-967, the Collaborative Law Process Act, priming Florida to become the 14th state to pass a version of the Uniform Collaborative Law Act.

The bill, which was voted on in the Florida Senate by 39-0 after passing the Florida House last month by 117-0, is now enrolled and expected to be signed by the governor.  At the earliest, the Collaborative Law Process Act becomes binding on July 1, 2016.  However, it may take longer, as the bill itself states that it will not go into effect until 30 days after the Florida Supreme Court adopts Rules of Procedure and Rules of Professional Responsibility consistent with the bill.  It is my understanding that proposed rules have been provided or will be provided to the Supreme Court.

[Update: On March 24, 2016, Governor Scott Signed the Collaborative Law Process Act]

The Collaborative Law Process Act, which applies to divorce, paternity, and other family law matters, does several things:

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A Low Profile Divorce for High Profile People

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We see it in the news and magazines all of the time.  Publicly available divorce documents accuse a celebrity of secretly supporting a child born out of wedlock.  Sports figures’ assets and judgment become public spectacles.  Politicians and their spouses lob accusations at each other for all to see.  Businessmen’s private details and dirty laundry end up as front page stories.

03 31 14 Faverge Egg Limited Edition 3 - Family Diplomacy | A Collaborative Law Firm

Fortunately, your divorce does not need to be in the public eye.

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Florida Divorce, Financial Affidavits, and Privacy

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In almost any Florida family law matter that involves financial issues, such as child support, alimony, division of property and debt, or attorney’s fees, parties are required to exchange and file Florida Family Law Financial Affidavits.  Financial Affidavits outline each party’s source(s) of income, as well as expenses, assets, and liabilities.

And, when they are filed, they become part of the public record, accessible by anyone.

Most people, for any number reasons, do not want their financial profile to become public.  And yet, when people go through the traditional litigated divorce, that’s exactly what happens.

But it does not need to be that way.

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