Prenuptial agreements minimize fighting in divorce

On behalf of South Tampa Law Group posted in divorce on Tuesday, August 21, 2018.

Worth more than $5 million? One family law expert says that this is the financial threshold where fighting during divorce takes a nosedive. What about the upper middle class, who typically have anywhere from $1 to $5 million at their disposal? Well, he recently nicknamed them the fighting class.

Many people in Florida have the image of wealthy couples going to war during a divorce, but this is not totally accurate. While wealthy couples who have more than $5 million might fight over some things, they do so far less frequently and with the aid of proxies, who handle the details for them. Turns out that fighting more because more money is involved simply is not true, because once those finances are split both people can still live comfortably.

The upper middle class may have a little more to fight over. While $1 or even $2 million may make a household comfortable, it does not go quite as far once it is split during a divorce. These couples are more likely to drag on divorce proceedings as they fight — in person, not through proxies — to keep what they believe will help secure their financial situations. While it might feel necessary to drag a divorce out to ensure that an individual gets exactly what he or she wants, this can make the process more complicated, lengthy and expensive.

Prenuptial agreements are a good idea for virtually any Florida couple, but especially for those who may have more to fight over in the future. Couples can address how they will divide assets, debt and other important property while they are still on good terms with one another, making a possible future divorce easier on everyone. However these are legal documents, so it is usually a good idea to have a knowledgeable professional review a prenup before signing anything.