Florida is known to have many people with significant assets. Given the agreeable climate, friendly tax structure and business-boosting environment, this is no surprise. Unfortunately, as with people across the economic spectrum, divorce is common. For those who have large and valuable portfolios, a high asset divorce comes with a litany of complications. Even in cases where there is a prenuptial agreement and the sides proclaim the split to be “cordial,” it is wise to have professional advice to be fully protected.
Miami Dolphins owner, real estate developer plans divorce
The owner of the Miami Dolphins, prominent real estate developer Stephen Ross, is divorcing his wife of 18 years. According to the couple, the split is amicable. Still, with the level of wealth Mr. Ross, 80, and his wife have accrued, there are many issues to navigate. Said to be worth approximately $8 billion, Mr. Ross and his wife married in 2003. They are in the process of negotiating the end of their marriage and are trying to settle it peacefully. The couple jointly announced that they are parting ways.
Mrs. Ross is prominent in her own right as a jewelry designer and has many wealthy people as clients. The settlement, if completed, is expected to result in her receiving $300 million or more. The Dolphins and his main company – Related – will not be shared between the two. The couple owns lucrative properties in Florida and New York as well as other areas. They do not have any children together, but each have two children from prior relationships.
High asset divorces will inevitably be complex
While most will not reach billionaire status, own a National Football League franchise, be a major part of a huge real estate project like New York’s Hudson Yards and be friendly with the highest level of the rich and famous, any high asset divorce will be difficult. This is true whether the sides are in dispute over property, support and custody or have a premarital agreement and are on friendly terms.
Even in cases where there seems to be a smooth negotiation, there may be challenges that result in rampant disagreement. Some might call the prenuptial agreement into question and try to have it nullified. The circumstances will dictate how to handle a high asset divorce. When divorce is under consideration, it is imperative for those involved to understand their rights and be fully prepared. Consulting with professionals experienced in all areas of family law may be beneficial.