Boca Raton, FL – Money is one of the leading causes of divorce. In the difficult economic climate we’re currently in, high net worth couples are often stressed to the brink. When one partner is accustomed to financial freedoms, and this lifestyle changes due to reduced income or net worth, the relationship often sours.
When that happens, and a divorce looms, how and when the valuation of assets takes place can a significant difference in the divorce proceeding. In stable economic times, it’s much easier to accurately forecast future net worth because things like salary and income, bonuses, 401(k) valuations, etc…, tend to be stable. In the current economic environment, the exact opposite is true. Many well-to-do executives have lost half of their net worth, seen their year-end bonuses dry up, and may even be looking for a new job.
Filing for divorce during the economic downturn may be advantageous for those seeking divorce that have numerous assets to protect. Because it lowers the value of their assets; such as their homes, businesses, stock portfolios, etc…. This in turn reduces their overall financial liability to their soon-to-be ex-spouse. Furthermore, it is particularly beneficial for individuals who know that once the economy improves, their net worth and even their income earning potential will see a significant increase.
While this is not a hard and fast rule, the point is that the economy can play a huge role in divorce proceedings for high-earning and/or high net worth individuals; and a strong strategy to protect assets is a must. Panzer Family Law is experienced in these types of cases. Attorney Gil Panzer holds a Master’s Degree in Economics and is very adept at helping clients in divorce to minimize expenses and losses while preserving assets.
For more information about asset preservation for your clients other financial matters in correlation with divorce and the proceedings, contact Panzer Family Law at (561) 206-6555.
Panzer Family Law is located in Boca Raton, Florida. Attorney Gil Panzer can be reached at (561) 206-6555.
Chrissie Lane, BARD Marketing/PR (561) 654-6818