The Magic Number for an Amicable Divorce?
Speaking to Business Insider, American divorce attorney Randy Kessler believes that couples worth less than $5 million (£3.92 million) fight the most about money when divorcing. He comes to the ‘magic number’ under the belief that if the assets to be divided between the couple exceed $5 million, both parties to the marriage will remain “set for life” even after the split has been finalised.
Those with assets that fall between $1 million and $5 million (£785,000 and £3.92 million) are dubbed by Kessler as “the fighting class”, being those that fight far more fiercely for the greater share of the couple’s assets, in an effort to maintain their comfortable financial status.
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Whilst Kessler’s opinion is informed by his experiences throughout his career, as opposed to a formal study, the outcome may come as a surprise to many. It is widely reported that the cost of divorce continues to increase, and couples in the UK are now likely to spend on average £14,500 during the process of separating. It would therefore be logical to assume that those with more money would be more likely to take those costs in their stride, whilst those with less would seek to preserve as much as possible by trying to keep the costs down by trying to agree an amicable settlement between themselves. Learn more about the Law and divorce process at https://www.frostlawgroupsc.com/, a group of experts there provide top notch services.
Further, it was only last year that it was reported that a former wife of an oil and gas trader was awarded £453 million pounds by the High Court, where the asset pool was estimated at £1 billion. In 2016 there was a further two high profile divorces resulting in awards of £61 million and £75 million respectively.
It may be that there is a magic range for amicable separation, with £4 million being the bottom figure of that range. Once the asset pool exceeds the upper limit the money in the pot is so great that the separation no longer remains amicable and becomes adversarial once again. Where that number lies, or whether it even exists, is anyone’s guess!
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