When most couples prepare to divorce, they inventory the matters that they will have to work out before the partners may untangle their lives from each other. For example, Floridians may discuss who will take their house, how their children will be shared regarding custody and visitation time, and if either of them will request spousal support from the other. These matters are incredibly important and require individuals to prioritize what is important to them and fight for what they need.
Couples who possess immense wealth must also contend with these decisions, but they also must deal with financial decisions that individuals of lesser means may never have to contemplate. Recently, a wealthy Florida couple began divorce proceedings in Palm Beach. Burt and Lucille Handelsman own extensive real estate properties in Florida and other states throughout the nation. They have been married for 67 years and now are in divorce court because Lucille has alleged her longtime husband is an adulterer and has become verbally abusive.
The Handelmans own an estimated $750 million in real estate properties but have lived their lives frugally, slowly building their business enterprise from the ground up with little outside help. As they begin to work out the terms of their divorce, their adult children have become involved in the conflict and further tensions have arisen regarding their interests in their parents’ fortune.
Not many people will experience the wealth that Burt and Lucille Handelman have amassed over the course of their long-term marriage but all who divorce will experience the stresses of having to part with property and possessions when their relationships come to their legal ends. High asset divorces can be complex and individuals who are contemplating divorce may wish to speak with family law attorneys about how their wealth may be impacted.
Source: mypalmbeachpost.com, “Palm Beach divorce to end 67-year marriage shakes up Worth Ave. empire,” Jane Musgrave, July 13, 2017