Rudy Giuliani Divorce: Why Asset Protection is So Important Prior to Marriage

Former New York City Mayor Rudy Giuliani and his third wife, Judith, are currently involved in a heated divorce.  A day after filing for divorce on April 4, 2018, the parties filed for each other to produce a statement of net worth to determine assets.  The Giulianis have been married for 15 years and they do not have a prenuptial agreement.

In 2007, when Rudy Giuliani submitted his financial disclosure to the Federal Election Commission while running for president, he was worth an estimated $30 million.  The couple own properties in Manhattan and Palm Beach, Florida.  It is estimated that there is currently an estimated $60 million in assets at stake. When he married Judith, Rudy was pretty much insolvent and the money he has now was earned while he was married to Judith.  New York is a separate property state, but her participation in his success could be a factor for the assets to be split 50/50.

In Florida, mandatory disclosure applies so the Giulianis would not need to file for a statement of net worth.  Mandatory Disclosure is the procedure where financial information is automatically disclosed by the parties upon the filing of a divorce.  The parties must exchange financial information in the form of a financial affidavit and additional documents such as tax returns, bank statements, credit card statements, deeds, vehicle titles, insurance policies, etc. Mandatory disclosure must be completed within 45 days after service on the respondent.

Florida divides assets through equitable distribution.  The court considers what is marital property and divides it, but the non-marital property remains with the spouse who owns that property.  The goal is fair distribution, and it may not always be 50/50. If there was a prenuptial agreement in place, the property would be split according to the agreement in most circumstances.

It may be that Rudy Giuliani did not plan to have that much in assets and did not plan accordingly for a possible increase in his income during the marriage.  Now he finds himself in a situation where better planning with a specifically crafted prenup would have been beneficial for him to keep more of his assets earned during the marriage.

Equitable distribution in dissolution of marriage proceedings is a complex concept with many rules that apply in specific circumstances.  You need a Jacksonville divorce attorney to fight for your rights during a divorce in Florida.  Contact the Law Office of David M. Goldman, PLLC for a consultation.