Coming to a divorce is never an easy decision, and going through the actual process can be even more difficult. From the emotional toll and financial strain, it can be a lot for even the strongest people. When high net worth individuals get a divorce, those issues tend to become heightened.
With complex financial portfolios and more significant assets to divide, the stakes are far higher than your average divorce. Knowing what to expect and how to prepare can leave you in a much better position.
Our La Jolla divorce attorney is available to guide you through the journey that’s ahead.
Understand Your Finances
For many high net worth individuals, their main priority is asset division, and this is also one of the most demanding tasks. Before your divorce begins, you should gather your financial documents and safeguard them. It can be a nightmare to find paperwork during the property division process, so it’s best to do it prior. Plus, there’s a higher risk that your spouse may attempt to hide assets but having concrete evidence can dispute that. With a better understanding of your current financial situation and location of assets, you can avoid unwarranted surprises.
Property and Asset Division Issues
California is known as a community property state, meaning all marital assets and debts will be divided 50/50 unless there is a prenuptial agreement. In a high net worth divorce, some of those assets include:
Homes and real estate investments
401k and retirement accounts
Stocks and investment accounts
Art and valuable collectibles
The value of a business during the marriage
Each party wants to ensure that they are getting their fair share, and that begins with a proper valuation of your assets and debt. Obtaining an attorney with a financial background is critical. At Dan McCandless Law, our attorney has the unique advantage of working in the financial industry for almost a decade prior to practicing law. He uses this experience to help clients with the accounting aspects of the property division process.
Prepare for a Contested Divorce
Though most spouses seek to avoid a contested divorce, individuals with higher net worths are in a much better position to challenge issues because they have money to spend on legal fees, especially if the assets outweigh the cost of the divorce.
You should try to settle negotiations or mediate your issues outside the courtroom, but if it comes to litigation, finding a lawyer with trial experience is key.
California courts aim to create an alimony arrangement that is fair to both parties. This is a highly complicated area that requires careful attention to detail. Depending on your assets, spousal maintenance can be more complex. It’s not unusual to conceal assets in an attempt to lower the amount of spousal support paid. By getting the full scope of your financial circumstances you can ensure that you are paying or receiving a fair amount.
Find the Right Attorney
The most important step you can take is to hire a skilled divorce attorney who is well versed in the complexities that come with a high asset divorce. From offering legal counsel and guiding you through a favorable settlement, an experienced family lawyer can make a significant impact on the results of your case.
Our attorney at Dan McCandless Law is only a phone call away. Schedule your consultation today at (858) 266-9171.