Staying Diligent in a Complex Process
The challenges in divorce become greatly multiplied when the divorce is a high-asset one. The various and large numbers of assets present in this type of divorce create a need for individuals to maintain a high level of diligence throughout the process and to be aware of potential outcomes.
Here are factors to consider that should cause individuals going through a high-asset divorce to remain diligent and on top of their case.
As you might expect, the outcome of a high-asset divorce has significant implications for someone’s financial situation. When the marriage ends, the two sources of income split, causing each person to experience a shift in their finances. In addition, property division in the divorce could mean that each person gains assets they did not have before or lose assets previously held. Both of these factors contribute to the need for diligence throughout a high-asset divorce.
Along these lines, higher earners should be aware of what could happen regarding spousal support and child support. If you are the higher earner in the marriage and your spouse either did not work or made less, that could mean that you may pay them a higher share of spousal support.
Higher Probability of a Contested Divorce
It’s natural to want to protect your best interests in any difficult situation, and that includes a high-asset divorce. What this creates, however, is an atmosphere that increases the likelihood of your divorce becoming contested and, therefore, filled with difficult emotions. A higher number and greater value of assets could lead to each person fighting to protect their best interests regarding those assets, so people about to go through a high-asset divorce should be prepared to face conflict, disagreements, and emotions.
How Should You Proceed
When preparing to go through a high-asset divorce, the above considerations should be in your mind. As a result, consider the following options as you work through your divorce:
Be Willing to Come to the Negotiation Table
More and more divorces are ending via a negotiated settlement agreement and are able to avoid the lengthy court battles people typically associate with divorce. While a higher number of assets present in the marriage may lead to tense discussions, a willingness to come to the negotiation table could mean that you and your spouse are not only able to avoid court proceedings but are able to agree on a settlement that benefits both of you.
Be Wary of Hidden Assets
Some people try to hide assets in order to protect that asset from division or to prevent their spouse from receiving a fair settlement. If you suspect that your spouse is hiding assets from you in your divorce, consult with your high-asset divorce attorney; they may be able to recommend a forensic accountant or another outside expert to look into your spouse’s finances.
Be Creative in Solutions
You may own a business or have a particular asset that you wish to protect in your divorce. One way to ensure you are able to keep that asset or business in your divorce is to be creative in your settlement negotiations. You may offer other assets in order to achieve a fair settlement agreement that will see your spouse take possession of those assets while you maintain control over what you wanted.
Work with a High-Asset Divorce Attorney
High-asset divorce is complicated and can be difficult to manage. In order to provide yourself with the best possible opportunity at protecting your best interests, consider working with an attorney who not only understands California divorce law but also specializes in the various challenges associated with high-asset divorce. At Griffith, Young & Lass, our team of high-asset divorce attorneys will guide you throughout each step of the process and work to secure the best possible outcome that protects your interests and meets your needs.