Ascertaining Income Available for Child and Spousal Support
High asset divorce cases generally involve high-income individuals. Much of the time, the party with greater earning ability (the one who will be paying child and/or spousal support) is self-employed and financially savvy.
More often than not, when the higher earner discovers the level of financial support that he or she may have to pay, they will attempt to limit their exposure by paying support with creative accounting. It is the job of a skilled divorce lawyer to get a clear picture of higher-earning party’s true income so support orders can be made that reflect the actual circumstances of the parties. This process often involves employing the discovery process in order to seek and obtain the documents and information necessary to prove income level.
Prenuptial or Postnuptial Agreements
Although prenuptial agreements are becoming increasingly common in all marriages, prenuptial and postnuptial agreements are more often seen in high asset cases for obvious reasons.
Separate Property Claims
In cases where parties enter into a marriage with substantial pre-marital wealth, the longer the marriage, the greater the likelihood that the separate wealth brought into the marriage will be mixed (commingled) with assets acquired during the marriage.
Commingling can happen in a variety of ways and can often become a nightmare in the event of a divorce for the party seeking separate property credit to prove the claim. In fact, the starting legal presumption is that every asset acquired during the marriage is community property subject to 50/50 division. It is the affirmative burden of the party claiming a separate property right to trace the separate property out of the property acquired during the marriage. We also see separate property claims involving substantial gifts from relatives, as well as inheritances.
Valuation and Division of Business Interests
We see many high asset divorce cases that involve valuable business interests (both community and separate). Whether it be a small, closely held business, minority interest in a partnership, or ownership of a professional practice, the valuation, determination and division of the community interest in a business, if mishandled, can result in gross inequity to the party on the losing end.
If you own a valuable business and are looking at the possibility of divorce, you absolutely need competent representation and good, sound, honest legal counsel. Attorney John Griffith handles our litigated high asset cases and has had great success both in and out of the courtroom for his high asset divorce clients.
We Can Help You Protect What’s Yours. Call for a Consultation.
Many family law attorneys see nothing but dollar signs when a wealthy potential client walks in the door. We see more value in providing honest and efficient representation and earning our money from happy and satisfied client referrals.
If you are looking to protect your assets in divorce and you want a team that cares more about your personal well-being than the money they will make from your case, GYL is the perfect fit. We pride ourselves on providing honest, client-centered divorce legal services to our clients in Carlsbad, and high net worth cases are no different.