Divorce is rarely easy for anyone, but divorces involving high assets can be even more complicated than you might think. People of high net worth include those who have at least $1 million in liquid assets, meaning they can convert it to cash at any time. Individuals who meet this criterion often have incredibly complex financial portfolios, significant amounts of property, and potentially, businesses. Here are a few things to do if you are a high net worth individual or the spouse of a high net worth individual getting ready to divorce.
Make a List of Assets
Gather as much information about your assets and your spouse’s assets as possible. California is a community property state, meaning whatever wasn’t yours prior to the marriage is likely going to be split between you and your spouse. In order to divide the property, you will need to make a list of the assets on the table.
Hire a Forensic Accountant
Related to making a list of assets is hiring a forensic accountant. Some individuals have so many assets they can no longer keep track of many of them. A forensic accountant is trained to locate each asset owned by both spouses, even those that might be hidden. If you suspect your spouse is hiding an account offshore or is spending money on a lover, a forensic accountant can help you discover this.
Make an Account of Expenses
Child support and spousal support will be two things likely to come up in a high-asset divorce. Child support will be required by the parent who gets primary physical custody, while spousal support may be needed if one spouse earns significantly less than the other. If you expect to get spousal support, you need to have detailed accounts and evidence of all the expenses you had as a spouse during the course of the marriage, including how much you spend on your child. This evidence will help ensure the court has a good idea of what is normal in your life as a high net worth individual or the spouse of such a person.
Hire a Good Lawyer
Divorces involving high assets are complicated, which is why having an experienced and skilled divorce attorney can help. An experienced attorney can help you and your spouse negotiate the terms of your divorce, particularly if you intend to look into divorce mediation. Mediation allows you to remain in control of your family’s future and helps you avoid a public, contentious court case.
If you’re interested in discussing divorce mediation with a skilled lawyer, talk to Attorney Lani Baron about your case today. Alternative Divorce Solutions is a firm dedicated to helping families manage divorce smoothly and with as little stress as possible. We are a leader in the industry, and we offer flat-fee pricing for whatever family law issue you need assistance with. Our firm is proud to offer you an exceptional team of attorney-mediators and a highly trained support staff to help you through this difficult time. Let our Orange County divorce mediation attorneys see what we can do for you and your family.
Contact us at (949) 558-2624 or fill out our online form to schedule a free 1-hour case consultation today.