Four Tips for Going Through a High Net-Worth Divorce
Divorce can be a complicated process; if you or your partner hold a large variety of financial assets, these can further add complexity to the process. A high net-worth divorce (also known as a high-asset divorce) is a type of divorce involving couples that own a large number of different assets, such as joint bank accounts, stocks and mutual options, and shared business ventures.
In high net-worth divorces, the process can be more contentious and more challenging to divide all of the property. If going into a divorce that involves several of these types of assets, you must understand how to navigate the process more effectively so you can ensure you are getting exactly what you are entitled to.
Tip #1: Plan Ahead
One of the best ways to make a divorce slightly less complicated is to plan ahead. Consult your attorney on how to navigate the coming days. Get the answers to all questions you may have about your divorce. Knowing you are represented and understanding the days ahead of you can save you from unnecessary surprises and protect you from undue harm.
Tip #2: Do Not Rush
A high net-worth divorce often requires a longer length of time to finalize than a standard divorce due to the larger number of assets involved.
While a divorce can seriously affect you, rushing the process can mean that you might be missing out on deserved compensation. You have rights and are entitled to fair compensation and division of assets; do not miss out on what you are entitled to because you want the process to be over.
Tip #3: Understand Your Financial Situation
Look back at your finances. California law can help you determine what type of assets you are dividing. Which assets are considered community assets and which ones are separate? Understanding what your assets are prior to heading into the courtroom can protect you from losing something that is legally yours.
Be thorough in your review, and consider hiring an accountant to join your team of experts in protecting what is yours. In addition, know that you can contest community assets in court; if you believe that an asset is more yours than your partner’s, you can make that known and plead your case.
Tip #4: Remain Civil
Because of the large number of assets being divided in court, a high net-worth divorce can easily lead to uncivil behavior, such as name-calling or attacks on character. One of the best actions you can take in a divorce is to pledge with your partner to remain civil throughout the process. While maintaining civility may be challenging when discussing the division of assets, a more amicable treatment of the other person will make the proceedings much smoother.If you have any questions about high net-worth divorce in California, call our family law attorneys at Law Office of Tiffany L. Andrews, P.C. today at (916) 794-4576.