Things You Should Know In A High Asset Divorce

Posted on Jun 17, 2020

Nobody gets into a marriage thinking that it will end in divorce. However, the reality is that there are times when two people are not compatible, and separation is the best route forward. When two parting spouses have significant assets between them, the divorce process can become incredibly complicated. At the Law Offices of Stephanie L. Mahdavi, we are here when you need a Westlake Village high asset divorce attorney. Here, we want to discuss what makes these situations particularly complicated.

What you need to know about high-net-worth divorces

Divorce cases involving high-net-worth individuals (HNWI) are going to be incredibly complex when it comes to dividing assets. In California, all marital property is considered community property, and therefore be divided equally. Consider that these cases may involve a combination of the following:

  • Savings and checking accounts
  • Division of real estate
  • Retirement accounts (401ks, IRAs, etc.)
  • Stock options
  • Investment portfolios
  • Business valuations
  • Taxable brokerage accounts
  • Investments and collectibles, including art collections, jewelry, cars, etc.

A high asset divorce may take longer

While California may have a six-month time limit and place for divorce cases, the reality is that a high asset divorce may take longer. These cases often involve working with accounting and financial experts to properly value and divide all assets. These cases are also more likely to lead to significant disputes over who gets what, which can further complicate the process.

Lifestyle changes may occur

Those who are about to go through a high asset divorce may come to the stark realization that their lifestyle will need to change, particularly after their assets are divided equitably. Both income streams and overall net worth are likely to be affected.

Spousal maintenance may be necessary

It may be the case that one spouse will end up with significantly less means than the other spouse after a divorce. This will certainly be the case if one party has continually been a high-income earner in the relationship or one spouse has not worked. This can result in alimony payments being ordered for the spouse of lesser means for extended periods of time, and perhaps permanently.

You need a team of help

Anyone seeking to protect their wealth in a high asset divorce is going to need skilled representation from a team of experts. A qualified Westlake Village divorce attorney will understand this and will have the resources and connections necessary to employ accountants, CPA’s, actuaries, valuation experts, and more. These professionals need to be involved as soon as possible in the divorce process to ensure that the entire situation is handled correctly.

Let our Westlake Village divorce attorneys help

If you are going through a divorce, or are just considering your options, you need to know that having significant assets can complicate the process. At the Law Offices of Stephanie L. Mahdavi, we know that it is important to plan high asset divorces appropriately every step of the way. Our Westlake Village asset attorneys will work with accounting and financial experts in order to ensure you are treated fairly throughout this process. You can contact us for a free consultation of your case by clicking here or calling 805-379-4550.

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