A high net worth divorce can become a nightmare | Family Law Attorney
If you and your spouse are contemplating divorce and you own a significant amount of assets, you need to hire competent representation in your area.
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A high net worth divorce can become a nightmare

A high net worth divorce can become a nightmare
posted on Jan 04, 2018.

High asset divorces in Westlake Village often involve complex issues not seeing in other types of divorce cases. Some of the most common and contentious issues related to high net worth divorce include child support, spousal support, prenup agreements, separate wealth, and business valuation and division. It is important that you prepare for what lies ahead and consider the complications you may encounter along the way with the help of a Westlake Village high-asset divorce attorney.

Calculating child support and spousal support

High asset divorce involves individuals with high income, which means the parent providing child support is the one with a greater earning ability. It is common for these individuals to attempt to limit the amount of alimony and child support they provide. A Westlake Village high-asset divorce attorney can get a clearer picture of the actual circumstances surrounding your case. The process can be complex requiring clear and convincing evidence to prove the party’s income level.

Prenups and postnuptial agreements

Prenuptial agreements are very popular among couples with many assets. While it might not sound very romantic, a prenup can be very beneficial when filing for divorce. It can help avoid extended court proceedings, help distinguish between marital and community property, and assign debts including credit cards, mortgages, schools loans, and so on. Some people are afraid that a prenup or postnuptial agreement will somehow ruin their relationship. This is not necessarily true. It’ is just a wiser approach to handling your financial future.

Separate wealth

The longer a couple has been married, the more substantial marital assets they accumulate. Also, separate wealth is often combined with other assets acquired throughout the course of the marriage. This can happen in a variety of ways and it can definitely make the whole divorce process quarrelsome if a party tries to claim separate wealth when filing for divorce. Most separate property claims involve inheritances and presents from relatives. Some divorcees believe that assets acquired during marriage become community property after the divorce but unfortunately, the 50/50 approach doesn’t always work out.

Business valuation and division

It is common for high net worth divorcees who own businesses to seek the advice of an attorney. The first thing they will consider is whether the business is categorized as separate or marital. A business acquired during the course of the marriage is considered marital property. Also if the business was acquired by both spouses prior to getting married, it is also considered marital property.

Get a free case assessment today

If you and your spouse are contemplating divorce and you own a significant amount of assets, you need to hire competent representation in your area. Family law attorney Stephanie L. Mahdavi has the courtroom experience required to handle your case. Call us today and allow us to obtain a positive legal outcome for you and your loved ones.

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