Six Tips to Help You Avoid Issues in a High Asset Divorce
While most divorces will have some level of complexity that comes along with them, a high asset divorce will almost always be decidedly more complicated. Where there is more to divide, there is more to disagree over, and dividing numerous assets like business interests, stock options, stock voting rights, deferred compensation, trusts, real estate, and jewelry or antiquities can take a great deal of time to value and ultimately split. If you’re considering divorce and you and your soon-to-be former spouse have a vast amount of assets to divide, you should call Irvine high asset divorce attorneys who have experience handling divorces for wealthy families.
Before you embark on a high net worth divorce, consider six proven approaches for making the proceedings go as smoothly and quickly as possible.
Keep It Friendly
Maintaining a positive relationship with your former spouse will be key if you wish to walk away with what you deserve. Look for solutions that address your common interests, be flexible in what you’re asking for and understand where he or she is coming from, and stay focused on the next chapter. This will make it much easier to divide your assets and move on.
Look for Creative Settlement Options
Work with your attorney and a financial professional to craft settlement options that work for you both. Some assets, such as stock options or real estate, will only have a liquid value at a specific point in time, and depending on the circumstances of your divorce, that may or may not work for you. Be clear about what’s at stake.
Understand Which Assets Will be Included
Assets acquired before the marriage or through an inheritance will not be considered part of the marital estate and will not be divisible under California law. Have a clear picture of which assets definitely won’t make the cut before you get started.
Consider Planning Your Estate at the Time of Your Divorce
While you’re taking on the time and expense of working with knowledgeable Irvine high asset divorce attorneys, you may wish to consider devising your estate plan during your divorce. In dividing your assets, you and your former spouse can plan for how some assets may pass through to beneficiaries once you’re no longer here – which will likely minimize your tax obligations down the line.
Work With Irvine High Asset Divorce Attorneys Who Will Do What’s Best in Your Specific Situation
While it’s a given that you will want your attorney to be experienced, you most definitely want an attorney who has demonstrated success in settling cases. Because litigation can lead to substantial fees and costs – not to mention time and energy spent on a bitter and embattled divorce – settling your divorce is often the best approach. That said, you don’t want to settle for less than you deserve, which is why you want to work with a lawyer who has extensive experience with negotiation, mediation, or collaborative divorce. When searching for an attorney, find someone creative with a track record for settling cases.