Divorce is seldom easy, but high-asset divorces have the potential to be much more complicated to handle than most other marital splits. The sheer number of assets involved and the complexity of the financial negotiations can be overwhelming.
You need a game plan. Whether you’re the high-earner or the dependent spouse, you need to walk into your negotiations with a clear sense of direction. Here are some tips:
- Get a handle on your financial circumstances: You will need to understand your investment portfolios, tax implications, business valuation and other topics that may come up.
- Document your lifestyle: This may become an issue later in your divorce, particularly if you’re seeking spousal support or an unusual amount of child support. Having proof of the lifestyle you and your children have enjoyed can help determine what’s fair.
- Be realistic about your expectations: California is a community property state. Unless assets have been specifically ruled separate property, all property and financial assets acquired during the course of the marriage will be subject to valuation and equitable distribution. The phrase equitable distribution, however, does not necessarily mean a 50/50 split.
- Be fair and honest: Antagonizing your spouse will just lead to extended conflicts. Treat your spouse with civility and respect from the start, and you’ll make it easier to gain their cooperation if you need to look at creative avenues for dividing your debts or wealth.
- Accept that “winning” means negotiating: The more that you and your spouse fight about your marital assets, the more that you’re going to spend in legal fees, court appearances and more. A good divorce is one where you and your spouse can find a way to agree on most things.
Contact us to learn more about marital property concerns you may have in your divorce.