Common Issues in High-Asset Divorces

By Law Office of Karen S. Brown

Getting a divorce can be an emotional and daunting process, not to mention that ending your marriage can pose a serious financial burden for everyone involved. However, divorces involving high-value assets can be even more complicated.

High-net-worth individuals may have to deal with unique issues in addition to the traditional child custody, child support, alimony, and division of property. When going through a high-asset divorce, you need a skilled family law attorney who is well-versed in the law.

Karen S. Brown is an experienced and reputable divorce attorney who handles all types of divorces, including those that involve high assets. The Law Office of Karen S. Brown serves clients throughout Los Angeles County, San Bernardino County, Orange County, and Ventura County, as well as Beverly Hills, South Bay, Santa Monica, and Long Beach, California.

Issues in A High-Asset Divorce

In California, you are in a high-asset divorce if you and/or your spouse own at least $1 million in assets. There are certain issues that are unique to divorces involving high-value assets, including:

  • Increased cost. As a rule of thumb, a high-asset divorce is more expensive than the average divorce in California because there is much more at stake.

  • Tax implications. Going through a high-asset divorce can have significant tax implications for both spouses. You will have to pay taxes on the marital assets, many of which may attract a substantial amount.

  • Hidden assets. When a high-asset divorce is contentious, parties are more likely to hide assets in order to prevent their spouse from getting a fair share.

  • Complex agreements. Because high-asset divorces involve significantly more assets than the average divorce, parties will have to negotiate complex agreements, which carries the risk of agreeing to unfavorable terms when not represented by an attorney.

  • Alimony. When a divorce involves high-value assets, determining the amount and duration of spousal support may be more complicated, especially if it is difficult to calculate the parties’ income.

These and many other issues of a high-asset divorce may necessitate seeking the assistance of a knowledgeable family law attorney. Your attorney will help you avoid making mistakes during your high-asset divorce to ensure that your rights are protected and you are getting what you deserve.

How to Prepare for A High-Asset Divorce

A high-asset divorce may seem like an arduous process, which is why it is crucial to prepare for what is to come next and know how to resolve potential issues when they arise during the divorce case. Here are some steps that will help you prepare:

  • Get an appraiser. Asset valuation plays a pivotal role in high-asset divorces. The outcome of the divorce case depends on your ability to obtain a fair valuation for all of the high-value assets that will be subject to property division. You need a neutral appraiser who can give you an unbiased valuation of your property.

  • Look for hidden assets. As mentioned earlier, hidden assets are one of the most common issues in a high-asset divorce. That is why it may make sense to take all necessary steps to locate concealed assets. This may require you to hire an attorney and seek the assistance of a forensic accountant.

  • Organize your documents. Getting your documents in order will help you be in more control of the divorce process.

  • Hire an attorney. Seeking legal counsel is one of the most important steps you can take when preparing for a high-asset divorce. Your attorney should have vast experience handling divorces that involve high-value assets.

High-asset divorces often require careful planning and considerable preparation. The more prepared you are, the more likely you are to secure a favorable outcome. A skilled attorney will help you explore your options for protecting your assets and ensure that you achieve a resolution that works best for you.

Don’t Go Through This Alone

If your divorce involves high-value assets, you may be required to handle a wide range of issues that arise during the process. However, you do not have to go through this alone. Having extensive experience with high-asset divorces in Los Angeles County and throughout the state of California, Karen S. Brown knows how difficult it is to go through a divorce that involves significant wealth. Reach out to the Law Office of Karen S. Brown to get the personalized attention you need.