Wealthy California couples who are contemplating getting a divorce should be aware of how to avoid pitfalls that accompany many high-asset divorces. Because high-asset divorces face particular challenges, managing the process the right way can mean an easier, more stable transition for their children and less of an impact on their businesses.
Get A Lawyer For Your High Asset Divorce
First, it is important for each spouse to create a legal support team for the process. Besides a lawyer, the team should include a CPA, financial planner, estate planner, therapist and child specialist, if necessary, and a forensic accountant. A strong team could result in a more private, less expensive divorce process since the team can help emotionally, personally and professionally.
Align Divorce Goals In A High-Asset Situation
Second, both spouses need to be perfectly focused on their goals for the divorce, including the things they are intent on keeping and what they are willing to compromise. Both spouses should try to keep everything as amicable as possible in public, including at work and in social functions.
High Asset Divorce Decisions Should Not Be Made Emotionally
Third, it is important to remember that while going through a divorce is an emotional process, decisions should not be made emotionally. Many wealthy couples have pre- and post-nuptial agreements. However, these could be contested during the process, so it is also important to remember that negotiating a settlement that both spouses are happy with is a better alternative than fighting it out and having to return to court even after the divorce. Finally, if there are children involved, both spouses should remember that the way they handle their divorce will impact their children for the long term.
Divorces can be very complicated, but the process might be easier to handle with a legal support team that begins with a family law lawyer. A lawyer may be able to help their client assemble their team, advise about legal matters and represent their client in negotiations and in court.