Do you and your spouse have $1,000,000 or more in combined assets? If so, your divorce falls into an elite category known as a high-asset divorce. High-asset divorces have more inherent challenges than typical divorces and can present unique difficulties and complexities for those involved. For this reason, it is critical to have an experienced California divorce attorney help you to navigate the intricacies of a high-asset divorce, and help you to avoid the pitfalls that could leave you with a marital settlement that is less than equitable. Of course, the information provided in this article is intended to be general and informational. If you would like legal advice specific to your individual case, the best thing to do is schedule a consultation with an experienced Beverly Hills divorce lawyer as soon as possible so that you can receive personalized feedback.
What Not to Do in a High-Asset Divorce:
- Trust Your Spouse. You may want to believe that your spouse has your best interest at heart, but you likely do not know your spouse in the context of a divorce. Divorce can bring out the worst in people, and can trigger fears of loss. As a result, parties will be more likely to engage in marital waste and may attempt to hide or sell assets in order to avoid having to share them with their spouse. For this reason, it is critical to work with a forensic accountant as early on in the divorce process as possible so that they can review all bank statements and financial records in order to identify any signs of suspicious activity and protect and preserve your shared marital assets.
- Favor Litigation Over Mediation. By the time most couples decide to get a divorce, things have usually gotten pretty contentious. However, bringing that angst into the courtroom can result in lengthy litigation and that comes with a high price tag. Litigation is the most expensive service that attorneys offer, so by engaging in litigation, you will actually be depleting the assets that you are fighting over. A far better alternative is to engage in mediation, which comes with a much lower cost and can be more efficient than hashing out every issue relating to the divorce in the courtroom.
- Forget About Taxes. Taxes may be the last thing on your mind during a divorce, but they can have important and significant implications on both you and your ex financially. Any asset valued at over $500,000 can incur a capital gains tax when liquidated, which can affect the value of your shared marital assets. Additionally, the timing of your divorce filing can determine whether you will file jointly or separately that year; a decision that can also have significant tax ramifications. For this reason, it is always important to consult with a tax expert in a high-asset divorce.
Contact the Office of Bradley S. Sandler in Beverly Hills, California
If you are currently involved in or considering a high-asset divorce in the state of California, you need a dedicated legal advocate on your side who will protect your assets and make sure that your interests are represented. Contact the Office of Bradley S. Sandler in Beverly Hills, California, today, to schedule your personalized consultation.