Just as no two marriages are the same, no two divorces are identical. When you and your spouse are high net worth individuals, this creates an additional, complicated layer to this process. Unfortunately, many will discover that a high net worth divorce can lead to conflict. As such, familiarizing yourself with the issues that can arise is critical to prepare for this process. The following blog explores the problems that can arise and why it’s in your best interest to connect with Los Angeles high net worth divorce attorneys.
What Constitutes a High Net Worth Divorce?
Generally, someone is considered a high net worth individual when they have at least one million dollars in liquid assets. A liquid asset is something that easily be converted to cash at any time. These include stocks, savings accounts, and bonds.
When a high net worth divorce occurs, it means at least one of the individuals in the marriage met the criteria to be considered high net worth. Often, both individuals in the marriage are considered high net worth.
What Issues Can Arise?
When one or both spouses have a high net worth, this means they likely have a considerable amount of assets. As such, one of the most common issues arises over which spouse owns what assets. When you and your spouse marry, any assets you owned before the marriage are considered separate, so long as you do not mix them with marital assets. Upon divorce, all marital property will be divided between the spouses. Unfortunately, many spouses may disagree about the value or ownership of these assets, so ensuring you take the necessary steps to properly value these assets to ensure each party receives a fair split of assets is crucial.
Another common issue comes when one spouse tries to intentionally hide or conceal assets to receive a more favorable division of property. This often comes in the form of understating income, transferring assets to a business or trust, and failing to disclose all accounts.
How Can an Attorney Help Me With High Net Worth Divorce Conflict?
Going through a divorce when your spouse is making the process more complex than it needs to be can be incredibly frustrating. As such, it’s in your best interest to consult with an experienced attorney to help guide you through the process.
At the Zitser Family Law Group, APC, we have experience handling high conflict, high net worth divorces. We understand how complex these matters can be, which is why our team is dedicated to helping you. As a high net worth individual, you likely have many business ventures to focus on, so letting our experienced firm handle the legal complexities of your divorce can help you transition into the next chapter of your life. Contact us today to learn how we can assist you.