Nobody wants to go through the divorce process, regardless of where they are in life or how long they’ve been married. Unfortunately, divorce is something that many people will have to face at one point or another in their lives. Though divorce always leaves much to consider, the truth is some people will have more on the line, in terms of their finances, than others. Please read on and reach out to the knowledgeable Los Angeles high net worth divorce attorneys here at the Zitser Family Law Group to learn more about these divorces and what they often entail. Here are some of the questions you may have:
What assets tend to be at stake in a high net worth divorce?
First, you need to understand exactly what qualifies as a high net worth divorce in the state of California. Any couple who has over $1 million in assets who is splitting up will be considered in a high net worth divorce. That said, as you can imagine, couples with over $1 million in assets often have a unique set of assets to worry about that others with less financial standing may. Just some examples of assets that frequently come into play in high net worth divorces in California include:
- Multiple real estate properties, such as vacation homes or mansions
- Luxury vehicles
- 401(k)s and other retirement plans
- Funds held in bank accounts
- Stocks and bonds
- Expensive jewelry
Should I draft a prenuptial agreement to protect my assets from a divorce?
Anyone with over $1 million in assets (or well under $1 million in assets, for that matter) should strongly consider drafting a prenuptial agreement prior to marriage. A prenuptial agreement can outline exactly what will happen with certain assets, should you get divorced. If you’re already married, though you can’t draft a prenup anymore, you can still draft a postnuptial agreement as long as you do so before a potential divorce. You should also note that you can use a prenuptial or postnuptial agreement to protect your business if you own one and establish future alimony terms, should you ever get divorced.
If you have any further questions or would like to learn more about high net worth divorces or how our firm can help you through one, simply pick up the phone and give us a call today, or contact us online.