As a high net worth individual, you’ve worked hard to accumulate your wealth and assets. As such, knowing how to protect yourself during a divorce is critical. Unfortunately, many make high net worth divorce mistakes that can impact them for the rest of their lives. Luckily, the following blog explores the most common errors made so you can avoid them. Additionally, you’ll learn how Los Angeles high net worth divorce attorneys can help you during every step of this complex emotional and legal process.
What High Net Worth Divorce Mistakes Must I Avoid?
By far, one of the most common errors those going through a high net worth divorce make is hiding assets. California is a community property state, meaning all shared assets will be distributed equally between spouses if they cannot agree on how to divide assets. As such, many spouses feel as though they are entitled to certain assets, so they do not report them or transfer them out of their ownership to avoid splitting them. However, this can negatively impact the outcome of the divorce, as this can lead to the judge treating you unfavorably and even imposing fines or criminal charges.
Another mistake many couples make is letting their emotions dictate the outcome. Though you may be hurt by your spouse, letting your resentment and sadness take over and refusing to communicate with your spouse can have significant impacts. Not only will this drag your divorce out, costing you more in legal fees and time spent in court, but it can also create added stress. Instead, you should treat this like a business, especially when high-value assets are involved.
Finally, many couples are so consumed by their current legal proceeding that they fail to consider the future. It’s no secret that your life will change following the divorce, so taking the time to create a financial plan is critical. This includes where you will live, the bills you must pay, and if you owe any support to your spouse or children. Unfortunately, many fail to complete this step, leaving them on uncertain terms following the dissolution of their marriage.
What Should I Do if I Need Assistance During My Divorce?
One of the most egregious and impactful mistakes made during a divorce where one or both individuals have significant assets is failing to connect with an attorney. When there is a considerable amount of wealth at stake, ensuring you have legal representation is paramount to ensuring you receive the best possible outcome for your circumstances. If you try to navigate this on your own, you may end your marriage with unfavorable terms and conditions.
At the Zitser Family Law Group, our dedicated legal team understands that dealing with high-value assets can be stressful when enduring an already overwhelming situation like a divorce. That’s why we’re here to alleviate the anxiety you may experience. We can help handle the legal complexities of your divorce so you can rest assured knowing your assets are in competent hands. Reach out to our team today to learn how we will fight for you during this time.
