High-asset divorce can be incredibly contentious – but there are things you and your Stockton divorce attorney can do to make the process simpler so it can end sooner (and on more favorable terms for everyone).
First, though, you need to ensure you’re working with a divorce lawyer you can trust; one who always has your best interests in mind as she negotiates, strategizes, and defends your rights in court. Many people start off on the wrong foot by working with an attorney who doesn’t understand the nuances of high-net worth divorces.
Although California law is very clear on matters such as child custody, child support, and spousal support, high-asset divorces can be more complex than others – and that’s largely due to the size and value of the marital state involved.
Common Mistakes in High-Asset Divorce
Many of the most common mistakes people make during high-net worth divorces revolve around unfamiliarity with the process (and that’s another reason to work with an experienced attorney).
High-Asset Divorce Mistake #1: Not Properly Valuing Businesses and Other Interests
If a couple is running a business, each side needs to have its interests valuated. Owning non-family partnerships, shared retirement assets, trusts, and real estate holdings can further complicate the process. Private and public firms need to be valuated, as do IRAs, pensions, stock options, and other financial holdings.
This always requires an expert’s help. Whether the valuation expert you hire uses the comparable company analysis or an estimated discounted cash flow method, it’s important that you only work with a qualified professional.
High-Asset Divorce Mistake #2: Hiding Assets or Failing to Investigate the Other Party
Hiding assets is illegal, and your attorney will advise you to come clean about all the property and holdings subject to your divorce case. If you fail to provide adequate information, or if the court finds out you’re purposefully hiding assets, you’re going to lose credibility with the court. That’s true if you transfer assets to a third party, you neglect to share information, or you’re outright fraudulent in concealing assets.
The other party may be hiding assets, as well, which means your attorney and the financial experts you’re working with will need to investigate him or her to make sure everything is on the table.
High-Asset Divorce Mistake #3: Agreeing to Anything Just to Get it “Over With”
Most people want their divorces to end as quickly as possible, and if you feel that way, you’re definitely not alone. However, it’s nearly always a mistake to agree to everything your soon-to-be ex-spouse demands just so you can get things over with faster.
In fact, you shouldn’t agree to anything until a complete valuation has taken place and you’ve talked to a financial adviser. Even if you feel guilty over the divorce, or you’re in a rush to split because you’ve found someone else, don’t make any agreements without discussing them with your attorney first.
Do You Need to Talk to an Attorney About High-Asset Divorce?
If you’re involved in – or you’re about to become involved in – a high-asset divorce, call us at 209-910-9865 or get in touch with us online to schedule your appointment with a Stockton divorce lawyer who can help today.