You deserve to enjoy what you have worked hard to earn. Unfortunately, a divorce can put your property, investments and other assets at risk. In California, the law calls for an equal division of community property when two people divorce, which can take a considerate amount of what you own. No matter how amicable you and your soon-to-be ex-spouse may be, high-net worth divorces can turn ugly quick, so you need to know how to protect your assets and rights.
1. Review Your Finances
As soon as you believe a divorce is imminent, start taking inventory of your finances and accounts. Grab physical copies of your joint accounts, retirement portfolios, business documents and more. If you wait too long, you risk the possibility of your spouse hiding assets. A spouse can do this by transferring funds to friends, making sudden business purchases or underreporting income to avoid splitting their assets.
2. Don’t Settle for Just Any Terms
You may want your divorce to go quickly and easily, but sometimes that can result in making rash decisions. Ensure you take advantage of every option that may benefit you, in regards to alimony, property division, 401(k)s and more. Talk to your attorney before agreeing to any terms with your spouse.
3. Negotiation over Litigation
If your divorce goes to trial, anything goes. You can keep your affairs private and come up with more flexible solutions if you choose negotiation over litigation. Even if you seems that you can’t work something out, consider using a mediator. Behind closed doors, you can quickly come up with an agreement that benefits you both, instead of leaving important decisions for a court to decide.
High-value divorces are highly complex due to the amount of property and assets involved. However, you can get through the process with careful planning, thorough strategies and legal guidance. Contact me, the Westlake Village divorce lawyer at the Law Offices of Jeffrey S. Graff today, to get your fair share of the marital assets and a better post-divorce outcome.Call me at (805) 633-4999 for a free initial consultation!