Our Certified Family Law Specialists regularly handle high-net-worth divorce cases. With larger estates and possibly recognizable parties to the divorce, experience, resources, and discretion are paramount. Our experienced attorneys formulate effective strategies concerning large marital estates, including the characterization and valuation of businesses and assets. To further assist, Antonyan Miranda staffs an internal forensic accountancy department.

How Are High-Net-Worth Divorces Different from Other Divorces?

High-net-worth divorces are different from typical divorces in several ways. First and foremost, high-net-worth divorces involve a significant amount of assets, including real estate holdings, domestic and possibly foreign business interests, investment accounts, collectibles, and other valuable property.  Oftentimes the economics of the case beget the use of private judging for mediation and, if necessary, litigation.  

PROPERTY DIVISION:

In high-net-worth divorces, property division is often the most complex and contentious issue. In California, assets acquired during the marriage are presumptively community property and are subject to equal division in a divorce. However, determining the value of these assets can be challenging, especially if they are rare, illiquid, or otherwise difficult to value. Also, large estate cases likely have properties in different states or countries.  

TIME-SAVING:

Because mediation is performed outside of court, there is no need to wait months for hearing dates which may be subject to further delays or continuances.  Mediators are usually much more flexible with their time, including a willingness to work evenings or weekends. 

COMPLEX FINANCIAL ISSUES:

High-net-worth divorces also often involve complex financial issues, such as the division of restricted stock units, stock options, deferred compensation, and other typical forms of executive compensation. Business valuation may also be complex if the business is closely held, is of a nature that is very particular to the owners or is comprised of multiple entity layers.

SPOUSAL SUPPORT OR ALIMONY:

Spousal support or alimony is typically a significant issue in high-net-worth divorces because of the high standard of living, which very likely requires ongoing financial support to maintain.

CHILD CUSTODY:

Child custody can also be a complex issue in high-net-worth divorces, especially if one or both parents have busy schedules or frequently travel for business. Developing a custody plan that is in the best interests of the children and works with the parents’ schedules and lifestyles requires the assistance of a skilled attorney.

PRENUPTIAL AGREEMENTS:

Despite the existence of a prenuptial agreement in most high-net-worth divorce cases, it is not uncommon for a challenge to be brought, particularly as it relates to spousal support.

Divorce can be a complicated and emotionally charged process, especially for high-net-worth individuals. If you are going through a divorce in California and have substantial assets, it is essential to work with an experienced and aggressive attorney who can protect your interests and help you achieve a fair and favorable outcome.

Steps To Secure Your Family, Finances, and Assets in A High-Net-Worth Divorce

It is essential to work with an attorney who has extensive experience in high-net-worth divorce cases, who can protect your interests, and help you achieve a fair and favorable outcome. The following is an overview of the high-net-worth divorce process in California and the steps you can take to protect your assets and secure your financial future.

1. CONSULT WITH AN ATTORNEY

The first step in the high-net-worth divorce process is to choose an attorney who is experienced in high-net-worth divorce cases, who has a deep understanding of California family law, and who is willing to take an aggressive stance on your behalf. During the initial consultation, your attorney will evaluate your case, discuss your goals and priorities, and outline your legal options as they pertain to high-value asset divisions in order to protect your assets and financial interests.

2. GATHER FINANCIAL INFORMATION

One of the most critical aspects of a high-net-worth divorce is the characterization and division of assets, particularly if there is no prenuptial agreement. To ensure that your assets are characterized and divided properly, it is essential to gather all your financial documents and information for a comprehensive assessment. 

3. ASSESS THE VALUE OF ASSETS

Once assets are determined, then their net valuation must also be determined. This process may involve hiring appraisers, forensic accountants, or other experts to evaluate the value of real estate holdings, business interests, and other assets. The accurate assessment of the value of your assets is essential to ensure that they are considered and distributed correctly in any divorce settlement or trial. 

4. DEVELOP A STRATEGY FOR PROPERTY DIVISION

In California, assets acquired during the marriage are presumptively community property and are subject to equal division in a divorce. However, determining what constitutes community property and how it should be divided can be complex, especially in high-net-worth divorce cases where there might be legacy or other premarital wealth. 

5. ADDRESS SPOUSAL SUPPORT AND CHILD CUSTODY

In addition to property division, high-net-worth divorce cases often involve more complex spousal support and child custody issues. Spousal support is financial support paid by one spouse to the other after a divorce, and it can be a significant factor in high-net-worth divorces, given the marital standard of living and asset base. Child custody can also be a complex issue in high-net-worth divorce cases simply because the amount of custody will, in part, dictate the amount of child support and possibly spousal support.  Also, those with high-asset estates commonly have a fluid schedule that might involve significant travel.

A high-net-worth divorce requires experienced legal counsel to help protect accumulated wealth. At Antonyan Miranda, we have the resources, skills, and knowledge to aggressively preserve and protect our clients’ assets. Call us at 619-696-1100 to speak with one of our Concierge attorneys, or visit us at www.expertdivorcelaw.com for more information.