NATIONALLY RECOGNIZED FEDERAL LAWYERS
Last Updated on: 2nd October 2023, 06:51 pm
In cases with a high-net worth divorce, you have even trickier legal matters that you will have to navigate. For some cases, one spouse may have signed a pre-nuptial agreement, but these agreements don’t protect people 100 percent of the time. It depends on the state and the circumstances on whether it will protect the person.
What Adds to the Complexity?
One of the most difficult things about a high-net worth divorce comes from how these individuals will sometimes jointly own stocks, businesses, real estate and other types of assets. That can make the division of the assets more difficult. The more assets a person has, the more difficult it can be to divide them. In some cases, one person might have alternative forms of income. For example, they might have trust funds, executive compensation packages or oil and gas royalties that the divorce courts have to look at.
Don’t Wait: Plan!
No one gets married with the intentions of getting divorced, but you have cases where the two can’t get along. They fight all the time and struggle to make things work. Eventually, they can’t manage to stay together and divorce because of the conflicts. Divorce can change a person’s life in ways that they had never planned for, which is why if they prepare for it as a possibility, it can save them a lot of heartache. That’s not to say that it will happen, but like an insurance plan, people don’t plan for house fires. That said, insurance is nice to have when a fire breaks out because it offers peace of mind.
Never Hide Your Assets
As divorce lawyers, we must implore you to never hide your assets in a divorce case. It doesn’t go well. In some cases, people have even been criminally prosecuted for hiding assets, and in cases with a high-net worth, that is likely to happen. You want to remain upfront. We see it day in and day out where divorces can get emotionally and mentally messy. You need to remain upfront because at worst, you can wind up spending time in jail. At best, the divorce courts will look down on this action, and they will rule in favor of the other person. That is why you have to keep everything upfront. Don’t get emotional. Don’t hide anything.
Cases That Last Longer
Because of the higher net worth and greater assets, it typically takes longer for the divorce to go through. It can take six weeks on the lower end for regular divorces, but with high-net worth divorces, it can take up to 12 months. Not only that, but these cases will usually cost more than with a regular case. You have to remain prepared on all fronts and take active measures to protect yourself.
Follow Court Orders
You can greatly harm your divorce case if you don’t follow court orders. Courts often view this as obstructive and malicious behavior. To follow court orders, it means that you have to pay for spousal support and follow the other terms within the injunction orders. You can mortally wound your case and put the ball in the other person’s court if you don’t follow through with all the court orders.
With a high-net worth divorce, it will often involve special considerations for the distribution of wealth. The ultimate goal in a divorce is to arrive at a fair conclusion, but this doesn’t always happen as many divorcees will attest. In cases where families were enjoying a high standard of living, they will take this into account when computing the divorce case. Usually, this means that they will be more generous to be fair.
In cases with high-net worth divorce cases, the other problem comes from how people like this will often live international lifestyles. This can add to the difficulties, and you need to have a good lawyer on hand to help with cases like this. If you or your spouse has connections with multiple jurisdiction, you need to leap into action immediately. Which jurisdiction they decide on can have a big impact on the overall case because the laws can differ from one jurisdiction to the next. Don’t wait! Call LA Divorce Lawyers today.