If you are going through a high net-worth divorce and you’re not exactly sure what to expect, take some time to learn about some things that you should consider about the proceeding and what you can do to make your situation easier.
Let’s take a look at what you should be expecting.
What to Expect from a High Net-Worth Divorce
If you are looking for a divorce attorney and need some help navigating your high net-worth divorce, read below about a few things you should consider and expect during the process.
High-Value Assets Will Be a Main Topic Point
This is likely one of the biggest things you are curious about if you are dealing with a high-income divorce. Whether you are wondering about real estate, your bank account, recreational property, investments, or something else, your high-value assets will definitely be a topic at the divorce hearings. The divorce process will divide all assets, in which joint or “community” assets will be given ownership based on what the courts deem acceptable. This can all be strange and hard to deal with but with the help of a high-asset divorce attorney, the situation can be easier. We use a team of experts, from business valuation professionals, taxation specialists, pension experts, and wills & trusts specialists to guide us in the process.
Getting a Professional To Help Makes a Huge Difference
While you may think you can do this on your own, it may be best to consult an attorney. Client confidentiality is of vital importance to us and while the situation can be difficult please give our team a call at (510) 865-7350. During your call or your representation it is vital to try and tell us everything and not hide assets, the more we know the better. Attempting to hide assets or taking a long time to list your assets can have repercussions of their own, especially if forensic accountants have to trace assets are involved which is likely as both parties in a high-asset divorce usually have a team of hired outside professionals. Remember we’re on your team.
It Will Take Some Time
Divorce, in general, takes time. But, when you consider everything that goes into divorce for a high-income individual, it is no wonder it can take longer. Dividing the assets alone can take more time than a normal divorce depending on you and your spouse’s situation. This doesn’t even take into account things like child custody, pre-divorce proceedings, and more that go into the process.
Spousal Support May Be in Order
In some high-income divorces, one spouse is financially dependent on the other. In these cases, that spouse may be able to seek spousal support. The amount of monthly support will depend on a number of different factors including income, length of the marriage, and more. Meanwhile, the amount and time that the spousal support will last will be determined by other things and will be either agreed upon or will be court-ordered.
Whatever the case may be, understand that this is something that will likely be discussed if one spouse is financially dependent on the other.
Don’t Forget About Taxes
Regardless of how asset division proceeds, there will be taxable events that occur from any divorce. It is vital to plan for this so you’re not struggling to process or deal with the issue later closer to the tax deadline. It is best to hire a financial or tax professional for this matter. We can refer you to talented and experienced professionals.
This may feel like a lot, but this is just the tip of the iceberg. When it comes to divorce, of any kind, it is vital to find a professional law team to help you. This is where we come in.
High Net-Worth Divorce Lawyers at Silva & Associates
Our high net-worth divorce law firm, Silva & Associates has the divorce and family law experts you need to make this process as swift and easy as possible. At Silva & Associates, our cases involve everything from divorce to paternity to spousal support, whatever the case we will fight for you to ensure that you are not taken advantage of and ensure that this proceeding is put to rest fairly and justly.
To learn more about what we can offer for you, please contact a high net-worth divorce attorney at (510) 865-7350 or fill out our contact form and we can get back to you as soon as possible.