Navigating High-Net-Worth Divorces in San Diego: Key Considerations

Are You Divorcing? Are Your Assets or Properties Substantial?

In California, if you own substantial assets and/or properties, you could lose a lot in a contested divorce. If you are planning to divorce (or if you are anticipating a divorce) in the San Diego area, you must be advised at once by a San Diego high-net-worth divorce attorney.

A California divorce divides assets and properties and may require one spouse to make child support and/or spousal support payments. However, if you are a high-net-worth individual, a skilled and experienced San Diego divorce lawyer can help you protect what is yours.

Why Are High-Asset Divorces Different?

Almost every divorce has difficulties and complications, but divorcing couples with substantial assets have unique considerations. When these assets are contested, conflict and acrimony may escalate.

Getting divorced doesn’t necessarily mean that you will lose half of what is yours. A San Diego high-net-worth divorce attorney will help you protect your stocks and bonds, real estate, and retirement accounts.

Sometimes in California, and especially in high-asset divorces, the spouse with substantial assets may bully, deceive, or try to demoralize the other spouse by emptying or closing accounts or by trying to hide assets.

What Steps Should You Take Before a Divorce?

How can you prepare in advance for a high-net-worth divorce proceeding? Consider these suggestions:

1. Know what assets are considered marital assets. Spouses must file full financial disclosures when they divorce, but you should know the total extent of your marital assets before you file for divorce (or before your spouse files for divorce, if possible).
2. If you believe that your spouse has hidden assets in an attempt to protect those assets from being divided, gather the evidence that is making you suspicious, and share your concerns immediately with your San Diego divorce lawyer.

A professional financial expert can help you understand and document your marital assets. If you’re anticipating a divorce, start gathering and making copies of credit and bank statements, insurance and mortgage documents, tax returns, and any other documents that might be relevant.

Why is Preparing Financially for a Divorce So Important?

When you understand what your marital assets are, and you’ve compiled the documents that support that understanding, you’ll be able to help your divorce attorney fight for what is yours, and you’ll also be able to insist on the just and fair divorce settlement that you deserve and need.

In a high-net-worth divorce, a divorce lawyer will typically consult a forensic accountant – someone who knows how to find hidden assets. Abruptly transferred assets and unexpectedly closed accounts are only several of the signs that your spouse may be hiding assets.

If you have prepared for a high-asset divorce, and if a reliable Southern California divorce lawyer is representing you, you should move confidently and constructively through your divorce proceeding without losing any assets or personal property.

What is Considered “Marital” Property in California?

Under California law, marital property is to be split “fairly” and “equitably” in a divorce proceeding. This state defines marital property as all assets and properties acquired or earned during the marriage except for anything given exclusively to one spouse as an inheritance or gift.

Liquidation of the marital properties isn’t necessary, but each party must receive assets of “equal value” unless the spouses consent voluntarily to a different arrangement. In a high-asset divorce, the lawyers typically investigate and closely scrutinize the other side’s assets and finances.

Is Your Spouse Trying to Hide Assets?

It may sound easy enough, but an equitable and accurate division of marital assets can be exceedingly difficult, especially in a contested, high-net-worth California divorce.

California requires spouses who are divorcing to disclose fully their financial details. If one spouse attempts to hide assets with exaggerated, incomplete, or false information, that spouse may be held in contempt of court and could conceivably face a perjury charge.

A vacation home, a business, or even the family pet could become the subject of a property dispute, so you’ll need a divorce attorney who ensures that each asset is properly classified as marital property or as personal property – an attorney who will protect your best interests.

Should You Offer a Settlement?

At some point in the divorce process, your attorney may recommend making a settlement offer. Your first offer may be rejected, but if you are a high-net-worth individual, you already know when to compromise and when to take a firm stand.

When divorcing spouses reach voluntary agreements about assets and properties, the court usually approves those agreements. Both spouses save time and money by compromising, and they can avoid some of the contention and acrimony that so often accompanies divorce.

A high-asset divorce doesn’t need to be contentious. One of the ways you should prepare for a high-asset divorce is by seeking compromises and solutions that can establish financial security for both partners. Your divorce attorney will help you find those compromises and solutions.

When Should You Contact a Divorce Attorney?

Seek legal counsel as soon as you know that you and your spouse will be divorcing. Your Southern California divorce lawyer will take action to make sure your divorce is fair and to make sure that you don’t lose what is rightfully yours.

If you’re a high-net-worth individual, or if you’re married to one, you should schedule a consultation with a divorce attorney before you take any other step. Every divorcing spouse has the right to a fair divorce settlement and the right to a good lawyer’s help.

The Law Office of George Gedulin Will Protect Your Interests

The legal team at the Law Office of George Gedulin will see to it that you’re treated fairly and justly by the court during your divorce proceeding and that you receive what is legally and rightfully yours.

We have considerable experience resolving the most contentious and complicated high-net-worth divorce disputes. We also handle spousal support and child support disputes, visitation and child custody cases, and move-away petitions.

If you’re a high-net-worth individual and you are expecting a fight over assets and property, or if you need advice and representation regarding any other matter of family law, call the Law Office of George Gedulin promptly at 858-943-6591 to schedule a free case analysis with no obligation.