A divorce can be complex for wealthy California couples. The greater size of their financial assets can make these divorces longer, more expensive, and more challenging to settle. It is more important than ever to stay focused and pay attention to the details.
For a high-asset divorce, the first step should be mediation. This can help to cut down on legal costs, keep the emotional temperature down, and shorten how long the process takes, and it is worth a serious investment for those reasons. There is a lot more at stake than in a standard divorce. The parties need to pay close attention to the valuation of all of the assets. There may be hidden assets, assets with unclear values, connected or complex assets, and assets where it is not straightforward to determine if it should be counted as marital or not.
In a high-asset divorce, there is also the possibility of considerable levels of debt. This could be student debt, mortgages, business-related debt, and other sources, and dividing debt can be just as financially impactful as assets. It is also crucial to remember retirement assets. Retirement accounts can have considerable balances, but also highly complex rules about how they can be divided and distributed. All of the assets and other financial aspects can create a challenging calculation for spousal support.
It is easy to lose track of the details in a high-asset divorce, but those details are crucial. Approaching the process in a clearheaded way is the key to maximizing the outcome and getting through with minimal stress.