For California couples who are divorcing, the level of wealth they had before the marriage or accrued while they were married can be a critical point in the process. Whether the accumulation of assets was due to a business that the couple built together or one spouse was better off financially than the other, having legal advice can be a key factor in navigating the difficult terrain of a high-asset divorce. This is true whether there was a prenuptial or postnuptial agreement.
When a person has wealth, a divorce can turn contentious as the sides battle over properties, bank accounts, a business, stocks, retirement accounts, valuable collections, motor vehicles and much more. In these cases, it is easy for the case to turn into a long-term dispute with back and forth over who has the right to what property.
The entire portfolio and its value might need to be analyzed from top to bottom. If there was a business that was brought into the marriage or grew during the marriage and both parties were involved, this, too, can be difficult.
If one spouse attempts to hide assets, a forensic accountant can search the finances and the records to discover those assets and ensure they are factored in during the case. While it is preferable that the parties come to an amicable agreement, that is not always possible, especially if there are major assets involved. Still, there could be room for negotiation after getting beyond the initial phase of the case.
Any divorce can be hard, but a high-asset divorce has unique concerns that must be addressed with help from an experienced law firm. When moving forward with a divorce, consulting with a legal professional might be the most important step a person takes. Calling for help is crucial and should be done as soon as possible.
