Divorce proceedings that involve highly compensated business executives or professionals can get really complicated, really fast. These divorces tend to include spouses who have high net worth and the outcome is generally influenced by the presence of a prenuptial agreement that the spouses by prior to getting married. High-net worth individuals who possess considerable wealth, own business, or are otherwise concerned about protecting themselves against spousal support and property division often get entangled in complicated divorces.
If you are a highly compensated business executive or professional and planning to file for divorce or are in the middle of a divorce proceeding, it is best to immediately hire an experienced Central Valley divorce attorney to protect your rights throughout the process.
What High Assets Can Complicate a Divorce Proceeding?
A high asset property division can get complicated when one or both spouses have a complex property portfolio, especially when one spouse is an executive. Example of high asset include:
– Pensions that cannot be divided until retirement
– Stock options
– Vehicles, boats
– Real estate
– Securities Portfolios
– Business partnerships or professional practices
Despite what most divorcing couples may think, hidden assets can appear in a high net worth or executive divorce. Common types of hidden assets may include:
• Cash and traveler’s checks
• Stocks and bonds
• Mutual funds
• Insurance policies
• Faulty tax returns
• Property such as jewelry or vehicles
If these hidden assets were acquired during the marriage, they could potentially be deemed as community property under California laws and be subject to division at the time of divorce. The potential value of hidden assets in a high net worth divorce should not be discounted or ignored.
Working with the Right Experts in Executive Divorces
One of the most important reasons why you need to hire an experienced divorce attorney if you are involved in an executive divorce is the need to hire the right trusted professionals to accurately identify, trace and value marital and separate assets. A skilled attorney will know which experts should be hired in your case in order to properly to protect your legal rights. These experts can include, depending on the specific facts of your case, any of the following:
– Estate planning experts
– Tax advisors
– Financial planners
– Business valuation specialists
A good attorney will understand the type of life you have become accustomed to and will possess the resources necessary to aggressively pursue an outcome that is in your best interest.
Call an Experienced Central Valley Divorce Attorney
If you are going through a divorce or planning to file for divorce, it is important that you have a knowledgeable attorney fighting for your rights. For more information or to schedule a complimentary consultation with a Central Valley divorce attorney, please call Gurjit Srai (209) 323-5558 or (559) 449-1447, or complete our online form.