What do you need to know if you are considering a divorce with substantial assets? Every divorce has it’s own unique issues and challenges, even when both parties are pretty much in agreement. These challenges become much more complex when the divorce involves substantial financial wealth, high income, stock options or the ownership of a business or professional practice. What are some of the factors you need to know in order to prepare?
The key to keeping things moving forward in a divorce with substantial assets is organization. This is especially true as it relates to documents associated with each asset as well as tax returns and statements for bank accounts and credit cards. Today, many have elected to go “paperless” to make life easier, save valuable resources and simply reduce the clutter. One of the first steps is often to physically print statements and other supporting documentation for each financial account, investment, retirement account or asset for the past 3 years. Your experienced and proven Certified Family Law Specialists at Burke & Domercq provide sound counsel on the information to gather and how far back you will need to go.
What else should you know if you are considering a divorce with substantial assets in San Diego? It’s going to take some time. Substantial assets such as stocks, options, real property and business interests must be appraised by an expert. The process of “valuation” can be legally and financially quite complex. Each former spouse will have differing and often opposing interests in the valuation and property division process. This is especially true for the owners of a business or for those with a professional practice.
Issues such as child support and spousal support are often based upon the existing lifestyle of the family (known as the “Status Quo”) as well as the need for support and the ability of the payor to provide it.
Overall, the best way to prepare for a divorce with substantial assets is to organize account, asset and tax-related documentation and develop a strategy to help keep all communications as neutral and professional as possible. How you comport yourself in communications with your former spouse and before the Court will go a long way to determining the outcome of many aspects of a very complex divorce case. Maintaining at least a neutral if not a positive working relationship throughout your divorce will also substantially improve the quality of your life after it is completed while reducing the likelihood of expensive and time-consuming post decree litigation in the future.
Keep your mind focused upon the simple fact that there is life after your divorce, and this is an opportunity to work with our Certified Family Law Specialists to design the foundation for your own future.
Protect your own interests and contact us or call 760-434-3330 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.