When you and your spouse get divorced, this can be just as significant a financial matter as it is emotional. As such, it’s critical to understand the significant considerations and decisions you must make when getting divorced in California. Additionally, these choices are even more imperative if you have considerable assets and wealth. That’s why it’s in your best interest to contact Los Angeles high net worth divorce attorneys to assist you during this process. Keep reading to learn more about the financial decisions you must make in these challenging times.
What Are the Most Important Financial Decisions I Must Make in My Divorce?
When going through a divorce, one of the most important financial decisions you’ll need to make regards the division of your assets. If you do not have a prenuptial agreement in place, it’s in your best interest to work with your spouse to divide any marital property. This is because California adheres to community property laws, meaning all joint assets are subject to an equal 50/50 split if the courts must step in to handle this issue. As such, you and your spouse should collaborate to determine who will receive what assets. With this, you must decide which assets you would like to keep and which you are willing to relinquish in exchange for keeping your preferred property.
Another consideration you must make regards what happens if you and your spouse own a business. Unfortunately, many people are unfamiliar with how to handle these assets. Generally, you and your spouse must decide how you will proceed with the business. In most instances, people will sell their company and split the profits, one spouse could buy out the other, or they may decide to continue as business partners. However, this is an important decision, as it impacts your business and finances.
Finally, if you are financially dependent on your spouse, it’s important to plan for your life after divorce. If you only have joint accounts with your spouse, taking the time to open your own bank and credit card is critical, as it ensures you have access to your own funds.
How Can a Divorce Attorney Help Me?
If you’re going through a divorce, it’s imperative to understand the steps you must take to secure your financial future. One of the most critical things you must do is to enlist the assistance of an experienced attorney. Unfortunately, many try to navigate this process on their own, which can lead to significant financial errors in the future. Working with an attorney can help ensure you understand all the legal and financial implications before making a decision regarding your finances.
As a high net worth individual, you have many financial considerations to make during a divorce. As a result, it’s imperative to understand how these can impact your life following a divorce. At the Zitser Family Law Group, our team has experience handling complex and high-value assets. As such, you can rely on us to help you through these complex times. Contact us today to learn more.
