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Tips for Your High-Asset Divorce


Any divorce is complicated, but high-asset divorces tend to be particularly complex. When one or both spouses in a marriage is a high-net-worth individual, divorce-related processes such as property division and child custody can significantly impact the financial stability of both parties. Knowing what to expect from your high-asset divorce can help you lay the foundation for a better future as you dissolve your marriage.

At Arnold Law Group, APC, we'll work with you to protect your assets and best interests throughout your divorce. Contact us online or via phone at (559) 900-1263 to schedule a consultation with our team.

Think About Taxes

California is a community property state, meaning you must split marital assets and liabilities equally with your partner during the property division process.

In a high-asset divorce, the outcome of your property division case can completely change what your taxes look like post-divorce. This is especially true in a divorce where one partner has a high-net-worth and the other acts as a stay at home parent or earns less money.

If you own an estate of significant value, how you handle it during and after the divorce could also impact your taxes. If one party chooses to keep the estate, they'll need to pay for estate taxes by themself. Alternatively, if you choose to sell your estate, capital gains taxes may impact you when tax season rolls around post-divorce.

Your divorce lawyer can tell you how property division will probably impact your finances, but working with an experienced financial professional is also a good idea. They can help you understand the pros and cons of selling or keeping certain property and how the choices you make during property division will affect you financially.

If You Have Children, Child Support and Custody May be Complicated

In a high-asset divorce, the already complex child support and custody processes can become even more complicated.

The court's objective during custody and support disputes is to ensure that children maintain the same quality of life post-divorce they enjoyed while the parents were married.

To that end, if one parent is a higher earner and took on certain costs—such as paying for extracurricular activities, academic services, or vacations—the court may expect that parent to maintain those expenses, even if they see the child less post-divorce or don't have sole custody.

Talk with your lawyer about likely outcomes in your child custody and support case. The more proactive you are, the easier it will be to fight for a custody and support arrangement that's equitable (and budget for the impact of that arrangement on your finances).

Things Can Get Complicated for Business Owners

In a high-asset divorce, it's not uncommon for one party to be a business owner. If you or your spouse owns a business, it will complicate the property division process.

As a rule of thumb, even if the business was founded before you got married, the court will probably consider income generate by the business and any value it accrues during the marriage as marital property.

Whether you or your spouse owns the business, discuss options with your lawyer. If your spouse owns a majority of the business, you could ask them to buy you out. Alternatively, if you're on good terms, you could continue operating as co-owners post-divorce. Speaking with your lawyer can help you devise the perfect arrangement for your circumstances.

At Arnold Law Group, APC, we'll usher you through your high-asset divorce, protecting your rights and pursuing your best interests in and out of the courtroom. Contact us online or via phone at (559) 900-1263 to schedule a consultation with our team.

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