Bel Air High Net Worth Divorce Attorneys

Divorce is an emotional and complex process that can be even more complicated when spouses have a high net worth. These types of divorces require unique consideration, and hiring Bel Air high-net-worth divorce attorneys is essential to navigate the process and divide everything up fairly.

At S.L. Pitts, we are equipped to handle complex divorce cases and protect your interests to make sure you are treated fairly. Our Bel Air high net worth divorce attorneys advocate for you and provide valuable support throughout your divorce. Regardless of what assets you and your spouse have, we are prepared to help you evaluate them, make decisions on their division, and provide support throughout the process.

Why Choose S.L. Pitts for Your High-Net-Worth Divorce

S.L. Pitts has extensive experience handling a variety of family law cases, especially divorces involving couples with a high net worth. Our team has navigated numerous situations, which allows us to serve you better. We focus on you and your goals and tailor our approach to your specific circumstances. We assess your situation and provide candid counsel to help prepare you for what to expect and secure the most favorable outcome possible. Our team implements creative solutions to the problems you face in your divorce.

When you work with our team, you will receive the respect, service, and attention you deserve. We take the time to get to know you and understand your goals in the divorce. Our team also ensures that everything you share with us is kept confidential and that your rights are protected throughout your divorce.

What Constitutes a High-Net-Worth Divorce?

A high-net-worth individual is typically considered to be anyone who has liquid assets valued between $1 million and $5 million. When one or both spouses meet this threshold and choose to file for divorce, it is considered a high-net-worth divorce.

In a marriage, one or both parties may have a high net worth via multiple types of assets that may include:

Retirement accounts
Stocks, bonds, and investments
Cryptocurrencies
Digital assets
Real estate holdings
Vehicles and/or boats
Business interests
Artwork
Jewelry
Bank accounts
Trusts

These assets can create complicated financial situations. With a diversified portfolio of assets that each have their own unique requirements or qualities, dividing them up in a divorce can take a considerable amount of time.

Community Property vs. Separate Property in a High-Net-Worth Divorce

When it comes to divorce, California is a community property state. This means that all assets and debts acquired during the marriage are shared equally and must be divided 50/50 during a divorce.

On the other hand, separate property refers to assets that each spouse had before their marriage. These assets are generally excluded when assets are divided during a divorce. Gifts of inheritance that are given in the name of just one spouse may also be considered separate.

In cases of high-net-worth divorce, determining what community property is and what separate property is may be more complex. All property must be divided fairly, so when one or both parties have high-value assets, it can be difficult to distinguish. Not all assets may be easily divisible, so it is necessary to determine the value of all assets and divide them equitably.

Special Challenges in a High-Net-Worth Divorce

High-net-worth divorces come with their own set of unique challenges. One of the primary challenges is that these cases are incredibly complex due to the elevated value and volume of assets that one or both parties possess.

Other challenges arise when a spouse is hiding property through various means, making it difficult to assess the true value of the marital estate. Additionally, it is not uncommon for spouses to have commingled property, which can make dividing up assets even more challenging.

Because of these challenges, it is vital to hire high-net-worth divorce lawyers near Bel Air to handle your divorce. They know how to effectively approach these situations and do so with respect, dignity, and discretion.

What to Expect from the Divorce Process in High-Net-Worth Cases

When filing for divorce in California, it is important to be aware that there are four key phases of the divorce process. Not only is each one required, but it also ensures that each party is treated fairly throughout the process. Knowing what to expect can also help minimize some of the stress that you are already feeling. The four parts of a divorce include:

Filing for Divorce: This step initiates the divorce process and can be done individually or jointly. When filing individually, the necessary forms must be completed, filed with the court, and papers must be served. The other spouse has 30 days to respond with counter requests or else be subject to the filer’s requests.
Sharing Financial Information: Both spouses must disclose their financial information to each other. Forms are used to create an inventory of income and expenses, as well as assets and debts. While this information is not shared with the court, this is a required step in the divorce process. Spouses have 60 days either from filing for divorce or responding to the divorce papers.
Making Decisions: During this stage, you and your spouse work together to divide up your assets and debts. If you have children, you must also make decisions about custody and child support. This step often takes the longest and is typically where the majority of conflict occurs.
Finalizing the Divorce: Once all decisions have been made and the proper forms have been completed and signed, the court will review everything, sign off, and issue the divorce. This is the last step in the process and officially ends your marriage.

When embarking on this process, it is essential to retain the services of an experienced high-net-worth divorce attorney near Bel Air. They have an in-depth knowledge of divorce proceedings and the court system. They can guide you through each step to make sure the right information is provided and forms are filled out and filed correctly. Your lawyer will also be able to help you inventory your various assets and discuss the special considerations that may need to be made in your case.

Potential Timeline for a High-Net-Worth Divorce

High-net-worth divorces often take much longer to resolve due to their complexity. It can easily take a year or more to finalize a divorce of this nature. On a basic level, there are considerably more assets to divide between both parties, and decisions must be made.

The divorce timeline can also be impacted by a couple’s ability to come to an agreement. If a divorce proceeds to litigation, this can also immensely increase the amount of time it will take to resolve.

Legal Separation Can Be Beneficial If You Are Uncertain About Divorce

Given the complications of high-net-worth divorce cases and the finality of a divorce, it is essential that you are sure you are ready for divorce. If you are uncertain or think there is a chance to reconcile with your spouse, legal separation may be an option to explore before filing for divorce.

While you must still file for a separation and make decisions about assets and children, you and your spouse can live separate lives while still remaining legally married. This process does not prevent you from filing for divorce later.

Requesting Spousal Support in a Bel Air, CA Divorce

Depending on the length of a marriage, high-asset couples may become accustomed to a certain lifestyle or dependent on the other spouse. During a divorce, one spouse may seek temporary or long-term spousal support from the other spouse. If approved, the other spouse will be required to provide regular payments for the specified support term.

While you have the right to request spousal support, a court may not necessarily grant it. A judge will look at the financial situation of both parties, the level of need, and other factors when deciding. If you are considering petitioning the court for spousal support, it is important to first consult with your attorney.

High-Net-Worth Divorces Impact Child Custody and Support Decisions

When a divorce involves children, child custody and child support decisions can quickly turn contentious. More than likely, both parents will have their own idea of what custody looks like, but the court will decide what is in the best interest of the child. Both parents are also obligated to share in the child’s financial costs. The non-custodial parent typically pays child support to the custodial parent for the child’s education, healthcare, and living costs.

Determining custody and child support in high-net-worth divorces can be more challenging because the ability to support a child is significantly higher, and lifestyle factors may be greater. The courts will take each parent’s financial situation into account, as well as their ability to provide a stable home for the child. It is also important that parents work together to create a parenting plan so they have greater control of custody arrangements and decision-making power.

Options for Dispute Resolution During a High-Net-Worth Divorce in California

Unfortunately, disputes are common during divorces and can make it difficult to resolve swiftly. Both parties may disagree over the value and division of assets, spousal support, child custody, and support, or all of the above. The way a couple feels toward each other can also amplify the level of conflict during the divorce.

While litigation is always an option, your high-net-worth divorce lawyer in Bel Air, CA will likely recommend alternative dispute resolution (ADR) methods first. This will primarily consist of:

Divorce Mediation: Allows you and your spouse to work out your differences with the aid of a neutral party known as a mediator. They facilitate the discussion to help you both share your side and see various aspects from a different point of view. A mediator will not offer advice or make a decision for you. The benefit of mediation is that it is private, less expensive, and time-consuming, and increases the chances of preserving the relationship.
Divorce Arbitration: While arbitration is similar to mediation in some ways, an arbitrator has the authority to issue a binding or non-binding decision on your disagreement, with some limitations. This process is less formal and less expensive than litigation, but is more formal than mediation. This option can be good for high-asset divorce cases that are more complex.

If either of these options fails to sufficiently resolve disputes between you and your spouse, your case will proceed to a divorce trial. Both of you will present your arguments, evidence, and witnesses before a judge who will review all information presented and issue a decision. It is important to be aware that litigation typically gives you less control over the outcome of your matter than ADR does. Litigation is also a prolonged process that is public and expensive.

Collaborative High-Net-Worth Divorce: An Alternative for Spouses Willing to Work Together

If you and your spouse are parting ways amicably and are committed to working together to reach an agreement on all aspects of your divorce, then collaborative divorce can be a very beneficial option.

A collaborative high-net-worth divorce can give you the most control over how your assets are divided, child custody arrangements, matters of child support or spousal support, and more. Once both parties have reached decisions and signed a formal agreement, the court will review it and issue the divorce order.

Contact Our Bel Air High-Net-Worth Divorce Attorneys

S.L. Pitts is ready to support and advocate for you as you file for divorce. We help you work with your spouse to make difficult decisions about your assets and family so you retain maximum control over the outcome. We also protect your interests during high-asset divorces that are less amicable. To talk with our team about your high-net-worth divorce, contact us today to schedule an appointment.