Knowing the law can help wealthy people facing divorce

There comes a time when two people have been married for years realize that spending their lives apart may be a wiser alternative. However, people with significant assets typically fear the process of divorce, as they are afraid that they will end up losing a significant portion of their valuables. A couple of tips can help these individuals to be as prepared as possible for their high-asset divorce proceeding in California.

First, people sometimes immediately assume that a court ruling will end up meeting their initial expectations. This doesn’t always happen. If two parties can avoid court when trying to reach a divorce settlement, they have a much higher chance of achieving their goals and keeping their divorce matters private. Going to court means that one’s divorce drama and even net-worth information could end up in the newspaper.

In addition, even though people often seek advice from family, a wealthy person’s loved ones may not always understand the individual’s financial situation. As a result, they might not grasp all of the financial and legal implications of the person’s decisions during the divorce proceeding. Mastering an understanding of applicable divorce laws is paramount for putting oneself in the best position to achieve his or her desired outcome during the divorce.

A prenuptial agreement that mentions which spouse will keep which properties and assets can boost both parties' chances of being satisfied with the final outcome of the divorce. In addition, mediation can help two parties to come to an agreement on matters such as asset and property division when getting a divorce. Furthermore, a collaborative divorce in California may help the couple to negotiate on these issues without having to go to court. If the two can’t work together agreeably, litigation may be their only option, and the court will determine the division of the couple's community property -- all assets obtained during their marriage.

Source: Forbes, "Three Of The Biggest Mistakes The Wealthy Make When Divorcing", Russ Alan Prince, June 9, 2014

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