Carlsbad High-Net-Worth Divorce Attorney

Carlsbad High-Net-Worth Divorce Lawyer

Divorces that involve large estates are fundamentally different from other types of divorce cases. A high-net-worth divorce is often more complicated, and the financial stakes for both spouses may be considerable. If your estate is valued at multiple millions of dollars or higher, you can rely on the services of an asset attorney to address your unique needs in court.

Finding a trustworthy family law attorney can be difficult. For more than 25 years, the founding attorney at Paula D. Kleinman, APLC, has helped clients navigate California’s family court system with favorable outcomes. Our Carlsbad high-net-worth divorce attorney has worked with many high-net-worth clients and understands their unique needs and concerns.

Why Trust Paula D. Kleinman, A Professional Law Corporation

If you own a high-value estate, you likely have unique concerns when going through a divorce. Couples who only own modest assets generally do not have great difficulty calculating the value of their property, assets, and debt. A large estate can involve multiple bank accounts, a wide range of assets, and multiple properties.

High-profile couples and high-net-worth spouses require considerations that our law firm can address. We understand how to account for every penny of your estate, and we can fight to make sure that you only forfeit what you are lawfully required to by law. Our clients know they can trust us to remain in close contact throughout the divorce process.

Our founding attorney brings more than 25 years of professional legal experience to your service. We can determine if your spouse is hiding assets. If you have an inheritance or gifts that are not community property, we can gather evidence that supports your claims so you do not have to divide those forms of separate property.

What Is a High Net Worth Divorce and What Makes Them Unique?

You may have heard the term high-net-worth divorce. This term generally refers to individuals who can be described as wealthy. One other benchmark for high-net-worth divorces is to measure the value of the marital estate.

Couples who own multiple millions of dollars worth of property and assets are generally considered to have a high net worth. When they go through a divorce, there are many unique considerations they must contend with.

Some unique aspects of high-net-worth divorce may be fairly obvious, while others are not. During a divorce in California, both spouses must disclose their portions of the marital estate. This includes assets, debt, and property. The disclosure process is important for ensuring an equitable distribution of community property during the divorce.

Accounting for assets and property from a small or medium-sized estate is relatively easy in many cases. The value of a home, bank account, cars, and retirement accounts generally account for the majority of many marital estates in this country. Locating the assets, properties, and debts of an estate that is valued in millions of dollars can require considerably more time.

Certain types of assets are exempt from division during a divorce. These types of properties and assets are called separate property and often include personal gifts, anything that was inherited, and property that was purchased before the marriage or after separation.

Separate property is transferable. An example would be a car that one spouse owned before getting married. If the spouse sold that car to purchase a boat, the boat would then be considered separate property as well.

Determining which assets and debts are divisible in a divorce can be particularly complicated when large estates are involved. A high-net-worth divorce attorney can streamline the process, so disclosing debts and assets does not greatly prolong the divorce process.

High-net-worth divorces are more likely to include cases where one or both spouses may be intentionally hiding assets. The courts take disclosures seriously. Any party who willingly seeks to hide assets and properties from disclosure can face penalties, including being found in contempt of court.

How a High-Net-Worth Attorney Can Avoid Delays in Your Divorce

Having an experienced attorney can be a valuable asset if you want to avoid delays in settling your divorce. High-net-worth divorce attorneys understand the unique challenges you may face and can plan accordingly. By working closely with opposing counsel and ensuring that your spouse complies with disclosures and other important steps, our attorney can work to minimize the timeline of your divorce.

One effective tool for resolving lingering issues in a high-net-worth divorce is mediation. A neutral third party can help both parties resolve areas of disagreement. Anything that is said in mediation remains private, meaning the public will not be able to access details of your mediation, such as what finances were discussed. For high-profile and more affluent couples, keeping private affairs out of the public arena can be valuable.

Mediation can resolve matters related to the division of property, child custody, and other areas of your divorce. Mediators are trained to navigate areas of conflict and to build consensus on important areas. If all the major areas of your divorce are agreed upon during mediation, a judge can sign the memorandum of understanding or a similar document that is signed by both parties. That step would lead to the finalization of your divorce.

Your high-net-worth divorce attorney can assist in preparing for mediation by consulting financial experts. These professionals can help resolve ownership disputes, accurately value assets, and offer a clearer understanding of the financial aspects of the divorce for both parties.

Tips for Successfully Navigating Your High-Net-Worth Divorce Case

If you are preparing to divorce your spouse or were served notice that your spouse filed for divorce, it is essential to find a family law firm that understands how to represent clients who own large estates. If you have concerns that your spouse may be hiding assets, you can bring those concerns up to your attorney early on.

It is crucial to be entirely open and transparent about your divorce. Your attorney can better serve your interests if you are honest in your dealings with the court and open with your attorney. Hiding important information or failing to disclose important facts about your case may cause legal troubles for you later on.

It may be beneficial to let certain assets go for tax liability purposes. If you have never been through a high-net-worth divorce before, you should trust your attorney to provide advice and counsel on important financial matters.

FAQs

Q: How Much Do You Pay a Divorce Lawyer in California?

A: Attorney fees are largely determined by the hourly rate of the lawyer, the number of hours they put in, and the resources their office puts into your case. A reputable attorney will disclose their hourly rate early on in representing you. Family law attorneys often charge hourly and require an upfront payment called a retainer. Once the retainer is depleted, you will need to pay another lump sum for continued legal representation.

Q: What if I Can’t Afford a Divorce Lawyer in California?

A: Having an attorney in family court is not a right. If you cannot afford an attorney, the courts will not appoint one for you. You can represent yourself in court, but you may be more vulnerable to having your rights violated and not receiving fair treatment in court. It is always worth consulting with a family law attorney to see what your payment options are. If one attorney is unable to help you, they may refer you to someone who can.

Q: How Can I Tell If My Spouse Is Hiding Assets?

A: There are common signs that one spouse may be hiding assets or property from disclosure. If your spouse has sole access to financial records and online accounts, it may be relatively easy for them to control what they do or do not disclose. If you notice notices of new bank accounts or letters saying that an account has been closed, that could also be a sign that your spouse is not being transparent about their financial situation.

Q: Can One Spouse Refuse Divorce in California?

A: California is a no-fault state when it comes to divorce. All it takes is for one spouse to petition for divorce for the divorce process to begin. If the other spouse refuses to participate, they may ultimately face a default judgment, meaning the courts may make decisions about estate division and child custody on their behalf. Non-participation by one spouse may delay a divorce, but it cannot stop the ultimate dissolution of the marriage.

Q: What Makes High-Net-Worth Divorces Different?

A: There are multiple considerations for a high-net-worth divorce that are unique. Spouses from a high-value estate may value their privacy and prefer to avoid disclosing their personal finances in open court. High-value couples often have assets and debts spread over multiple accounts. Compiling those assets can take considerable effort, especially if the spouse does not have the help of an experienced high-net-worth divorce attorney.

Schedule Your High-Net-Worth Divorce Consultation Today

If you own a large estate and are going through a divorce, you need legal representation who understands the complexities of high-net-worth divorces. It can take considerable time to calculate the value of an estate. Our Carlsbad law firm can assist in those steps to ensure that both parties are transparent and open when disclosing finances and to make sure that the divorce process is not unnecessarily delayed.

We will work to make sure that the divorce process is as private and discreet as possible. If you have concerns about your spouse disclosing their finances, we can take steps to ensure that they are fully transparent when disclosing assets and properties. Don’t risk your estate to a law firm that does not understand your unique needs. Contact our office today to schedule your high-net-worth divorce consultation today.