Are you concerned about protecting substantial assets in a North County or Carlsbad divorce? If you are a high wage earner such as a physician or licensed professional, commissioned salesperson, CEO or executive you are probably concerned about protecting substantial assets in your divorce. Pre-planning is essential to ultimate success in these scenarios.
Was there a prenuptial agreement between you and your spouse? Most high asset marriages do not have an existing or pre-nuptial agreement in place. What steps should you take if you are concerned about protecting substantial assets without committing an act which will anger the court or result in an illegal action?
It is important to remember the fiduciary duty you owe to your spouse until the divorce is completed. You are required by law to make a full, accurate and transparent disclosure of all assets and debts. Any financial investment or action in the months preceding a divorce can and will be scrutinized.
Valuation is a key concept to discuss with the experienced Certified Family Law Specialists at Burke & Domercq. All community assets and liabilities must be equally divided between the parties in a California divorce. The valuation of each asset must be established before the court prior to the division of property.
Many high wage earners should consider the benefits if illiquidity. Ask our attorneys about appropriate investments in assets or securities which cannot be readily exchanged for cash or sold without taking a substantial loss. Annuities and cash value life insurance may offer a low initial value in exchange for a profitable accrual sometime in the future. While we are not financial planners and do not provide investment advice specifically we can guide you on the types of investment which best suit your unique situation.
Licensed professionals in properly structured Professional Corporations may be able to implement non-qualified plans with a low initial value for a period of three to five years followed by rapid appreciation.
The Court will take a dim view of any attempt to conceal any asset, account, investment or income. Forensic accounting experts can usually quickly unveil and document such attempts. The resulting sanctions imposed by the Court will be severe.
It is also important to note that our skilled attorneys are often able to negotiate amicable settlement agreements on behalf of our clients. Mediation is another strong alternative in these cases. Mediation is private, confidential and keeps your private business out of the public record.
Remember, if you and your spouse are able to reach a settlement agreement on your own the Court is most likely to accept it.
If you are concerned about protecting substantial assets in a North County or Carlsbad divorce we invite you to protect your own interests and contact us or call 760-434-3330 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.
Pre-planning and strategic action can help to preserve much of what you have worked so hard to create.