Holidays and Your High-Net-Worth Divorce
Holidays represent unique challenges in high-net-worth divorces. You may be trying to account for additional expenses, extended vacations, end-of-year bonuses, and other issues that require an experienced legal advocate on your side who can help you account for your and your family’s needs during the holiday season.
This article discusses some of the legal issues that can be affected by the holidays during a complex divorce.
Property Division
You may have specific marital property related to the holidays, such as:
- Holiday or vacation homes and chalets
- Memberships at ski resorts
- Skis and sporting equipment
- Water sports equipment
- Travel gear
- Vehicles used on vacation properties
- Expensive upcoming vacations
- Timeshares
California is a community property state, so your property is usually considered owned 50/50 by each of you. However, if you have a prenuptial or postnuptial agreement that divides your property otherwise, it might dictate how your property is divided at the time of divorce.
Spousal Support
Spousal support may be awarded in high-net-worth divorce cases.
There may be additional expenses related to the holidays, such as:
- International travel
- Gifts
- Holiday meals
- Transportation
- Accommodations
- Entertainment costs
Lifestyle is a key factor courts consider when determining how much alimony to award. Spouses should carefully consider their holiday budgets and account for these additional expenses when negotiating a spousal support award.
Child Support
The holidays can also represent additional child-related expenses in high-net-worth cases, such as:
- Travel costs to holiday destinations
- Extracurricular activities, such as snow sports, ice skating, hockey, and other activities
- Visits to museums, plays, operas, theater events, and other cultural programs
- Gifts for and from the children
Parents should carefully consider these additional expenses and their child’s needs, safety, and well-being when negotiating or mediating child support matters. Also, keep in mind that these costs may increase as your children grow older, so you may want to include a clause that allows support to increase as your children age.
These expenses are typically considered extraordinary and are not included in the base child support amount. However, parents can agree to them ahead of time and ask the court to formalize this agreement. If parents are unable to initially reach an agreement on how to account for these expenses, they can participate in mediation to discuss holiday priorities and budget considerations.
Child Custody
Splitting parenting time during the holidays is difficult for many parents. For high-net-worth couples, holidays may represent an opportunity to spend more time with their child amid demanding careers, or they could pose additional issues with necessary holiday travel to visit clients. They may also involve international travel and require special considerations for obtaining passports.
Child custody matters that may arise during a high-net-worth divorce during the holidays include:
- Which parent will have the child during extended school breaks
- How the parents will pick up or drop off the children if they are both on vacation
- How parents will divide child-related expenses specific to the holidays, such as travel, eating out, and extracurricular activities
- Which religious traditions or celebrations your child will be part of, and who will attend them
- How to address unexpected changes
Your holiday schedule should be child-focused and consider traditions that help your children develop a sense of connection and stability.
Contact Berenji & Associates Divorce Lawyers to Speak With Our High Net-Worth Divorce Lawyers Today
Berenji & Associates Divorce Lawyers has extensive experience handling high-net-worth divorce cases. These cases can involve more complicated issues because there is more to untangle. International property and more expensive assets can also be involved.
An experienced divorce attorney can help identify your holiday-specific needs, account for your lifestyle requirements, and help you fight for a fair resolution of your divorce matter.
Contact us today for a confidential consultation with a high-net-worth divorce attorney.
For more information, contact our experienced [GEO] divorce lawyers at Berenji & Associates Divorce Lawyers by calling (310) 271-6290 to schedule a consultation.
We serve all through Los Angeles, Beverly Hills, Los Angeles County, and its surrounding areas. Visit any of our offices at:
Berenji & Associates Divorce Lawyers Los Angeles Office
550 S. Hill Street STE 1467
Los Angeles, CA 90013
(213) 277-2586
Berenji & Associates Divorce Lawyers Beverly Hills Office
9465 Wilshire Blvd #333
Beverly Hills, CA 90212
(213) 277-2586