Los Angeles is an affluent city. It is home to celebrities, business owners, and entertainment industry moguls. Given the financial resources of many Los Angeles residents, our divorce attorneys often assist clients with high-net-worth and substantial assets.
If you are going through a divorce and are concerned about protecting your wealth, contact the attorneys at Berenji Divorce & Family Law Group today at (310) 271-6290. Los Angeles high-net-worth divorce attorney Hossein Berenji and his team are ready to help.
Our offices are conveniently located in downtown Los Angeles and Beverly Hills.
High-Net-Worth Divorce Overview
High-net-worth divorces often involve complex assets such as 401(k)s, multiple bank accounts, stocks, property, and ownership interest in a business. To assist our clients, we compiled a list of the most frequently asked questions regarding high-net-worth divorce situations.
If you have more questions, call our office for a case evaluation.
Q: I have never worked during the marriage. How will my attorney’s fees get paid?
A: Typically, the spouse who has been a homemaker during the marriage must consider where they’re going to get the money to pay their legal fees, which in high-net-worth divorce cases can be very high. Under Family Code § 2030, the court can order the party with greater earning ability to pay the other party’s attorney fees.
At the outset of the case and during its pendency, as needed, we will seek relief from the court and obtain the necessary attorney and expert fees to ensure that your rights are protected.
Q: How can I ensure that the high standard of living I enjoyed during the marriage is maintained after divorce?
A: There is no fixed statutory cap on spousal support. The amount you receive will depend on the circumstances of the case and several factors the court must consider. One criterion in determining the amount of support one receives after the divorce is finalized is the standard of living you enjoyed during the marriage.
During the pendency of the case, the court must ensure that the status quo at the time you separated is maintained. This means that the standard of living you enjoyed immediately prior to separation should be maintained.
Long-term support, which is ordered at the time of trial, takes many other factors into consideration, and maintaining your standard of living is one of these factors as well. You will want to discuss the specifics of your case with your divorce attorney.
Q: After I file for divorce, do I need to continue living in the same house with my spouse?
A: Absent the existence of domestic violence or conduct from a party that might be harassing in nature, judges in Los Angeles will not typically give one party exclusive control and possession over the family residence. Hence, spouses who are going through a divorce will have to face the difficult reality of either living together or having one of the parties leave the family residence.
In high-net divorces, there is usually no issue about one party’s financial ability to move out. In these types of cases, if both sides decide to remain in the same house while going through a divorce, it may be out of spite or an emotional attachment to the family residence. When the parties have multiple homes, it is easier for them to live separately, with each party living in a different home.
Q: Who will pay the mortgage payments for our expensive family residence if my spouse, who was the sole income earner, leaves the home?
A: During a divorce proceeding, the court will typically require the sole income earner to continue making the mortgage payments, as they have done during the marriage. In general, Los Angeles family court judges ensure that immediately after separation, the status quo is maintained, which means that the mortgage payments must continue to be made.
Q: Who will pay the car payments?
A: During a divorce proceeding, the party that was making the car payments during the marriage will typically have to continue making these payments. The court will ensure that, immediately after the parties’ separation, the status quo is maintained, meaning these payments must continue.
Q: We have been able to save money aside from our lavish lifestyle. Can I continue to save money after separation?
A: California courts consider the marital standard of living and the parties’ financial circumstances when determining spousal support, which may include how the family historically managed income and savings. This is very important because many high-net-worth couples might not live a lavish lifestyle and may opt to save money and invest instead.
In these cases, the individual receiving support is placed in a position where their support might be compromised because they did not live a lavish lifestyle during the marriage. The amount of spousal support will account for the money the parties were saving during the marriage. It is important to discuss this with your Los Angeles high-net-worth divorce attorney to make sure the information is presented to the court.
Q: My spouse owns many businesses and properties and has many accounts. How can I make sure I get my equal share?
A: Determining the extent and nature of business assets in a high-net divorce requires the retention of a forensic accounting expert. These accountants are able to look at your spouse’s businesses, identify the cash flow available for support, and determine the value of the assets that need to be divided.
Q: My spouse had many businesses before we got married. Do I have any interest in these businesses?
A: A business owned before marriage is generally considered separate property. However, the community may have an interest in the increased value of the business during the marriage. Your divorce attorney will hire a forensic expert who has the expertise to conduct such valuations to determine your rights.
Q: Will my child support be limited?
A: Child support is determined based on statutory guidelines and the parties’ financial circumstances. In high-income cases, courts may also consider whether guideline child support exceeds the child’s reasonable needs.
The amount of child support is determined by a state guideline calculator. This program calculates support obligations by entering the parties’ income, percentage of visitation and federal tax deductions, and any other expenses. There are only a few situations where the court can deviate from these guidelines. One of these is when the amount is too high and exceeds the child’s needs.
Speak to an Experienced Los Angeles High-Net-Worth Divorce Attorney
If you are going through a divorce and have significant assets, speak with a Los Angeles high-net-worth divorce attorney at Berenji Divorce & Family Law Group today. High-net-worth divorces are complicated, and you want to make sure the matter is resolved fairly for you and your family.
Our legal team understands how to protect your financial position during a separation. Let us put this experience to work for you.
