Divorce Advice for High Net Worth Individuals
They say the people who have more to lose need the best adviser. This is particularly true in the case of high net worth individuals going through divorce. There are a wide variety of steps that high net worth individuals should take to make sure they are able to make the most of their Orange County divorce case.
Child Custody & Visitation
There are three major ways that child custody cases can go:
- Smoothly with both the parents agreeing on a single parenting plan
- A little resistance in between both the parties at the start eventually leading to a parenting plan without a court hearing
- Litigation proceedings with the final decision being in the hands of the family law judge.
Here are few tips in this regard to help the high net worth individuals in this regard:
- Court proceedings and child custody cases require the availability of the individuals to hearings and for their child’s care. Keeping that in mind, high net worth individuals need to be realistic in front of the judge about their timings of work and work schedules. Honesty is an important trait in Orange county divorce litigation.
- Take care when you are deciding on moving out. Most high earning individuals are likely to move out of the houses in case of an Orange County divorce simply because they can. This however is likely to be a bad strategy unless you do it to avoid false accusations of domestic violence. Moving out of the house allows the other spouse to establish a stronger case over time against granting you equal custody.
Child Support and Spousal Support (Alimony) Support
Calculation of child support is an easy task since it is done in California through a computer program. While this is the general perception, it is unlikely to be the case for high net worth individuals. Simply put, whether they are alimony or child support payments, there is a wide variety of issues that high net worth individuals are likely to face.
Income Sources for Support Purposes
There is a wide range of sources that your income can fall into and it is important you are able to identify which category you fall under:
- Base Income for salaried individuals
- Profit distribution versus bonuses method for additional income of self employed individuals
- Interest income is the income that comes from investment accounts, bonds and stocks
Child support and alimony payments depend on the category of income that you fall under. More often than not, if your income is too high for the computer system to distribute, the courts are likely to make an exemplary support order. This order is likely to be more than the usual alimony payments and is likely to base on the concept of maintaining a status quo.
Are you a business owner facing divorce? Are you the spouse of a business owner facing divorce? Either way, you probably have questions about how the business is handled during…