High Profile Divorce
High Profile Divorce in California
A divorce for individuals with high net worth can be contentious and each side will likely be required to present their own experts to value the assets/debts, retirement plans and/or business entities. The valuation becomes especially complex if one or both of the parties contributed to the success of the business in different degrees. If one of the spouses is a professional such as a doctor and the other is not and simply works in a lesser capacity for the business the division of the business amongst the parties can be complicated and will likely involve emotional attachments/considerations. Thankfully if you live in the Los Angeles or Orange County area and own your business whether it be a sole proprietorship, LLC, LLP or C Corporation we can help you fairly determine the value attributed to each spouse regardless of their respective roles in the business. Reference Material The first step is to determine the value of the business overall on the date of separation and at or near the date of trial so that an accurate value can be agreed upon. Reference Material
What is the valuation process for a high profile divorce?
The valuation process often includes complex considerations such as goodwill of the business and a fair market value selling price. The second step is determining how to divide that value, in other words, “the multi-million-dollar question”. The second step becomes even more complicated if one of the spouses is a professional and wants to keep the business and continue working in their professional capacity long after the divorce is finalized. Typically, this situation will involve a buyout but the buyout amount can be hard to determine and/or agree upon if services were performed by one or either of the parties during the marriage and that service is a factor which contributed to the business success. At the Law Offices of Sam Walker, we understand the process and hurdles which are needed to properly value the business and will help you arrive at a fair buyout amount so that one of the parties may keep the business.
What is considered High Profile or High Net Worth Divorce?
Individuals who are usually considered high net worth are business owners, corporate executives, judges, attorneys, doctors, celebrities, and athletes. The challenges in settling a high net worth divorce without trial can be overcome by presentation of an honest financial picture which both parties can agree upon. If either of the parties is unreasonable trial will be needed to allow the court to determine the property valuation and the respective parties’ assets/debts related thereto the business.
A high net worth divorce can be a stressful time for both parties and you will likely need legal assistance to guide you through the stresses of balancing both the personal and professional aspects including complex child custody arrangements, non-guideline child support obligations and other financial considerations that may require special attention.
Obtaining proper representation from an attorney who knows how to successfully argue on your behalf while also providing crucial advice to help you navigate the hurdles ahead is crucial for obtaining the results you deserve while minimizing the impact on your professional life.
What If My Spouse & I Come to an Agreement?
If the parties are able to reach an agreement on some or all terms of the divorce those terms can be set into a Settlement Agreement. Settling some terms even if it does not resolve all issues is a good approach. If a global settlement agreement can be reached that will relive the parties of the need to go through a trial and will effectively terminate the litigation once the Judge approves the agreement and renders a Judgment.
Our Approach to High Profile Divorce:
When obtaining legal counsel from the Law Offices of Sam Walker for your divorce case, we will provide you with individualized attention to detail that you may not find a large law firm which will likely employ numerous attorney’s, paralegals and support staff to shuffle your case on through the courts. We strive to provide you with an in-depth review of your financial situation and strive to settle your case without the need for trial. If you would like more information you may contact us for a free 15-minute telephonic consultation.