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Property Division Disputes: Even More Complicated
Have you and your spouse built up significant investments and assets in your portfolio? Do you have numerous pieces of real estate, maintain a large and diverse stock and bond portfolio, and partake in interests of businesses and franchises? If this looks similar to your financial picture, then filing for a divorce can be the first stage in an even more complicated property division dispute than is normal. To emerge from the likes of such a situation successfully, you are going to require the help of an seasoned Riverside high net worth divorce attorney. The attorney you choose should be equipped to partner with you in an effort to pin down exactly what you want and have the right to get out of your divorce. Your high-net worth divorce lawyer will work hard to protect your financial concerns.
There is so much more on the line when it comes to a high-net worth divorce. The complexity of property appraisals and requirements for distribution alone can make it that much easier to slip up in ways that will stay with you for the rest of your days. That’s why it’s so critical that you bring in an attorney who has a profound understanding of how to tackle even the most convoluted financial matters. In reality, any Certified Family Law Specialist with enough years of experience handling high net worth divorces should be capable of helping you make your way through your complicated property division dispute relatively smoothly. He or she needs to dedicate themselves to safeguarding your privileges and nailing down the outcome you want. Get in touch with us today to set up your free consultation and to get more information.
Pinpointing and Correctly Grouping the Separate and Community Property in a High-Net Worth divorce
During the course of a high-net worth divorce, we cannot stress enough the importance of making absolutely sure that each spouse fully discloses all property interests. When you begin the process of dissolving your marriage, you will suddenly be faced with the task of preparing your comprehensive account of all the property and debts that need to be considered. This list will need to show any and all separate property that you own by yourself, in addition to any property that you own in tandem with your spouse.
In the Golden State, separate property speaks, in general, of assets and debts that you were in possession of by yourself before you got married. This is restricted to the items that you never converted to community property in the course of the marriage. On the flip side, community property would be all the assets and debts accumulated by either spouse or by the spouses jointly after the wedding. A comprehensive property listing will need to include earned income, jointly owned business enterprise or interests, investment accounts, retirement benefits, and more. Generally speaking, all that either spouse procures inside the confines of a marriage is pigeon holed as community property.
Awareness of how to distinguish between separate property and community property is critical. There are times when the accurate classification of certain assets or debts can become a topic for heated debate. At times when high-value assets are on the table, spouses often vehemently disagree over the correct classification. As a general rule, both of the spouses partake in an equal share of every asset and liability that falls into the community property category. A spouse that may not be willing to share a specific asset may put up a big fight to have that asset declared as separate property. In such skirmishes, you have a better chance of prevailing with the assistance and guidance of an attorney who is intimately acquainted with the complexities of the California state property division process. Being certain that all of your assets get categorized the right way is the first step toward achieving the outcome you desire at the completion of your high-net worth divorce.
Why Do High-Net Worth Divorces Have the Tendency to Be More Complicated?
The harsh reality is that any divorce can grow into a complicated beast. The dissolution of your marriage will not be finalized until you and your spouse have come up with a way to see eye to eye on a multitude of issues, including the custody of your child or children, child support payments, and whether there will be spousal support for one of you. Both spouses also have to arrive at a decision regarding how to split up the marital estate. Splitting up assets can be tough even when spouses don’t have so many assets to speak of. In dissolution proceedings where you and your spouse have done well for yourselves, amassing over the time of your marriage a significant portfolio of interests and assets, coming to an agreement on how those assets should be shared out can become that much more pressurized.
The issue is not only that you possess many high value assets. The fact is that in most cases, trouble occurs in that you jointly own some assets that can be tricky to assign a value to and, if need be, liquidate. If you have not signed a prenuptial agreement that already dictates the way in which assets are to be divided in the event of a divorce, then each spouse has a right to claim half of all the marital (aka community) property. Assigning a value to each of those assets can get you halfway to the finish line.
Some property interests that can make a high-net worth divorce even more complicated:
Actually, the most effective way to be sure that your assets are properly valued is by enlisting the services of reputable financial experts and advisors. Your seasoned Riverside high-net worth divorce attorney will have fostered some relationships and accumulated a rolodex of excellent forensic accountants and financial advisors in the greater Riverside area. Your lawyer can work collaboratively with the experts to analyze, audit, and assess all of your property accurately.
Sustaining Your Normal Standard of Living After your High-Net Worth divorce
If, as a couple, you possessed many assets, it is likely that you lived a rather comfortable life. After dissolving your marriage, you have a right to continue to live to the standard to which you became accustomed during the marriage. If you are the spouse who brings in the higher salary, then it won’t be a problem for you to continue to live your lifestyle. On the flip side, if you make significantly less money than your spouse, you might suddenly discover that it is an uphill battle to continue to enjoy your normal standard of living. It is for these reasons that spousal support might be awarded. The purpose of this provision is to smooth out the adjustment to life as a newly single person for the spouse who earns less money on their own.
Spousal support can be awarded in any situation where there exist discrepancies between each spouse’s financial requirements and their income. For the most part, if one spouse brings home a lower salary than the other, then they can petition for and secure a spousal support payment. This applies even if the lower earning spouse goes on earning a substantially high salary or has many financial concerns of his or her own. The reality is that those interests just may not be capable of allowing that spouse to go on living the high-net worth lifestyle they enjoyed before getting divorced.
The amount of spousal support is derived by a calculation that accounts for a selection of factors. The factors that have to be brought under scrutiny include income, assets, ability to earn money, health, and financial requirements. It can be awarded to the recipient either temporarily or permanently. In general, the longer the marriage endured, the longer a person can receive alimony payments. Those payments, nevertheless, will cease immediately if the receiving spouse remarries or somehow becomes incapable of supporting themselves without the assistance of the support payment.
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