The day you say “I do” is meant to be one of the most joyous occasions of your life. No couple walks down the aisle expecting it to end in a divorce, yet it is the fate for nearly half of marriages in the United States.
Divorce can add a tremendous amount of stress to spouses who may have to deal with the division of marital property and child custody while trying their best to maintain an amicable relationship. This challenging process only becomes more complex for couples who have accumulated a substantial amount of wealth and assets over the period of their marriage.
During this time, you may wonder how you will be able to reach the best outcome possible. At the Gill Law Group, our attorneys have extensive knowledge and experience handling the intricacies of a high net worth divorce. We have put together a list of what you need to know about navigating one.
High Asset Divorces Defined
While there is no official definition for a “high net worth divorce,” most lawyers characterize one when it falls under these categories:
It involves the detailing of complex and high-value assets, such as a business, real estate holdings, luxury vehicles, or investment portfolios
The shared marital value exceeds the state’s estate tax limit
One or both spouses are considered public figures
Division of Community Property in California
For many divorcing couples, a central focus is often the division of property, but it can also become a point of contention. Under California’s community property laws, assets spouses acquire during their marriage must be divided equally in a divorce.
Property can include:
Automobiles
A residence
Furniture
Clothing or jewelry
Bank accounts
Pension plans
401(k) plans
Stocks
A business
A patent
Many times, couples with substantial property cannot agree on this. The best way to handle a complex property situation is to consult a family law attorney who specializes in these types of divorces. While each firm is different, our attorneys at the Gill Law Group know how to conduct a thorough financial analysis to ensure that all assets are uncovered and accurately recorded to ensure our clients receive their fair share of community property.
How to Prepare for a High Asset Divorce
In most cases, divorces come with complications, but couples with significant assets have unique considerations. Preparing in advance with a skilled divorce attorney can make a vast difference and help you move through this process more efficiently.
Have a plan for the divorce ahead of time. It’s never smart to jump into a divorce without a strategy. You must take into consideration how it can impact the lives of your children, what you want out of the divorce, and how you will manage the divorce.
Know your marital assets. Obtaining an accurate identification and appraisal of assets is critical in high net worth divorces. Once you determine property value, you and your soon-to-be-former spouse will divide the assets, which can be a lengthy process.
Collect evidence to protect yourself. Gather receipts for property you purchased, statements that show proof of retirement funds, and bills that show your contributions to the household’s payments. Additionally, if you suspect your spouse is hiding assets, compile evidence that makes you think this to your attorney.
Filing for a Divorce? We’re Here to Help
From the division of community property to concerns over privacy, many aspects of a high asset divorce come with special considerations. Ensuring that your best interests are protected begins with choosing the right legal representation. Our attorneys at the Gill Law Group can provide you the guidance and support you need to take control of your situation.
Contact the Gill Law Group at (949) 681-9952 to begin your complimentary consultation today.