As with any divorce proceedings, the division of property generally focuses on dividing community property in a marriage. Community property refers to the assets and debts that a couple accused during their marriage together. This is different from separate property, which belongs to just one of the spouses. This seems cut and dry in the abstract, but determining what is community and separate property and how it ought to be split is a major source of contention. An experienced divorce lawyer can help with property division disputes, and help guide you through what might be a lengthy legal process.
The Los Angeles, CA legal team at the Law Office of Karen S. Brown would like to consider some of the issues involved during a high asset divorce. Given the amount assets and debts accused by affluent couples, these kinds of divorces require special attention and expertise.
Real Estate Properties
A marital residence may not be the only property under dispute during a high asset divorce. If a couple own multiple homes or properties, including dental properties, these are often a major point of contention during divorce proceedings. Child custody and visitation arrangements can also play a role in determining possession of a martial residence.
Other Material Possessions and Debts
Ownership of a vehicle, furniture, and other items at a residence can also be disputed during high asset divorces. Keep in mind that debts are also considered when dividing property, and may be used to offset a seeming imbalance in the amount of property/funds retained following the divorce.
Stocks, Pensions, and Investments
You may assume the your portfolio is entirely your own, but perhaps it isn’t. The value of stocks and investments often gets disputed in high asset divorces. In these cases, the value of the portfolio may be liquidated and split, or former spouses may divide the actual holdings of the portfolio based on present value.
The Valuation of Your Business or Practice
Retaining your business or company after a divorce is essential if it’s a primary source of income. If your spouse was integral to the formation or operations of the business, a number of issues may arise. Usually a business will not be dissolved in these cases, but the value of the business will be taken into account when dividing assets and debts between spouses.
Disputes Over Retirement Funds
Retirement accounts and retirement funds are often highly contentious matters in high asset divorces. A person’s quality of life during retirement age may be hinged entirely on access to these funds.
Factoring in Wills, Trusts, and Estate Planning
Any existing wills or trusts will need to be altered in the event of a divorce. A lawyer can help address the changes in arrangements between spouses and what this means for heirs and/or the parties involved in a trust.
Tax Strategies for High Asset Divorce Cases
Assets and debts aren’t the only matters to keep in mind. After a divorce, your tax situation could be drastically different. Working with a high asset divorce lawyer means insight into tax strategies and what you should keep in mind when filing your taxes from here on out.
Speak with an Experienced Divorce Attorney
For more information about your legal rights and options during a divorce or separation, be sure to contact an experienced family law attorney. We at the Law Office of Karen S. Brown are here to offer guidance and assistance. You can read our legal office by phone at (323) 274-2697.