Going through a high asset divorce doesn’t have to be complicated, but you must be prepared. If you and your spouse share a significant amount of assets, here is some information you should know and consider as you enter into the asset division phase of your divorce.
As soon as you can, you’ll want to start inventorying and valuing your separate and marital assets. Separate assets are any assets or funds collected prior to your marriage. Marital assets are assets or funds that were accumulated over the course of your marriage, to which both you and your spouse lay claim.
- Bank accounts
- High-value items
As you begin to organize your assets, you can value them. This will give you a good idea of the value of your property so you can prepare to divide them fairly. California is a community property state, meaning that marital assets must be divided equally between divorcing spouses.
You may be concerned about your losses during the asset division process.
Some individuals make the ill-informed choice to hide assets by:
- Hiding bills and bank account statements
- Creating new accounts under their children’s names
- Buying pricey gifts
- Overpaying bills
- Reporting low income
- Transferring stocks
- Literally hiding money in a safe or other lockbox
However, hiding assets is a serious offense. If you are found to have hidden assets during your divorce, you could face criminal penalties for perjury or fraud. You may also automatically lose the rights to all assets that you had hidden.
Hiding assets can affect asset division, but also your general credibility with all other legal matters regarding your divorce.
Length of the Divorce
Typically, high asset divorces take longer to finalize than standard divorces. This is because of how intense the asset division process is. You should be aware of this as you enter into your divorce proceedings. You should plan for it to take about a year for your divorce to be finalized, and potentially longer if you run into obstacles along the way or have contested issues you are unable to resolve on your own.
High Asset Divorce for Business Owners
It’s common for spouses to start or purchase businesses together, making them co-owners. When a divorce occurs, this can complicate things for the business. In most cases, divorcing spouses prefer that one party keeps the business. This may mean that the other party needs to be bought out of their share. Payments could be made all at once, or periodically over a long period of time. Your divorce attorney can help ensure that your stake in a shared business is handled in a fair way.
In order to ensure a fair split or distribution of the business, the process should begin with a valuation. This is done to measure the current value of the business based on numerous factors.
How a Divorce Attorney Can Help You Through Your High Asset Divorce
Hiring the right divorce attorney can make all the difference in the process of your divorce. There are many ways your attorney can help protect you and vouch for your best interests throughout your divorce.
An experienced defense attorney can make sure that you are getting your fair share of assets. They can advocate for your right to property and funds and ensure that you do not get taken advantage of.
Additionally, they can help determine whether or not your ex is hiding assets. If you have suspicions of hidden assets, notify your defense attorney right away.
Also, they can provide guidance based on other experiences they’ve seen. Divorce attorneys have seen a lot of both the good and the bad. They can give you valuable insight about what to do to ensure a happy outcome as your go through your divorce.
Long Beach High Asset Divorce Attorney
Attorney Robert Curtis has numerous years of experience helping men and women through high asset divorce. He understands the complexities of these cases and wants to ensure that the asset division process is as stress-free and fair as possible. If you’re looking for divorce representation in the Long Beach, California area, contact Curtis Family Law today at (562) 315-7107.