Regardless of circumstances, ending a marriage presents a multitude of challenges. In high-asset divorces, these challenges are often magnified. A high-asset divorce means property owned by the couple has a greater monetary value. Although high asset divorces in California follow the same legal proceedings and principles as regular divorces, processes in high-asset divorces can be very complex and often require a more sophisticated approach.
Division of assets
In the divorce process, property and assets are classified as community or separate property. Community property is typically things the couple acquired during the marriage, while separate property is things acquired before the marriage, by inheritance or by a separate gift. Since every asset in the marital estate must be assigned a value, it’s easy to see how the asset division process in a high-asset divorce can be complicated. This type of divorce will usually require the services of financial experts.
In some high-net-worth divorce cases, one spouse may be financially dependent on the other. In these instances, the dependent spouse may seek spousal maintenance. The amount and time for alimony can be determined by agreement or by court order or agreement. If a spouse chooses to pursue a claim for spousal support, he or she will have to document for the court the reasons maintenance should be awarded.
Legal help for divorce
When a person knows the factors that could potentially make a high-asset divorce in California more complicated, he or she can make the proper preparations to safeguard personal interests. Since there will likely be many issues to resolve in divorce proceedings, seeking the guidance of a legal professional can prove invaluable. An experienced attorney can help clients navigate this process and keep what is rightfully theirs.