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High asset divorces involve couples whose property has a high monetary value. These types of divorces proceed under the same legal principles and procedures but are more complicated given the nature and extent of the property to be divided. High-asset divorces are often facilitated by prenuptial or postnuptial agreements when they are applicable and have been lawfully made, but even in these situations, the terms and conditions can be successfully challenged.
Having a resourceful, experienced high asset divorce lawyer in California is critical to a fair divorce. At Szeto-Wong Law, our high net worth divorce attorneys serving the San Jose, Santa Clara, and surrounding Bay Area will review your documents, property, and claims, and explain your legal options. Throughout the process, we uphold your rights and interests. Contact us today at (650) 425-6264 to learn more about high net worth divorces in California and how we can help you.
Most divorces are contentious matters, with parties disputing who should get what. For couples that have assets worth a large amount of money, it can be even more complicated and litigious. These divorces are considered to be of high net worth, and the issues that must be handled in them are often far more complicated than a typical divorce.
High net worth divorces generally have issues that are unique to persons with a large amount of assets. Following are some of the matters that must be considered in these divorces.
The first matter to consider is marital property. This property is the subject of what's to be distributed between the parties. Different states will handle what is considered marital property in different ways, but the main issues generally center around:
There may be other considerations as well, depending on the jurisdiction where the divorce occurs.
Determining the value of assets can be a complicated process involving expert valuations and opinions. These experts must have access to pertinent documentation, conduct research, and prepare a valuation or appraisal report that can be presented in court. The expert may be expected to testify in court as to how they reached the values they placed on the assets.
Valuation of assets can be particularly difficult as many of the assets are fluid, with changing value. This includes stocks and businesses whose futures are unpredictable.
Distributing property with high values can trigger a myriad of tax considerations. Often, a CPA or tax attorney will need to be brought in to determine the tax implications of certain property distributions. How the distribution will be affected by governing tax laws can affect how the parties divide the property.
Alimony, referred to as spousal support in California, is sometimes involved in high-asset divorces. Often, there may be a financially dependent spouse because one spouse has concentrated their time on growing the family's wealth while the other spent all their time raising children and caring for the home. The parties can either agree to the length of time and amount of spousal support or the court will decide it.
In most circumstances, divorces are filed as no-fault divorces. This means that the marriage is irretrievably broken or the couple has irreconcilable differences. In some cases, however, one spouse may file for a fault-based divorce to obtain a greater portion of the assets.
Some jurisdictions will consider something like adultery when determining the distribution of assets. The spouse would have to show that the adulterous spouse wasted marital property on and during the affair. The value of that waste would have to be determined and then could be compensated through asset division.
High net worth divorces can take a fairly long time to complete. This is mainly due to the amount of documentation and other paperwork that must be reviewed to determine exactly how much value the property owned by the couple is worth. CPAs and property valuation experts will need to review the numbers and determine asset values. Also, once that value has been established, it is likely the parties will argue over the division of the property.
There are other factors that can affect the duration of a high-asset divorce. Sometimes, accusations or suspicions of hidden assets arise, and that may take some time to investigate and discover. In other cases, prenuptial or postnuptial agreements can help make the process go smoother or hold it up, depending on any challenges to the terms and conditions or overall validity of the contract.
In sum, for a high net worth divorce, you could be looking at a minimum of one year before the divorce is finalized. In some cases, it can take years.
Our divorce lawyers in San Diego and the Bay Area has experience and resources, and accordingly knows what to look for and how to move the divorce along with minimum hiccups. Ultimately, our family law team at Szeto-Wong Law can help you achieve a favorable divorce by upholding and safeguarding your financial interests.
Couples can spend years accumulating wealth together. When they divorce, the distribution of that wealth can become contentious, making the process harder and longer. At Szeto-Wong Law, our high asset divorce lawyers in Silicon Valley, Santa Clara, and San Mateo intend to uphold your rights and interests and move the divorce along as smoothly as possible. Contact us today by calling our office at (650) 425-6264 to schedule a free 25-minute consultation.
Getting the legal help you need is right at your fingertips. Contact our high-asset divorce lawyers serving Silicon Valley, Santa Clara, San Mateo, and the surrounding Bay Area today to schedule a consultation. We will discuss your case, explain your options, and help you determine your next best steps.
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