Married couples with substantial assets could face unique challenges when their relationship comes to an end. The stakes for a high-asset divorce can be high, and the outcome could dramatically impact your life, livelihood, and family for years to come.
If you are facing the prospect of a high-asset separation, a dedicated divorce attorney could provide you with valuable guidance in your time of need. Putting your trust in the hands of a Thousand Oaks high-asset divorce lawyer could help you protect your rights and ensure you receive fair treatment from the court.
State law does not provide a definition for the term “high-asset” divorce. From a legal perspective, no differences exist between a marital estate containing large assets and a married couple that does not. However, in reality, significant financial assets can complicate a divorce. Delays are more damaging in these cases, and errors can be more costly to both parties.
Tax implications can also be significant in a high-asset divorce. For most people, divorce brings about a filing status change that has potential to have rippling effects across all of their finances. Large assets could also have important future considerations, such as the possibility of capital gains tax liability.
Given that these divorces often deal with issues that are uncommon in most cases, the guidance of an attorney who understands high-asset divorce and the regulations of Thousand Oaks courts could be invaluable. An experienced local lawyer could help you secure the dissolution of a marriage without extensive delays or unexpected costs.
The property in a high-asset divorce is divided in the same way as any other divorce case. As a community property state, the debts and assets acquired during a marriage are typically split evenly between both spouses upon divorce.
The first step in the division process of a high-asset divorce is for the individual and their Thousand Oaks attorney to distinguish between community assets and individual assets. After all, not all property acquired by the couple is considered community property. This is important because the court will not divide individual assets. Instead, the assets will remain with their original owner. There are also circumstances in which assets acquired during the divorce are also considered individual assets. Some examples include family inheritance or personal injury claim proceeds. That said, most assets obtained during the divorce are community property.
Community property rules generally require the court to split these assets according to their value as evenly as possible. However, it is also possible for the parties to negotiate. For example, one spouse could “buy” a specific asset, such as a home or vehicle, by making a monetary payment in exchange for the asset.
Special considerations go into high-value divorces, and given the high stakes in these cases, having the right legal counsel is imperative.
Securing the help of a Thousand Oaks high-asset divorce lawyer should be a top priority before proceeding with your divorce. Contact the firm immediately for your private consultation.
Hoffer Family Law Firm