Dividing marital assets is often one of the most complicated aspects of a divorce, but it can become especially complex when one or both parties have a great deal of personal wealth and/or high-value assets. In these situations, efficiently finding, cataloging, and valuating community property is often frustrating, particularly if one party is not completely honest about what assets they own and how much they are worth.
If you are seeking or currently litigating a high-value separation, you should strongly consider seeking help from an attorney with experience helping individuals in your unique type of situation. A qualified Ventura County high-asset divorce lawyer could provide practiced and effective guidance throughout your entire divorce and work tirelessly to ensure you get the property to which you are entitled.
State law establishes that any real property, liquid cash, and/or financial asset a spouse acquires during their marriage automatically becomes “community property.” It would then be subject to equal division during an ensuing divorce. Specifically, each spouse would have a claim to 50 percent of the total value of all community property combined, which often requires real property and financial assets to be valuated and liquidated to ensure an even split.
When so much money is on the line in a high-asset divorce, not everyone is as straightforward about the value—or even existence—of assets that would qualify as community property. Spouses seeking to retain private ownership of community property may hide assets from their spouse with help from businesses or colleagues, purposefully undervalue real property, or even seek to delay certain types of financial payouts until after a divorce concludes.
An important element of a successful divorce between individuals with high net worth is making sure every asset that would constitute as community property is accounted for and properly valuated during divorce proceedings. A skilled Ventura County high-asset divorce attorney could help track down hidden property, collect evidence of dishonest behavior, and ensure everything is assigned its appropriate financial value.
Another uniquely complex aspect of high-asset divorces in Ventura County is the division of financial stakes and ownership obligations in family-owned businesses. In addition to business assets and cash on hand, a divorce between joint business owners will also involve the equal division of business debts as well, which can often become an extremely sore spot in an already emotional process.
On top of valuating assets and debts, divorcing spouses who operated a family business together must determine whether or how they want to keep the business going, whether that entails continued joint operation, one party buying out the other, or the complete liquidation of the business. Guidance from a high-value divorce lawyer in Ventura County is often essential to ensuring this process proceeds as smoothly as possible.
For a variety of reasons, high-value divorces tend to be a great deal more complicated than other types of divorces, not to mention almost impossible to manage without professional legal representation. Fortunately, help is available with your unique situation from a legal professional who has helped other couples like you through their own high-value divorces before.
Retaining a Ventura County high-asset divorce lawyer should be your first priority before starting to pursue a divorce with so much on the line. Call today to set up a private consultation.