High-Asset Divorce Attorney In Hermosa Beach, CA
When a couple decides to end their marriage, a range of emotions may surface, and decisions must be made. Couples with children may have to engage in custody or child support battles, and all couples must decide how to divide their assets. In a high-asset divorce or a divorce involving substantial wealth, divorce proceedings may be more complex. This is where couples could benefit from consulting with a Hermosa Beach high-asset divorce lawyer.
At Kramer & Zitser, LLP, our Hermosa Beach family lawyers are equipped to handle the complexities of a high-asset divorce case. While most couples just want a fair and amicable divorce, each party must believe their assets are protected and that they are not being taken advantage of. We work tirelessly to protect our clients’ hard-earned assets and to reach an optimal solution for all involved.
Asset Division Laws in California
Asset division is a crucial part of divorce proceedings in California. Unlike some states that divide assets equitably upon divorce, in California, community assets and debts are divided equally between the parties per California Family Code 2550. Conversely, couples can reach their own written or oral agreement about how to divide their assets, though the court makes the final ruling.
Not all assets and debts are subject to division, however. Only community property must be divided in a divorce. Community property includes all property earned, owned, or owed while the couple was married. This contrasts with separate property, which is any property owned, purchased, or owed before the marriage or after the separation date. It also includes property purchased with separate income or gifts and inheritance acquired during the marriage.
What Is the Difference Between High-Asset and Traditional Asset Divorce?
If you live in Hermosa Beach and are going through a divorce, you may be interested in the difference between a high-asset divorce and a traditional divorce. In Hermosa Beach, where the median income is $166,442, and the housing value is over $2 million, understanding the difference between the two is critical. Assets are any resources or property with value, and high assets are assets valued at $1 million or above.
Examples of assets include cash, bank statements, retirement accounts, real estate, and other property like cars, jewelry, furniture, etc. A high-asset divorce will involve these, but may also involve:
- A business or multiple businesses
- Multiple properties
- Luxury cars
- Collectibles like expensive art, furniture, or jewelry
- Investments such as stocks and bonds
High-asset divorce laws follow the same community property rules, but may require additional professionals. For example, your Hermosa Beach high-asset divorce attorney may hire a forensic accountant, appraiser, tax accountant, or financial advisor to help with the process.
When a Spouse Hides Assets
All divorces can be emotional and distressing; however, a divorce involving considerable wealth can be especially contentious. In the worst case, it may result in one party or another hiding assets to avoid splitting their wealth. This may mean opening secret accounts, inflating debts, “paying” fake employees in a family business, or other dishonest practices.
California eschews this conduct as financial nondisclosure is unlawful. In fact, in California, couples must disclose financial information within 60 days of filing the divorce petition. Failure to do so, or hiding assets, can result in both monetary and criminal penalties. If you suspect your partner is hiding assets, you should hire a high-assets lawyer to help you with your case.
Child Support and Alimony in a High-Asset Divorce
If a couple has children, child support may be handled differently in a high-asset divorce. In California, the best interest of the child is prioritized, so maintaining the standard of living to which the child is accustomed is imperative. Deciding on child support payments may be more complex since traditional child support calculations are based on a certain threshold.
Likewise, alimony may have unique considerations in a high-asset divorce. The higher-earning spouse may have pressure to sustain the same standard of living after the divorce as they did within the marriage. Alimony and child support cases for Hermosa Beach are handled at the Torrance LA County Superior Courthouse at 825 Maple St., Torrance, CA 90503.
When to Hire a High-Asset Divorce Lawyer
Whether you suspect your spouse is hiding assets, or you want to make sure that your hard-earned assets are divided fairly, you may want to hire a high-asset divorce lawyer. Your lawyer can conduct an investigation to uncover hidden assets, help determine whether some community property should be separate, and answer any other questions that may arise throughout this complex process.
FAQs
What Is a Red Flag That a Spouse Is Hiding Assets?
A red flag that a spouse is hiding assets is when there are discrepancies in bank statements. If certain assets are unaccounted for or debts conflated, there may be an issue. Additionally, if you notice more secrecy, inconsistency, or a change in their lifestyle, it may be a clue that your spouse is hiding assets. Ultimately, you should consult with a Hermosa Beach divorce lawyer to help determine if the red flags are valid.
What Two Debts Cannot Be Erased?
The two debts that cannot be erased are alimony and child support. Alimony and child support are considered domestic support obligations (DSOs), which cannot be discharged. In fact, failure to pay both child support and alimony may result in the offender paying 10% interest on all overdue payments, or arrears.
What Is the Difference Between Community Property and Separate Property?
If you are navigating a high-asset divorce, you may want to know the difference between community property and separate property. Community property is the assets that are divided equally in a divorce, while separate property is not. Community property is all property earned, owned, and owed during a divorce, and separate property is property purchased, owned, or owed before the marriage or after the separation date.
How Much Will It Cost Me to Hire a High-Asset Divorce Lawyer?
The price for hiring a high-asset divorce lawyer depends on the specifics of each case. Each lawyer determines their fees based on case complexity, their skills and experience, and the firm’s location. High-asset divorces tend to be more complex and may require higher lawyer fees. However, many clients discover the cost of a lawyer is insignificant when compared to the cost of overpaying or being taken advantage of in a divorce.
Hermosa Beach High-Asset Divorce Law Firm You Can Trust
If you are going through a divorce and believe your spouse is hiding assets, give us a call. Kramer & Zitser, LLP, is an experienced firm dedicated to helping our Hermosa Beach clients receive their fair share during property division. Contact us today for a consultation; we are ready to advocate for you.
