It’s not uncommon in Redondo Beach for a divorce to be a considerable expense, and that doesn’t just mean legal fees. Certain marriages develop considerable assets that are all considered a part of community property. That means dividing them in a divorce can be messy, personal, and complicated. Redondo Beach high-asset divorce can be a complex situation, which is why it’s recommended that you hire a high-asset divorce lawyer to walk you through it.
Throughout this ordeal, having a high-asset divorce attorney by your side can make all the difference. It doesn’t take much for a high-asset divorce case to become stressful, unpredictable, and financially devastating.
High-Asset Divorce in Redondo Beach
One of the biggest assets in a high-asset divorce can be the family home. This is especially true for residents who live in some of the more high-end ZIP codes of Redondo Beach. For instance, homes in South Redondo neighborhoods, like the Avenues or homes in the Hollywood Riviera on roads like Paseo De La Playa, are valued at millions of dollars. If you are facing a high-asset divorce in Redondo Beach, you need an established Redondo Beach divorce lawyer.
The most important thing you can do in a high-asset divorce is protect yourself and your financial security. In a community property state, that can be much easier said than done. It’s vital to your settlement that you never attempt to hide assets from your spouse or from the court, as that can be viewed as a breach of fiduciary duty and could result in legal penalties.
Some steps you can take to prepare for a legal and fair property division of high-value assets in a divorce are listed below:
- Classify assets. Before you can divide community property assets, you need to know exactly how they’re classified. This includes classifying luxury homes, stock options, and businesses, all of which are common high-value assets in California. All assets acquired during the marriage are seen as community property in California, while all property owned prior to the marriage is seen as separate property if they weren’t commingled.
- Value assets. It’s crucial to assign value to every asset relevant to the community property split. After all, you need to know exactly how much is going to be split here. You should consider hiring an appraiser to assign value to any businesses, real estate, art collections, and other luxury purchases that need to be divided.
It’s important to determine the current fair market value of assets. For instance, your home may be worth more now than when you purchased it. The median sale price of homes in Redondo Beach in 2024 was $1,279,200. - Determine the tax implications. When you liquidate significant assets, that can have a serious impact on your taxes. You should fully understand the tax implications of dividing your retirement accounts early or selling a highly appreciated home. You should hire a high-asset divorce lawyer who can help you appreciate what you may lose here, as well as what you could gain.
- Negotiate. Just because California is a community property state and prioritizes a 50-50 split of assets, that doesn’t mean you have to cut each asset in half. It’s common for spouses to create an offset agreement and essentially trade assets. For example, you may offer ownership of the primary home in exchange for the equivalent value in liquid accounts or stock.
Talk to your Redondo Beach high-asset divorce attorney about California mediation. It can be a good means to settle these issues. - Legal protections. Before you enter into a marriage with high-value assets, you may want to consider establishing a premarital agreement to protect yourself in cases exactly like this. A prenup takes precedence over the state’s community property laws and explains exactly how assets are divided in a divorce. If you have any legal protections like a prenup, now is the time to utilize them.
Why Choose Us?
Our Redondo Beach family law attorneys understand Redondo Beach high-asset divorce laws and could make quite a difference in your case. Our legal team has over 50 years of combined experience helping clients through family law situations, including high-asset divorces.
FAQs
What Assets Are Untouchable During a Divorce?
In California, any property viewed as separate property is untouchable during a divorce, but only if that separate property has never been integrated into community property. Separate property is generally seen as any property that was owned by one spouse before the marriage, as well as gifts, inheritances, certain assets held in an irrevocable trust, and personal injury settlements.
Only community property is subject to a 50-50 split. Property rights during marriage are defined in the California Family Code.
What Happens to My Business in a Divorce?
In California, a business is generally subject to community property laws if any portion of the business was built or increased in value using marital funds. The court assigns monetary value to the business. One spouse may then buy out the other, they continue co-ownership, or they sell the business if no agreement can be reached. If the business has always been owned by you and no marital funds were involved in building it, it may be considered separate property.
What Is Considered High Net Worth in a Divorce?
In California, a divorce is considered high net worth if it involves a split of marital assets equaling a substantial amount of money, or a series of highly complex financial estates. A divorce is seen as high net worth largely because of the sophistication of the assets involved, not just because of their value. They usually involve businesses, real estate, significant stock, and unique luxury assets you don’t usually find in a typical divorce.
Does Stock Get Split in a California Divorce?
Yes, any stock shares or options acquired during the marriage are considered jointly owned and are subject to a community property split. Stocks acquired before the marriage are viewed as separate property and aren’t subject to division. Calculating stock value during the marriage can be complex, and a qualified high-asset divorce attorney can help you avoid being taken advantage of.
Hire a High-Asset Divorce Lawyer with Redondo Beach Experience
At Kramer & Zitser, LLP, we can help work through your high-asset divorce. If you want to avoid losing more than you can afford, we have the resources to assist you in your case. Contact us to speak to a member of our astute legal team to discuss your high-asset divorce.
