Skilled High-Asset Divorce Attorney in Hollywood Hills, CA
While a divorce is never easy, high-net-worth couples face unique challenges. A high-asset divorce case not only involves large dollar amounts, but there are often complicated assets or a large number of different assets that must be considered. A Hollywood Hills high-asset divorce lawyer can help you make informed decisions about how to split your property.
Why Choose Kramer & Zitser, LLP?
Kramer & Zitser, LLP, is an experienced family law firm of Certified Family Law Specialists. Our two senior attorneys, Brian Kramer and Diana Zitser, have over 50 years of combined experience. Our Hollywood Hills divorce lawyers have worked with countless spouses to make sure their divorce aligns with California’s high-asset divorce laws and their personal financial goals.
An Overview of High-Asset Divorce in Hollywood Hills
High-asset divorce involves high-value property. High-asset divorce cases are common in Hollywood Hills, where the average household income is $101,630, and the median age is 42 years, meaning many individuals have accumulated significant investments, real estate property, and other high-value assets.
Divorce is one of the most common family law issues people face, with 108,403 marital cases, such as divorces and separations, filed with California’s Superior Court in the 2024 fiscal year. If you are going through a high-value divorce, you must make important decisions about factors such as property division and spousal support. If you and your spouse have children, you must also create a child custody and child support plan.
Why High-Asset Divorce Cases Are More Complex
Certain aspects of a divorce are more complicated for couples with high-value property, especially when it comes to dividing property fairly. Some reasons for the increased complexity include:
- The necessity for fair asset valuation. Determining the exact value of assets is a key step in property division, especially for assets such as real estate, business assets, or investments. A Hollywood Hills high-asset divorce attorney can determine the exact value of assets so that you can create a property division plan founded on accurate financial information.
- High-value real estate properties. The average home in Hollywood Hills is $1,952,724, which can be even higher in areas such as The Bird Streets, Nichols Canyon, or Whitley Heights. Beyond simply the high value of the marital home, many couples also have second homes, rental properties, or commercial real estate to consider.
- Tax implications. Transferring high-value assets can result in extreme tax burdens, especially for assets such as investments or retirement accounts. A lawyer can help you identify methods to transfer property while avoiding or minimizing tax burdens, such as by using a Qualified Domestic Relations Order.
- Hidden assets. Unfortunately, some spouses attempt to conceal assets in order to walk away from a divorce with a greater share of marital property. This can be especially impactful in a high-asset divorce, where even small percentages of hidden assets can lead to large inequities between spouses.
Spousal support is another decision that is heavily impacted by your finances. While spousal support is not required in all cases, it may be used if one spouse is unable to support themselves financially. Spousal support is impacted by factors such as the standard of living during the marriage, income, and earning potential. In a high-asset divorce, spousal support can have huge impacts on both spouses’ finances.
Why You Should Hire a High-Asset Divorce Lawyer
A Hollywood Hills high-asset divorce lawyer can protect your financial future. Without legal guidance, it can be difficult to divide assets fairly and without errors. A lawyer can help you by:
- Explaining the high-asset divorce laws that impact your case
- Properly identifying and valuing all of your assets
- Determining which assets remain separate versus which can be divided
- Suggest solutions for how to divide your property
- Identifying methods for transferring property that don’t trigger unnecessary tax consequences
- Drafting a comprehensive agreement that reflects your wishes for your assets during a divorce
- Representing you in court and advocating for fair property division
FAQs
What Assets Are Untouchable in a Divorce in California?
In California, untouchable assets include property classified as separate property. This includes assets acquired before the marriage, personal gifts, and inheritances to one spouse. Additionally, assets that are designated as separate property in a prenuptial or postnuptial agreement can also be untouchable. A Hollywood Hills high-asset divorce attorney can help you determine what assets must be divided versus what can remain separate by looking at financial documentation.
Why Is Moving Out the Biggest Mistake in a Divorce?
Moving out is one of the biggest mistakes in a divorce because it can be a financial burden and make certain decisions more complicated. When you move out, you do not waive your rights under California’s high-asset divorce laws, but the divorce process can become more difficult. This is because moving out means you are paying for two households, can make it difficult to access financial records, and can complicate a child custody case if you are a parent.
What Qualifies as a High-Asset Divorce?
Under California’s high-asset divorce laws, there is no strict legal definition of a high-asset divorce. This term typically describes a divorce involving at least $1 million in community property, including real estate, investments, bank accounts, and other assets. No matter the exact dollar amount, if you have complex income, a large number of assets, or a high net worth, you should hire a high-asset divorce lawyer to help you fairly divide your property.
What Are the Three C’s of Divorce?
The three C’s of divorce are communication, cooperation, and compromise. These three principles can help you and your spouse resolve disputes more efficiently, reducing unnecessary conflict. In high-asset divorces, the three C’s can help you and your spouse find a mutually agreeable outcome, rather than turning to divisive courtroom battles to resolve your case.
Speak With a Hollywood Hills, CA High-Asset Divorce Lawyer About Your Divorce
Legal guidance not only improves your ability to create a favorable plan when it comes to decisions such as asset division and spousal support, but it can also reduce your stress over the legal process. Divorce can be overwhelming, especially in high-asset divorce cases or if you and your spouse disagree over key issues. Contact Kramer & Zitser, LLP, to speak with a lawyer.
