Divorce is never an easy experience, but when one or both of the spouses own highly valued assets, the process can become even more complicated. In California, professionals and celebrities are not immune to divorce. These high asset divorces in California are complicated, and it is imperative that you do not try to handle them alone. Instead, turn to a qualified and experienced high asset divorce lawyer in California.
Complex Types of Property Typically Involved in California High-Asset Divorces
California currently sees a divorce rate of 5.9 cases per 1,000 residents. For couples who own a significant number of highly valued assets, especially professionals and celebrities living in the state, these assets can add an extra layer of complexity to your case.
You likely have an asset portfolio that extends beyond a family home and a handful of bank accounts. For celebrities and professionals in California, assets will typically include some combination of:
- Complicated investments. Celebrities and professionals in California often own several complicated assets, such as venture capital, private equity shares, or hedge funds.
- Several properties. You may own more property than simply your marital home. These properties can include vacation homes, international real estate, or investment rentals.
- International accounts and assets. Many celebrities and professionals own accounts and assets that are located overseas. These assets cause further legal and tax considerations during divorce and property division.
- Businesses or professional practices. When business or professional practices are owned by one or both spouses, it can require an in-depth business valuation, including projected future earnings.
Unique Aspects of Celebrity and Professional Divorce Cases
For celebrities and professionals, there are added layers of complexity when it comes to divorce. While most couples have reduced divorce rates as income increases, celebrity couples face unique challenges, including:
- Public scrutiny. For normal folks, a divorce can stay relatively private. This is not the case for celebrities. When these individuals split, it can become a media circus. In these situations, it is wise to have a California divorce attorney who can do whatever is in their power to keep your divorce as confidential as possible.
- Complex assets. Professionals and celebrities hold complex assets that can go beyond income, real estate, or investments. You may own classic car collections, pets, and businesses or brands that will need to be evaluated and divided.
- Custody and support. Child support payments can be much higher in celebrity cases than in traditional divorces. This is especially true when one spouse is more well-known than the other, leading to uneven asset distribution. The public nature of celebrity divorces can lead to child safety issues.
When there are hundreds of millions of dollars at stake in a divorce, it is crucial to hire an attorney experienced at handling these cases. Spending large amounts of time and money is worth it to ensure you gain an advantage.
Unfortunately, this can also cause celebrity and professional divorces to stretch out for years. This can complicate matters, giving you just another reason to hire someone experienced and skilled at negotiation.
Celebrity and professional divorces in California are complex, and it is important to manage public perception while also following the law. At Kramer & Zitser, LLP, we can do both.
About Kramer & Zitser, LLP
As a celebrity or professional in California, divorce carries more weight than it might for the normal individual. You likely own a significant amount of assets. This requires legal representation that understands the complexity of these assets and how to protect them. At Kramer & Zitser, LLP, our lead senior attorneys have been fighting for clients’ rights for over 25 years. We understand what is at stake and are ready to protect your rights and interests.
FAQs
What Assets Cannot Be Touched in a Divorce?
There are certain forms of assets that cannot be touched during the property division process in a California divorce. These assets are considered separate property and can include any property or debt that was acquired by one of the spouses prior to the marriage, and anything that one spouse acquired through a gift or inheritance before or during the marriage.
Can Assets Be Considered Commingled?
Yes, some assets can be considered commingled. When community property and separate property overlap, disputes are common. Commingled property can happen as a result of using community funds to pay a mortgage for a home that was purchased prior to the marriage, or when separate funds have been mixed in with joint bank accounts. This can make it difficult to evaluate who owns what.
What If I Own a Medical Practice in California?
If you own a medical practice in California, you may be curious as to how your divorce will impact your ownership of said practice. If you are under no pre- or postnuptial agreement, which 31% of couples view as a way to protect business assets, then your professional practice will be subject to division if it was established after your marriage. Having an attorney who understands what is at stake is vital in these cases.
How Is Child Support Impacted in a High-Asset Divorce?
In a high-asset divorce California, one of the most complicated aspects, other than property division, is the awarding of child support. In wealthy families, conflict can often arise over what is considered “reasonable needs” of the child. Courts in California may order parents to share expenses in addition to their basic expenses, including private school tuition, unique healthcare costs, or international travel.
Hire a High Asset Divorce Lawyer Serving Celebrities and Professionals in California
Whether you are a celebrity, professional, or simply hold a significant amount of highly-valued assets, it is essential that you hire a high asset divorce lawyer you can trust to protect your interests. At Kramer & Zitser, LLP, we also understand how you may wish for your divorce to remain as private as possible and work to keep your case confidential. You can trust us to protect you in all aspects of your divorce. Contact our Los Angeles office today for a consultation.
