High Asset Divorce Attorney In Glendale, CA
Getting divorced is always stressful. If you and your spouse have been together for a long time, you might share a complex network of assets and debts. This makes the situation even more chaotic. Hiring a Glendale high asset divorce lawyer is a good way to mitigate stress and ensure that your interests are protected throughout the process of dissolving your marriage.
Trust Kramer & Zitser, LLP
The team here at Kramer & Zitser, LLP includes two senior Glendale divorce attorneys. When you work with us, you’ll have access to experienced lawyers with knowledge of the divorce laws required to resolve your case. No divorce is fun, but working with certified family law specialists in Glendale can make the process a little easier.
Why Hire a High-Asset Divorce Lawyer?
Glendale, CA, has a median income of $84,262 and a median home value of $1.04 million as of 2023. In some of the most well-off neighborhoods, like Rancho San Rafael, the median income is even higher, at $195,550. Given that’s the median, it should be clear that some of the most well-off couples in Glendale have quite a bit to lose in a divorce.
If you’re concerned about losing money or other assets in a divorce, you can hire a high-asset divorce lawyer to represent your interests throughout the process. Your lawyer can do everything from looking for hidden assets to ensuring that the division of property proposed by your spouse’s lawyer is fair. Your Glendale high asset divorce attorney can also assist you with aspects of your divorce not related to property division.
Types of Property Divided in High-Asset Divorces
One of the most challenging aspects of high asset divorces is the process of identifying and valuing all marital property. High-net-worth couples almost always have diverse portfolios that include numerous asset classes. The types of property that could be divided during a high asset divorce include:
- Investments. Many high-net-worth couples have substantial portfolios of stocks, bonds, and mutual funds. These investments must be analyzed to ensure fair division, particularly if vested and unvested stock options, RSUs, or deferred compensation packages come into play.
- Real estate. If you and your spouse own multiple properties, including vacation homes or investment properties, all of them will need to be appraised to determine their value.
- Businesses. Valuing a business or professional practice can be challenging. You’ll likely need the help of a forensic accountant or another business valuation professional who can evaluate not just current financials but also potential future earning capacity.
- Luxury assets. If you or your spouse owns high-value personal items like antiques, classic cars, yachts, expensive jewelry, or fine art, these objects will also need to be appraised as marital property.
- Intellectual property. Ideas might also be counted in the valuation of a marital estate. Intellectual property, such as trademarks, patents, and copyrights, can produce royalties. These are valuable assets that must also be factored into the division of marital property.
- International assets. If you or your spouse owns real estate, bank accounts, or business interests in other countries, it can create complex jurisdictional questions. You’ll benefit from having a high asset divorce lawyer on your team.
Addressing Hidden Assets
Anyone can attempt to hide assets during a divorce, but this illegal maneuver is more common among high-net-worth individuals with more to lose. Your lawyer can hire a forensic accountant to check for:
- Offshore bank accounts
- Undisclosed real estate
- Shell corporations
- Crypto holdings
- Transfers to friends or family
The discovery process can also make sure your spouse is telling the truth when it comes to the extent of their assets.
Spousal Support in High Asset Divorces
In most divorces, spousal support is about meeting basic needs. However, in high asset divorces, judges may also consider the standard of living established during the marriage. The lower-earning spouse should be able to maintain a roughly comparable lifestyle post-divorce, which can entail substantial alimony payments.
FAQs
What Money Can’t Be Touched in a Divorce?
Money that can’t be touched in a divorce is known as separate property. Separate property includes premarital funds, inheritances left to only one spouse, gifts made to only one spouse, and any earnings accrued after the couple separates. To remain protected, these funds must remain separate from marital funds. Commingling the money during the marriage can make it subject to division in a divorce.
What Is the Average Cost of a Divorce Lawyer in California?
There is no average cost of a divorce lawyer in California because every case and every law firm is so different. You can expect to pay more for complicated, contested divorces that must go to trial. Simple, uncontested divorces resolved through mediation are often cheaper. You can also expect to pay more for a lawyer with vast experience handling family law matters than one who is less experienced.
What Is a High Asset Divorce?
A high asset divorce is the dissolution of a marriage that involves the complicated division of a significant amount of wealth. Assets in a high asset divorce can include not just cash but also retirement funds, investments, real estate, and even businesses. It’s often necessary to hire tax attorneys and forensic accountants to ensure the equitable distribution of assets.
Who Loses More Financially in a Divorce?
Women tend to lose more in a divorce due to the fact that they typically experience a greater drop in household income. This discrepancy is caused by gender pay gaps and other societal factors. Additionally, women are more likely to interrupt their careers to provide childcare. Both spouses often face lifestyle adjustments, but women are at a greater risk of poverty, housing loss, and long-term financial instability.
Your Glendale High Asset Divorce Lawyer
If you’re looking for a skilled Glendale high asset divorce lawyer, look no further than Kramer & Zitser, LLP. Composed of two senior attorneys and Certified Family Law Specialists, this firm has experience in handling complex high asset divorces.
You can trust our team to treat your high-asset divorce case with the care it deserves and fight aggressively for your interests. Contact us to schedule an initial consultation today.
