Trusted High-Asset Divorce Attorney In Rancho Palos Verdes, CA
For high-net-worth couples, the divorce process brings up many unique complexities regarding property division. These cases often involve complex financial portfolios, business assets, investment accounts, and valuable real estate, all of which will require a strategic approach during a divorce. A Rancho Palos Verdes high-asset divorce lawyer can protect your financial interests by properly identifying and valuing your assets. Then, they can create a customized division plan.
Kramer & Zitser, LLP: Skilled High-Asset Divorce Attorneys
At Kramer & Zitser, LLP, our two senior Rancho Palos Verdes family law attorneys bring over 50 years of combined legal experience to each case. We understand the importance of strategic financial planning and detailed financial analysis. Our firm recognizes how impactful even a small mistake can be in a high-asset divorce case. Whether you are unsure about how to go about the division process, facing a dispute over asset valuation, or unable to agree on how to divide assets, our experienced team can help.
What to Know About High-Asset Divorce Cases in California
While there is no specific number that defines a high-asset divorce, the term typically refers to cases that involve a marital estate worth $1 million or more. This is extremely common in Rancho Palos Verdes, where the median household income is $179,623. Often, the value of a home alone makes a divorce a high-asset case. The average Rancho Palos Verdes home price is $1,839,411. Homes in luxury neighborhoods, such as Portuguese Bend or Mira Catalina, can be well above this number.
Regardless of the value of your marital estate, it is still subject to California’s community property laws. This means that community property, or assets acquired during the marriage, is split equally, while separate property, or assets acquired before the marriage or through inheritances or gifts, remains separate. If you are unsure about how your specific assets will be divided, a Rancho Palos Verdes divorce lawyer can explain the relevant high-asset divorce laws and how they apply.
Common Considerations in a High-Asset Divorce Case
In California, there are 108,403 cases filed about divorce or separation, each with its own issues. While you should hire a high-asset divorce lawyer to have your estate individually analyzed, some common factors that have a large role in high-asset divorce cases are:
- Complex property division involving a large and high-value marital estate
- Business ownership interests and assets
- Complex investment portfolios
- Significant retirement savings
- Tax implications for transferring large assets
- A high standard of living that impacts spousal support
Because of these complexities, your Rancho Palos Verdes high-asset divorce attorney may work with you, your spouse, your financial advisors, and valuation professionals to certify that all issues are resolved accurately and effectively.
Conflicts That Often Arise During a High-Asset Divorce Case
Disputes in high-asset divorce cases can happen because of the large financial impact decisions have. Additionally, when wealth is involved, disagreements can escalate quickly. Some of the most common disputes include:
- Asset valuation disputes. Properly calculating the current value of assets is essential before moving on with the property division process. Spouses often disagree on the true value of businesses, real estate, or investment portfolios, which are often not easily appraised.
- Hidden or undisclosed assets. Concealed income, foreign bank accounts, hidden physical belongings, or dishonest asset transfers spark hidden asset conflicts. Hiding assets in a high-asset divorce can have a huge impact on the overall division plan, especially since a single asset can be of high value.
- Spousal support disputes. Spousal support is generally not required in a high-asset divorce case. However, disputes can arise if spouses don’t agree on whether spousal support should be paid or what the amount and duration of the spousal support will be.
- Business control and ownership. When both spouses share ownership of a business, or both have a stake in the future of the company, they may disagree on how the assets will be divided. For example, they may not agree on who has the right to run the company or how much the company is worth when calculating a buyout.
FAQs
What Assets Cannot Be Split in a Divorce in California?
Assets that avoid property division include:
- Assets owned by one spouse before the marriage
- Inheritances
- Personal gifts
- Income from after the separation
- Assets designated as separate property in a prenuptial or postnuptial agreement
A lawyer can examine your list of assets and explain whether they will be split or remain separate during a high-asset divorce.
Is It Worth It to Hire a High-Asset Divorce Lawyer?
Yes, it is worth it to have a Rancho Palos Verdes high-asset divorce lawyer if you have a large marital estate. Even small mistakes in asset valuation or distribution can have a significant financial impact. By working with a lawyer, you can feel confident that your property division strategy includes an accurate and comprehensive valuation. A lawyer can also guide you through this process, helping you and your spouse reach a settlement or representing you in court.
Can a High-Asset Divorce Case Be Settled Out of Court?
Yes, a high-asset divorce case can be settled out of court. A lawyer can help you create an agreement that:
- Aligns with California’s high-asset divorce laws
- Works with the goals and concerns of both parties
This can be very advantageous, as you retain control over the outcome and can often create a more flexible, personalized plan. Additionally, settling your case often preserves personal relationships and can be quicker than going to court.
What Are the Three C’s of Divorce?
The three C’s are principles found in many divorces where the couple can reach an agreement without court involvement. Cooperation is the first principle, reflecting the need for both parties to be willing to work toward a solution. Communication is the second of the three C’s, and it involves good-faith negotiations and transparent communication. Finally, compromise is necessary from both parties to reach a mutually favorable agreement.
Reach Out to a Rancho Palos Verdes, CA High-Asset Divorce Attorney From Kramer & Zitser, LLP
If you and your spouse own a lot of property, or the property you own is of high value, the steps you take during the divorce proceedings can determine whether that wealth is protected or you unfairly face financial hardship. Contact Kramer & Zitser, LLP, to begin an equitable property division plan.
