High-Asset Divorc Attorneys In Riverside, CA
When a couple with high-value assets decides to divorce, the process can be more arduous than a typical divorce. The outcome of your case can vary widely, depending on the experience of your lawyer. Having a seasoned Riverside high-asset divorce lawyer can greatly improve your financial future.
Why Choose Us?
The lawyers at Kramer & Zitser, LLP, focus on all aspects of family law, with a strong background in cases involving high-asset couples. With over 50 years of combined legal experience, our Riverside divorce attorneys understand what’s at stake for you and your family. For those with extensive assets, businesses, or investments, property division during divorce can be life-altering.
Community Property Laws in California
Generally, any property that a married person obtains during the marriage is considered community property. This means both spouses have equal ownership, and the courts will divide it 50/50 during divorce, unless a couple can agree on another path. Community property can include:
- Real estate (The average home in Riverside is valued at $650,497, making real estate one of the highest value items a couple can own.)
- Collectibles
- Investment accounts
- Retirement accounts
- Income
- Bank accounts
- Private planes, helicopters, boats
- Luxury cars and other vehicles
The average Riverside County household income was $90,527 in 2023. The division of income can alter one’s financial future, making it vital to hire an asset divorce lawyer to represent your interests during your case.
Separate Property and Commingling
Separate property is generally any property acquired before the marriage, and it is not divided in a divorce. However, if separate property becomes commingled and a spouse is unable to prove its separate origin, it becomes subject to division.
For example, assets become commingled if money one spouse inherited before marriage is deposited into a joint bank account and used to pay household bills.
However, there are exceptions to this rule. If a spouse uses separate money to buy or improve property, they can usually get reimbursed when the property is divided in a divorce, as long as the money’s origin is traceable.
It can be incredibly difficult to keep property entirely separate during marriage, as most couples don’t think about how a potential divorce could impact their finances. It’s imperative to have a Riverside high-asset divorce attorney who can prove this to the court at the Riverside Family Law Courthouse, located at 4175 Main Street.
The Benefits of Mediation in High-Asset Divorce Cases
Dividing property does not always require going to court. Many couples in California resolve their asset division through alternative methods that save time and money.
Mediation is one common option that can preserve privacy for the couple. In mediation, a neutral third-party mediator helps spouses discuss their property and reach an agreement. The mediator does not make final legal decisions. Instead, they guide the conversation toward productive outcomes.
This allows both sides to communicate their feelings and find solutions that work for everyone. During this discussion, your lawyer can be by your side to negotiate. Mediation is a favorable option for most couples, as it helps them maintain control over the outcome of their case. Because mediation isn’t legally binding until an agreement is signed by both sides, couples still have the option of going to court to resolve their issues if they prefer.
Hire an Asset Divorce Lawyer
At Kramer & Zitser, LLP, our team understands what’s at stake for our clients. We focus on providing our clients with all legal options available to them. That way, they can make informed decisions for their future. Our attorneys approach every case with the empathy it deserves, and they work to resolve legal matters as efficiently as possible. Our high-value clients appreciate discretion, and our team works to ensure privacy throughout the case.
FAQs
How Can a Lawyer Help Me in a High-Value Asset Divorce?
A lawyer can help in a high-value asset divorce by using their knowledge of California’s high-asset divorce laws to improve your case results. Dividing property can be very complicated, especially when high-value assets are involved.
Your attorney can consult financial professionals to handle property division as fairly as possible. These professionals can evaluate assets accurately, explain tax consequences, and uncover any hidden funds. The right team of professionals can make a high-asset divorce more manageable.
What Happens If My Spouse Hides Assets From Me?
In California, spouses have a duty to disclose full financial information, meaning they can’t hide assets from you. If one spouse hides assets or sells community property without the other spouse’s explicit consent, the harmed spouse can open a legal claim. The penalties can be severe. The courts can award the harmed spouse up to 50% or 100% of any hidden assets. The offending spouse may also be ordered to pay for the harmed spouse’s attorney and court fees.
How Is Spousal Support Decided in a California Divorce?
In California, when a court decides on spousal support, it looks at many factors. Courts consider each spouse’s ability to earn enough income to maintain the standard of living they had during the marriage. This can include the skills they have and the job market for those skills. They’ll also factor in situations where one spouse gave up career opportunities to maintain the home or raise children. The supporting spouse’s ability to pay is also taken into consideration.
How Are Debts Divided in a Riverside Divorce?
In California, debts that are considered community debts are divided according to community property laws. Debts a spouse had before marriage remain separate and solely that spouse’s responsibility. Debts incurred during the marriage but before the legal separation are generally divided according to the community property rules. However, if community debts are more than community assets, the court assigns the excess fairly between the spouses. This is based on their ability to pay.
Choose a Trusted Riverside Family Law Firm
At Kramer & Zitser, LLP, you can work with dedicated lawyers from beginning to end. We don’t see clients as just another case number. Our team understands how overwhelming family law can be, and the decisions in your case can change your entire life. We fight hard for our clients to ensure the most favorable outcome. Contact our office today to learn how we can help you.
