Sorting out the details of any divorce is challenging. One of the most difficult aspects is determining how the assets of marriage will be shared. The process may become more complex when high-value assets must be divided in divorce proceedings in California.
The skill and knowledge of an attorney experienced in family law can help you make educated decisions while working within the boundaries of the law to accomplish a fair outcome. Martin Family Law Group will advocate for you and help you navigate the legal process during a difficult time for your family.
Dividing Assets in California
California is an equitable distribution state with anything considered community property, or property acquired during the marriage, divided evenly between the two parties. It is important to note that any properties acquired before or after the dissolving of the marriage are considered separate property. If both parties are willing to work together, it may be less complicated to mutually agree to sell these community properties considered high-value assets before the divorce proceedings begin.
Any item valued over $250,000.00 at purchase is considered a high-value asset. Additionally, if a couple’s combined assets are valued at one million dollars or more, the divorce is regarded as a high-value asset divorce.
Your attorney must possess the knowledge and skill to understand the financial and legal issues when dividing assets. Having the leadership to direct a team in investigating the worth of these assets and determining their value is essential.
Third parties with vast knowledge about the possessions that must be divided often help with the process. They generally possess expertise in a field of knowledge, have years of experience, and can help determine the value of these items. These individuals will often help value items such as art, collector’s items, books, and antiques.
Examples of High-Value Assets
Everything you have accumulated during your marriage has value, but high-value assets can be more challenging to divide. Below are a few examples of these assets.
- Homes including the marital home, second home, and vacation homes
- Rental Properties
- Commercial properties and land
- Luxury vehicles, including yachts and boats
- Monetary accounts, including stocks, pensions, retirement funds
- Club Memberships
Protecting Your Assets
Coming into a marriage with high-value assets may necessitate a prenuptial agreement with your partner to determine the possession of certain assets should the marriage dissolve. It is also possible to enter into a postnuptial agreement and assign the division of assets acquired during the marriage should the marriage end. This type of agreement may be necessary in the case of business ownership.
A Unique Approach to Divorce
Divorce affects every family differently, so there is no one correct way to approach the dissolving of a marriage. It can be challenging when the years of building a life together end within minutes of signing a document. Your attorney must recognize your unique situation and specifically understand your needs and challenges.
Let the personal attention provided by Martin Family Law Group guide you through the challenges when you are a party in a high-asset divorce. We aggressively work for you to receive fair compensation, making the process of divorce work in your best interest.