Navigating Complex Property Division in High-Asset Divorce Cases
In the event of a divorce, the divorcing couple and their attorneys must figure out the division of community property. This means that anything that the couple jointly owns– vehicles, property, and other assets– must be divided between the two.
Naturally, this can be a complicated and contentious process for any divorcing couple. Divorce on its own is difficult enough to deal with, not to mention the financial determinations that must be made.
However, high-asset divorce cases add an extra layer of complexity to the process of dividing community property. The reason why is simple: the more assets a couple has, the more assets that need to be divided.
What is a high-asset divorce?
A high-asset divorce case refers to a case in which a couple with a significant amount of money or assets is divorcing.
These cases specifically deal with individuals who have a high net worth, especially those with complicated assets.
Complicated assets might mean that, although an individual has a high net worth, their funds aren’t liquid– they’re instead invested into stocks, companies, and real estate.
Since these funds aren’t liquid– and in the case of funds invested into stocks or real estate, might be constantly fluctuating– determining the division of this community property can be complex.
How can I effectively handle a high-asset divorce?
As a law firm, our advice is always going to be to work with an experienced attorney.
This is because attorneys have spent years and years of our lives studying– and arguing in court– the exact situation you’re currently dealing with. We know how it works.
After securing a great attorney, your next step is to take very careful account of all assets you’re aware of within the marriage.
This particularly refers to community property, which is any property purchased, or any debt accrued, during the marriage.
Separate property might also be relevant. Separate property refers to any property that was purchased or acquired prior to the marriage.
While separate property remains in the hands of its original owner, any interest it may have accrued during the marriage might be considered community property– adding another layer of complexity onto the issue.
Taking account of all assets might be more complicated than it seems, too. Assets don’t just refer to the obvious, like money in the bank, homes, or vehicles.
The term might also apply to works of art, valuable collectibles, computers or other technological equipment of value, pieces of furniture, etc.
Once you have made a full list of all assets involved in the divorce proceedings, you can work with your attorney to determine which assets are separate property and which are community property, in order to work out how the division of assets will occur.
Finally, our best advice is to stay honest and try to keep your emotions at bay during the determination of property division.
Although divorce can be very difficult to deal with, you should try to think of this part of the process as a business arrangement, and treat it accordingly.
Don’t settle for too little, and don’t try to hide assets or divert funds to avoid discovery by the other party– this can only come back to negatively impact you in the end.
Who should I work with when determining property division for my high-asset divorce case?
At Davidson Law Firm, we’ve been practicing attorneys for 40 years. We’ve seen plenty of divorce cases, and are well-versed on how to handle property division in even the most complex of high-asset divorce cases.
Finding a qualified and experienced attorney is the best thing you can do for yourself during this process. Protect your assets and your future by reaching out to Davidson Law Firm for all of your property division needs.