Anaheim High Net Worth Divorce Lawyer
Anaheim High Net Worth Divorce Attorney
Divorces are often complex and emotionally trying, even when the couple has mutually and amicably agreed to end the marriage. Separating your life from your spouse’s when you have spent years, potentially even decades, together can be a difficult task that is likely to hit a few delicate situations. These problems can be compounded in a divorce where the couple has significant assets to separate.
High-net-worth divorces are often plagued with complications that require advanced knowledge to navigate effectively. Moranda Law Firm, APC, is familiar with helping our Anaheim, CA clients through their divorce, even in cases that require extreme care. Working closely with an experienced Anaheim High Net Worth Divorce Attorney who understands these intricacies can significantly streamline the process and protect your financial interests during this critical time.
High-Value Divorce
Some of the assets that must be separated in a high-net-worth divorce are similar to those in more typical divorces, but the volume is dramatically increased in these more complex divorces. Generally, this type of divorce will involve a collection of assets that have a value of one million dollars or more. Some of the assets that must be divided in a high-net-worth divorce include:
- Family Home or Vacation Homes
- Vehicles, Motorcycles, and Watercraft
- Rental or Investment Properties
- Businesses and Business Interests
- Stocks and Bonds
- Life Insurance Policies
- Retirement Accounts
- Pension or 401(k) Plans
- Jewelry, Artwork, and Antiques
One of the most important steps in creating an equal division of these assets is determining their monetary value. This is likely to require hiring a third-party assessor to provide an objective evaluation that may consider the relative value of similar assets, the market price of the asset, and the breadth of the market.
Separating Marital Property From Separate Property
In high-net-worth divorces, one of the most complicated parts can be determining how to divide the property. There are two types of property under California law:
- Separate Property
Separate property belongs to only a single spouse, and the other has no claim of ownership. Generally, separate property was brought into the marriage or was bought or earned with separate property. It can also include an inheritance or gift that was given specifically to a single spouse, even if it was given during the marriage. Any assets or debts acquired after the date of separation will also be considered separate. - Community Property
Community property is considered to be equally owned by both spouses and must be split equally in the divorce, or other property of equal value must be used to compensate for the loss if the asset is awarded to one spouse. Anything that was earned while married, bought with money that was earned while married, or debt that was accrued while married is considered community property.
Complications arise when the property cannot be easily determined as separate or community. When an asset is considered separate property and community property, commingling has occurred. The asset is not easily separated because it is considered both types of property.
An example would be a down payment on the family home: one spouse uses money earned prior to the marriage as a down payment on a home, but the mortgage payments were made during the marriage. The down payment is considered separate property, but the equity gained in the home is considered joint property.
An experienced attorney can help you determine the value of community and commingled assets, helping you leave your marriage with all the assets that you are owed.
How to Find the Right Divorce Attorney
The attorney that you choose to retain during your divorce is a crucial decision to make. Not only can they affect the total outcome of your divorce, but they can also affect how you feel during the process.
While interviewing potential attorneys, consider how you feel while speaking with each and if you believe you can comfortably progress through your divorce with them. Their communication style should also match yours — do you prefer emails for convenience or instant messaging to save time? The attorney should also clearly explain information so that you understand it. When navigating divorce, finding the right attorney in Anaheim for your needs is crucial to ensuring a smooth and effective legal process.
The attorney’s philosophy should also be considered: is the attorney’s goal to win at any cost, or are they more interested in negotiation and settlement? Their attitude toward this process should match yours. Even in situations where you are willing to negotiate, the attorney must be ready to aggressively defend you in court if required.
High Asset Divorce FAQs
Q: Is a High-Net-Worth Divorce Different Than a Typical Divorce?
A: In many ways, a high-net-worth divorce is similar to typical divorces in California, but there are a few key differences. Property division may take longer as you wait for professional appraisals, and dividing the assets may also be more complex. There may also be a deviation in child support and alimony determinations, as a computer program generally sets these amounts. A judge may alter the payment amounts if the computer program returns a value that outweighs the need.
Q: What Is the Difference Between Separate and Marital Property?
A: Separate property belongs to only a single spouse and is not subject to property division in a divorce unless it has commingled in the marriage and is now partially considered marital property. Marital property belongs to both spouses equally and must be divided 50/50 during a divorce.
Q: How Will a Business Considered Marital Property Be Split in a Divorce?
A: The spouses must decide how they intend to move forward with that business post-divorce. In many instances, the spouses do not wish to remain co-business owners. When this occurs, the spouse that is getting the business must compensate the other spouse by buying them out or receiving less marital property.
Q: What Is the Cost of a High-Net-Worth Divorce?
A: The total cost of a divorce depends on many factors, including attorney fees, court costs, how many complicating factors are in the divorce, and if the divorce was contested or uncontested. Though a divorce with high-value assets is likely to cost more than a divorce without these complicating factors, the cost can be reduced by avoiding litigation.
Anaheim Divorce Attorney
With a history of obtaining results based on our client’s needs and the facts of the case, the team at Moranda Law Firm, APC, is committed to providing the personalized attention each client deserves. If you are facing a high-net-worth divorce, reach out to our office today.
