Billion Dollar Divorce?

Pay attention to the nitty gritty of the details of your dissolution of marriage so that you are well prepared for what you need to do. In California each party is required to file a preliminary and also a final "declaration of disclosure" with the Court. This shows that they have served an Income and Expense Declaration and Schedule of Assets and Debts on their spouses. These disclosures will list each spouse's community property assets and debts and also their separate property. Most often in dispute is an agreed valuation of community property assets. Many factors affect the value of marital assets. One important part of determining the assets is establishing the correct date of separation.

A fascinating case to watch is the potentially billion dollar divorce settlement of Oklahoma oil Baron Harold Hamm and his estranged wife, Sue Ann Hamm. One of the main items at issue will be the establishment of the date of separation. Mrs. Hamm contends the marriage was over in 2012, but Mr. Hamm asserts it was in 2005. Why does it matter which date? The value of their assets, in this case; the oil company Continental Resources, greatly increased in the years from 2005 to 2012. Does Mrs. Hamm receive division of marital assets based on the value of the holdings in 2005 or the greatly more valuable 2012? Each party has a significant interest in determining the date of marital separation.

In this case, it could mean the difference in billions of dollars. What difference could it make in your divorce case? If there are marital assets which have grown over the years, it is important to determine when the asset was no longer part of the marriage. This could potentially greatly affect your settlement. Businesses which are owned jointly, property such as homes or investments, are all important assets which need to be fully disclosed and evaluated. Placing proper valuations on these types of assets involves numerous detailed and complicated issues.

In high asset divorces, even though you may not have a billion dollar divorce, you will be dealing with complex decisions. Your family law attorney will need to know how to deal with real estate professionals who have skills in coordinating home appraisals and business valuations to assist in determining the amount of assets.

In a California marital dissolution, commonly known as a divorce, it can be the details which count. Your high asset divorce attorney will guide you in the determination of community property division and provide you with the plan you need to receive the best settlement possible. This can be one of the most frightening times of your life. You need a competent and qualified divorce lawyer.

Don't get dragged down in the dirty details, contact the Irvine, Ca Law Offices of Hollie A. Lemkin today for a consultation and to make a plan for the rest of your life. Hollie will work with you and guide you through this painful and difficult time. Call 949-734-4788 to schedule your initial meeting. Hollie is a Certified Family Law Specialist with offices in Orange County, California.