High Net Worth Divorce
Any type of divorce in California can be a difficult situation to navigate, but divorces involving high asset net worth are especially challenging. The Law Offices of Hollie A. Lemkin can help if you face a divorce in the near future and need a high asset net worth lawyer to help you traverse the many complex financial issues you are sure to face with this type of divorce.
Attorney Hollie A. Lemkin has nearly two decades of experience as a Costa Mesa, California divorce attorney and can provide the legal guidance you need with a high asset net worth divorce.
Resolving Disputes Creatively Can Save Time and Money
At the Law Offices of Hollie A. Lemkin, family law is our passion, the same as it has been for nearly two decades. If you are looking for help from a compassionate attorney as you navigate the tricky waters of divorce, we are here to help. Call our offices today for a case evaluation.
High Net Worth Divorce
Understanding Property Division in a Costa Mesa, California Divorce
When a couple decides to end their marriage in California, state law requires the couple to divide their shared property evenly except in such cases when one spouse has clearly broken the law and/or deprived the other of property and assets. In a typical high asset net worth divorce, the couple must divide any and all property and assets gained during the course of the marriage.
California defines shared property or “community property” in this capacity as any and all items, assets, and accounts that hold value that the couple obtained during the course of their marriage. This includes pay earned from each spouse’s work as well as assets purchased together, such as houses or vehicles. Additionally, California also requires the even division of “quasi-community property,” or any property gained by one spouse out of state that, if gained in California, would qualify as community property.
California state law also has statutes in place for “separate property,” or property that belongs solely to one spouse. Under California law, any inheritance or gifts given to one spouse belongs solely to that spouse. Separate property may also apply to specific assets one spouse already possessed prior to entering the marriage.
Consider the following examples if you’re unsure whether a piece of your property would count as community property, quasi-community property, or separate property:
- After marrying, you and your spouse save up money and purchase a home where you both lived until you decided to end your marriage. Since the two of you purchased the home together while married, the house is community property in the eyes of California state law.
- While married, you and your spouse had your paychecks from your separate jobs deposited into the same shared bank account and the two of you used this account to pay for household bills, groceries, and other day-to-day expenses. This account would qualify as community property, even if one of you earned significantly more income than the other. The difference in income would likely come into play should the divorce proceedings include spousal support or alimony arrangements.
- While traveling for business out of state in Las Vegas, you happened to win $10,000 at a slot machine. Since this money would have counted as community property had you won it in California, the state of California considers it quasi-community property and it would be subject to division in divorce proceedings.
- You maintained your personal vehicle very well over the years and purchased it several years prior to meeting your soon-to-be ex-spouse. This would count as your personal separate property in divorce proceedings.
- While married, your grandfather passes away and leaves you a large sum of money as an inheritance. In divorce proceedings, this money would count as your personal separate property.
These are just a few examples of some of the determinations the court will need to make if you and your spouse decide to divorce and cannot reach a mutual agreement on your own as to how to divide your property. People with considerable assets, multiple real estate holdings, and significant stock investments face even more complex divorce proceedings. A high asset net worth lawyer is essential in any high net worth divorce.
High Net Worth Divorce
What Is a High Net Worth Divorce?
Financial divisions between divorcing spouses can be complex even when both spouses have modest incomes and minimal investments. When a high net worth couple divorces, the financial end of their separation can be hotly contested, and each divorcing spouse will require assistance from an attorney practiced in handling complicated financial discovery.
Traditionally, a high net worth divorce is any divorce in which the couple possesses more than one million dollars in assets. Today, a high net worth divorce typically ranges in the tens of millions or more. The total value could be a combination of real estate value, vehicle value, the individual values of specific high-price items like artwork, clothing, and appliances, as well as the value of bank accounts, investment portfolios, and private investments of various kinds.
High Net Worth Divorce
Benefits of Hiring a High Asset Net Worth Attorney
Unlike a typical divorce attorney, a high asset net worth attorney has experience handling the complex financial issues that typically arise when high-earning couples divorce. These attorneys can parse through the complicated financial records to determine ownership of different types of assets as well as each divorcing spouse’s contributions toward everyday living expenses. When you hire a high asset net worth lawyer, you’re investing in peace of mind that you will eventually reach a fair and reasonable conclusion when it comes to the assets you and your ex-spouse must divide.
Hiring the right attorney in a high net worth divorce can help minimize the financial strain resulting from such divorces. One of the biggest expenses you should expect to face is early withdrawal and cancellation fees from investment plans and portfolios you and your spouse must divide. Your attorney can not only assist you in avoiding or minimizing as many of these fees as possible by negotiating with your ex-spouse’s attorney, but also help you determine the tax-impacting aspects of your financial holdings to further ensure an equitable outcome.
Ultimately, high net worth individuals have more to lose in a divorce than most, and having sound legal representation offers an invaluable layer of security for divorce proceedings. The Law Offices of Hollie A. Lemkin offer Orange County, California divorce representation to high net worth individuals. If you expect to be ending your marriage soon and have concerns about your finances and investments, we can help. Contact us today to schedule a consultation with an experienced high asset net worth attorney in Costa Mesa, and our team will let you know how we can help.