Why Are High Asset Divorces So Complex?
Although any divorce case has the potential to become complex, this is particularly true in cases that involve high net worth or substantial assets. When a divorce involves high assets or a high net worth, the stakes in the case are much higher for everyone. Resolving legal issues such as the division of property and spousal support also becomes much more complicated in these cases. Below, our Campbell divorce lawyer outlines the main reasons high asset divorces are so complex.
Identifying Separate vs. Marital Assets
The assets you and your spouse own together must be divided during the divorce process. First, though, you must identify which assets are considered marital. Marital assets are acquired during the marriage while separate property is that which is acquired by one spouse before the marriage. After determining which property is marital, it then must be divided and that is where things can become particularly complicated.
If you are not fully aware of your financial situation and what marital assets you own, your spouse may try to hide certain property. This is illegal and a good divorce lawyer can help you find them. Still, it will add unnecessary delays to the process. If your spouse is the higher earner, they may also try to offer you a settlement as a payout so they do not have to disclose their full net worth.
Valuing Marital Assets
Once all marital assets have been identified, it is important to obtain a value for each piece of property. You cannot rely on the value your spouse claims for certain types of property. In high asset divorce cases, it is usually necessary to work with a financial specialist who can accurately determine the value of the property.
Valuing marital assets is also more difficult in a high net worth divorce. For example, people with high net worths often have retirement savings and other investments. Determining the value of these is not always easy, as you must also consider which portion is separate or marital, as well as the penalties and taxes associated with obtaining these assets.
Spousal Support May Be Required
Regardless of which person is the higher earner in the marriage, the courts will consider the same factors when making decisions on spousal support. However, this can still result in one spouse receiving support during and post-divorce. The main factors the courts consider are the length of the marriage, whether there is a premarital agreement in place, and whether one spouse was financially dependent on the other during the marriage.
Contact Our Divorce Lawyers in Campbell for Help with Your High Asset Case
If you are going through a high asset divorce, you need sound legal advice. At Hepner & Pagan, LLP, our Campbell divorce lawyers can answer all of your questions, find assets, and work tirelessly to help you obtain the best possible outcome. Call us now at 408-429-8336 or contact us online to schedule a consultation with one of our experienced attorneys and to learn more about how we can help.