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High Assets and Even Higher Risks
Divorce is a complicated process. It becomes even more complex when a couple accrues considerable wealth throughout their marriage. California is a community property state, meaning that without a prenuptial or postnuptial agreement stating otherwise, all marital assets accrued during the marriage are subject to equal division between both parties. In high asset divorces, such a division can be costly.
Know the Marital Assets at Stake
Couples may accumulate intangible and tangible assets throughout their marriage. Intangible assets can include significant business relationships or skills. Tangible assets are more recognizable and include:
- Accounts receivable
- Equipment
- Inventory
- Machinery
- Physical property
- Real estate
Both intangible and tangible assets are considered in the division of assets.
Identify Separate Property
Our attorneys will help you determine whether a given asset is considered community or separate property. Typically, separate property is anything you were gifted or inherited. Establishing these assets as individual property is important as it ensures you may keep them in their entirety.
Ensure You and Your Spouse Are Transparent in Disclosing Assets
It’s vital to remain honest about your assets. Consider hiring a forensic accountant if you have any doubts about your spouse’s honesty. They can help uncover any suspicious activity such as abrupt account closures or asset transfers.
Hiding assets is a serious matter in California courts. If either party attempts to falsify their presentation of assets, they could be held in contempt of court, and may be charged with perjury.
Take Your Time
Wealthy couples with complex assets often compromise to reach a faster agreement and end the process. While the amicability is admirable, passive agreements could be costly in high asset divorces.
Couples should take their due time to communicate their wants and the matters of their divorce. Patience is a virtue that could save you a significant sum of money.
Contact Samra Dhillon & Associates for personalized assistance with your high asset divorce.
