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How is a high-asset divorce different?

On Behalf of | Sep 29, 2022 | Divorce |

You may have been married for many years. During that time, your career was booming and you were able to build a really good life for your spouse and you, including a lot of valuable assets that you could enjoy together.

Now, many years down the road, things are not going so well in your marriage and you can’t figure out any recourse besides getting a divorce. It seems to be the only solution and the only way that you can be happy again since you and your spouse are really not making each other happy anymore. The issue is that it will not just be an ordinary divorce. It will be a high-asset divorce because of all of the valuable things that you have collected over the years together.

More complex property division

In a divorce, any divorce, you will divide your property and your debts with the other spouse. In many divorces, you and your ex-spouse have an amicable relationship and are able to agree upon how to divide your marital assets and debts. However, in a high-asset divorce, there is a lot more at stake (financially) and you will probably need the assistance of a judge to help you divide your assets and debts.

The definition of marital property is anything that has value (in other words, anything that you can buy or sell, such as a house, motor vehicle(s), furniture, bank account(s), pension, 401k, and stocks. In California, even if you and your spouse agreed on how to divide your assets between you, it is still necessary to have a judge issue a formal order regarding your assets.

Which property is subject to division?

When a couple decides to divorce, there are two types of property that are considered. One type is separate property and the other is community property. Usually, community property is the type that is divided when a couple divorces. That is the property that you have acquired together when you were married. The same goes for debts. You are both responsible for the debts that you have accumulated during your marriage. It stops being considered community property once you separate.

You may have more community property than you think. You may have to really think about what is community property and you need to make sure that you take everything into consideration. Whatever is community property is half yours.

Solid advice from a California divorce attorney

If you are divorcing and have a great deal of assets to divide, the advice of a knowledgeable Claremont, California, divorce attorney may make things much easier and less painful. The attorney can give you valuable advice and will guide you on how to protect your rights in the most effective way possible.