When dividing assets in a divorce, there are two kinds of property to consider, community property and separate property. They break down as follows:
- Community property refers to property that belongs to both spouses in a marriage. This includes earnings during marriage, any real estate purchased during marriage, and so forth.
- Separate property refers to property that belongs to just one of the spouses. This could mean inheritance or property specifically left for one spouse, or property that one spouse had prior to marriage.
In high asset divorces, it should be no surprise that disputes may arise regarding the division of property. What’s more, these distinctions can become blurred during the course of a marriage. A Stockton, CA divorce attorney from Shore, McKinley & Conger, LLP can help with these matters.
Stocks, Pensions, and Investments
In many high asset divorce cases, disputes arise over the division of stocks, pensions, and investments that were held during the marriage. Determining the difference between separate and community property is crucial during the divorce process.
Valuation of a Business of Practice
If you or your spouse started or owned a business during your marriage, it will be important to determine the value of the business. When dividing up assets, this will be taken into account regarding who receives what an why.
Disputes Over Retirement Funds
Retirement funds and retirement accounts are a major point of contention in high asset divorces, especially given their value and what it could mean for a former spouse later in life.
Wills, Trusts, and Estate Planning
On the note of matters related to elderly care and well-being, high asset divorces will often require some reassessment and discussion over existing wills and trusts. Circumstances that have changed will need to be accounted for.
Tax Planning Following Your Divorce
After getting divorced, this can greatly alter your tax status and the amount you owe each year. Timing the actual divorce date is important to keep in mind given these financial realities.
Debts in High Asset Divorce Cases
In high asset divorces, a person may offset the loss of certain property by having the spouse also shoulder the burden of debts from he marriage. This is an important tool to help even out the division of property.
Child Custody Matters in High Asset Divorces
Child custody and other matters related to childcare after a divorce are also important considerations at the end of a marriage. Like debts, the division of assets can be affected by determining who receives custody of a child or children.
How Family Law Attorneys Can Help
Family law attorneys can help couples with many assets or a high net worth in myriad ways. In fact, an attorney can offer counsel prior to a marriage. A prenuptial agreement may be drafted in order to take into account the financial situation and specify separate and community assets.
During a divorce, a family law attorney can help smooth over disputes and keep matters as cordial and professional as possible. The end of a marriage can be emotionally fraught, and having a steady and objective third party present to assist with these matters can keep the process moving and mitigate hurt feelings between former spouses.
Learn More About Divorce Law
For more information about your legal rights and options following a divorce, be sure to contact the attorneys of Shore, McKinley & Conger, LLP. We can help you with these kinds of legal disputes and help ensure a simpler resolution for the end of your marriage.