Any divorce proceeding can be difficult and complex. However, when a larger amount of assets are on the table, it can make the division more complicated. When partners cannot agree on their asset division during a divorce, then they will fall into some sort of default division—like equitable distribution, which can be even more stressful.
If you or your spouse have a significant amount of assets or net worth, it is imperative to hire an experienced attorney who knows how to handle the complexities of a high-asset divorce. The divorce attorneys at the Law Offices of Stephanie L. Mahdavi are here for you to make the proceedings as straightforward as possible and reduce your stress.
A high asset divorce will always involve a significant amount of assets and net worth. A divorce can be deemed a high asset divorce if one or both spouses have acquired more than $1,000,000.00 (one million dollars).
High-asset divorce proceedings are typically lengthy and tedious because of the amount of paperwork and due diligence involved. All assets must be identified, and all property must be given a proper value. Additionally, there are typically investigations into property and investments, including cryptocurrencies like bitcoin.
High asset divorce will generally have the same aspects and issues as a normal divorce, like:
While these processes may be more complicated because of the high stakes involved, they are still approached in the same way. Where a high asset divorce differs from regular proceedings is in the equitable distribution process. The process is different because, in such cases, there are typically multiple properties to consider, investments within various markets and industries, business ownership, and the high offset of earnings between the spouses (if the net worth is coming from one partner vs. the other).
Due to the complexities involved in a high-asset divorce, the partners will need to hire a series of professionals to go over their worth. They will need to hire accountants, lawyers, forensic accountants, and other financial professionals to ensure all assets are accounted for before proceeding with the divorce and division of property.
Both parties are obligated to disclose all assets in a Preliminary Declaration of Disclosure. This will establish the worth of all property and establish what is separate and what is community property.
After this, professionals will typically ensure all assets have been properly disclosed and that a declared value has been given to all possessions. If either party does not properly disclose their assets or declare a true value for their property, they will likely have sanctions and fees imposed against them.
From there, then the property will be divided either through mutual agreement or as the court deems best as provided by California law.
If you are going through a high-asset divorce, contact the Law Offices of Stephani L. Mahdavi. Our experienced Westlake Village divorce attorneys are here to help you.
We have two decades of experience and have the legal understanding to handle even the most complex divorce cases. To schedule a meeting with a California divorce attorney, please call 805-379-4550 or complete the online form.