High-asset divorces can be complicated
California is a community property state, which means that spouses who are divorcing generally share equal ownership interests in any assets acquired during the marriage. This approach covers both material and immaterial assets, including bonds and stocks owned by more affluent couples. In a high-asset divorce case, the assets that are part of a marital household are typically worth several million dollars or more.
Dividing up assets can be challenging if there is no prenuptial agreement. Valuing assets like real estate, stock options, art collections, jewels and corporate interests can complicate divorce proceedings. However, there are ways to minimize some of the stress associated with the process.
How to ease the stress of high-asset divorce
Knowledge is power. And power can minimize stress. As such, if you’re divorcing a high-asset situation, you’ll want to take an inventory of all your shared marital assets. Enlisting the help of an accountant can help ensure that nothing is overlooked. They can also work with your legal team to uncover any hidden assets that your spouse may have kept secret, and can also address tax-related matters while calculating the total worth of your assets.
If you own collectibles or are unsure of the value of any of your properties or assets, you should consider hiring an appraiser. Because the market value of items such as artwork, collectibles, expensive automobiles and jewelry changes frequently, it is critical to have them evaluated regularly, especially if you are going through a divorce.
Recognize that dividing highly valuable marital assets will take time. Things may become tricky when one partner refuses to sell an item. In order to fairly divide assets, your bank accounts, trust funds, retirement savings and 401(k) will all be closely examined. It’s important to be patient and clear about your expectations while splitting assets.
Careful planning and constant supervision are necessary in high-asset divorces to better ensure that each partner receives an equitable share of the assets. Therefore, you’ll want to seek assistance with the process as soon as possible.
