High Asset Divorce Attorney and Lawyers in Culver City, CA

Filing for Divorce

Filing for a high-asset divorce can be complicated. In California, couples with $1 million or more in assets are considered to have high net worth; for them, the process of filing for a divorce will be much different than couples with fewer assets. If you’re pursuing a high-asset divorce, here’s what you should expect.

While filing the necessary documents for a high-asset divorce with the court is similar to a traditional divorce with fewer assets, it often becomes complicated once the process of disclosing financial assets and debt begins.

Valuation of Assets

One of the most important things you should prepare for in filing for a high-asset divorce is understanding the value of your assets. This includes tangible items such as homes, cars, and jewelry, as well as intangible items such as stocks and bonds. It’s also essential to consider any retirement accounts or pension plans, inheritances, business interests, and investments. All of these must be accurately valued to ensure that the division of assets is fair to both parties.

With some assets, such as businesses, a professional valuation might need to be done before you file for divorce. This can help assist your divorce attorney and the court during the division of assets process, where the business will be categorized as community property, separate property or a percentage of both.

Hidden Assets

With the high value of assets involved in the divorce, one party might try to “hide” assets to avoid property division. If hidden assets are suspected, your divorce attorney might consult a forensic accountant to review your financial statements and try to uncover the hidden assets.

Tax Considerations

It’s important to consider potential tax implications when dealing with high-asset divorces in California. For example, if one spouse transfers ownership of certain assets to the other spouse during the divorce (such as stocks or businesses), this could result in significant tax consequences. In addition, both parents must file their taxes separately following the divorce, and only the custodial parent can claim their children. It’s important to speak with an experienced accountant about these matters so you fully understand potential tax implications before making any decisions regarding asset division or other aspects of your divorce.