High Net Worth High Asset Divorce
Divorce is a difficult subject for anyone, and any divorce carries the potential to become a messy ordeal. However, the risk of a complicated divorce jumps dramatically when it comes to high net worth divorce. It’s a good idea to hire a family law lawyer for any type of divorce in California, but the need is even greater for high asset property division in Sacramento, California.
Judy Ford, attorney at law, and her legal team can provide the high-quality representation you need for any high net worth divorce in the Sacramento area. With more than a decade of experience in California family law, Judy Ford and her team can determine how to navigate your high net worth divorce and property division in Sacramento, California as efficiently and painlessly as possible.
Why Choose Judy Ford, Attorney at Law?
When you need legal representation for a high asset divorce in the Sacramento area, you need an attorney with the experience and resources to successfully handle such a complex case. California state law is fairly strict when it comes to divorce. Only a few types of assets are typically outside the bounds of the 50/50 division rule for community property. However, in high net worth divorces, many of the assets that come into play in these cases may meet the criteria to fall outside the bounds of typical property division in Sacramento, California. For those that do not, the right attorney can ensure assets are divided fairly.
Judy Ford and her team focus their efforts around the values of strong attorney-client communication, compassion, and the highest regard for professional ethics. Attorney Ford also holds degrees in Finance and Business Administration, providing her with a unique perspective of high asset divorce cases that many other area attorneys simply cannot match. When you are headed for a difficult divorce case, hiring the right attorney with the right experience can make a tremendous difference in the outcome of your divorce.
What Is a High Net Worth Divorce?
The traditional definition of a “high net worth divorce” was any divorce in which the divorcing couple owned more than one million dollars in assets. Today, that number is typically much higher, and “high net worth divorce” could apply to a couple worth several million or even several billion dollars.
A couple making modest incomes could have a complicated divorce, so it should be easy to see why high net worth divorces need special legal attention from seasoned attorneys. Financial issues may be fiercely contested between the splitting spouses. Each spouse should have legal representation from attorneys experienced in dealing with complex fiscal discovery. The total value involved in a high asset divorce case could include real estate value, the values of owned vehicles, artwork, clothing, high-end appliances, and various other household items. However, the assets that typically generate the most disagreement tend to include things like stock portfolios, bank accounts, and private investments.
Understanding Property Division in Sacramento, California
California state law requires divorcing couples to ensure perfectly even property division in Sacramento, California and throughout the Golden State. All the community or shared property the couple owns is subject to division, except in a few clearly defined cases. The state defines community property as any property or assets gained throughout the course of the couple’s marriage. Community property could include all the income each spouse earned during the course of the marriage as well as assets the couple purchased together. This definition also applies to property and assets purchased by one spouse using funds from a shared bank account.
California law also delineates any property gained by one spouse out of state as “quasi-community property” if that property would count as community property if the spouse obtained it in California. Finally, property division in Sacramento, California could also include separate property of various types, and these types of property are not subject to division. Separate property in California typically includes inheritance and gifts received by one spouse and assets a spouse owned prior to entering the marriage.
If a couple marries and then saves up money for a few years to buy a house together, that house would qualify as community property under California state law. If the couple arranged for both of their paychecks to go into a shared bank account created after their marriage, all this income and any accrued savings would also qualify as shared property, even if one spouse out-earned the other by a substantial margin. The difference in income would likely become a factor in any discussions about spousal support, alimony, and child support during the course of divorce proceedings.
Sorting Through Property Division in Sacramento, California
The definitions of community property, quasi-community property, and separate property may seem straightforward at first, but the reality is that this traceability becomes a major factor in any high net worth divorce, and each spouse’s attorney will need to do significant research to determine legal ownership over various types of assets. For example, imagine a divorcing couple with a husband who owned a sports car prior to marrying, but during the course of the marriage, he allowed his wife to use the car very frequently. Over time, the wife used the car more than the husband, and she may assume that she would have grounds to claim it as shared property in divorce proceedings. It would be up to the husband’s attorney to prove that the car was the husband’s separate property that he owned before the marriage took place.
This is just one example of how property division in Sacramento, California can be a difficult subject. The same rules apply to debts as well. Each divorcing spouse would need to provide proof of their connection to a specific debt.
When you hire a high net worth divorce attorney to help you with your divorce, you are ultimately paying for the peace of mind that comes with working with an attorney who understands the complex financial issues that accompany these types of divorces. Spouses involved in high net worth divorces have more to lose than most other divorcing couples, so experienced legal representation from skilled attorneys is a must. If you expect to be ending your marriage in the near future and have concerns about your assets and property division in Sacramento, California, Judy Ford, attorney at law, can help. Contact our team today to schedule a consultation and learn more about how our firm can help you navigate your high net worth divorce with greater confidence.