Premier Orange County Representation For High Net Worth Divorces
Going through a complex divorce is bound to result in complicated issues that require skillful legal representation, so you defend your right to keep or control certain valuables following your divorce. This is especially true for divorces involving multiple residences, art collections, securities, business investments, professional practices, intellectual property, recreational vehicles, boats, significant retirement accounts and other assets. When you are looking for an experienced family law attorney to effectively represent you in your divorce, you want to be sure they can stand up to the task.
At Maggio Law Orange County Divorce Attorneys, our attorneys have over 50 years of combined experience representing clients across California with their divorce needs. Our law firm has grown over this time through word-of-mouth referrals. Former clients tell us they were particularly confident in our services because we anticipated their legal needs and were meticulous about the details that mattered to them. We will do the same for you. We work with you to develop a strategy that focuses on protecting the future of your financial stability. Sometimes, this means pulling in other financial professionals, including your accountant or wealth management company representative, for assistance with crafting a solid plan. At other times, we may encourage you to use mediation to efficiently protect your best interests.
Understanding How To Approach Asset Division In Your Divorce
When either you or your spouse have assets valued at $1 million or more, the property division aspect of your divorce or separation can be considerably different from a typical divorce.
There are many ways a high asset divorce can be more complicated than a traditional one, with most differences related to the asset division process. For example, forensic accounting is common in these cases to investigate the possibility of hidden assets. Additionally, valuations of significant assets, like real estate, vehicles, heirlooms, jewelry and even businesses are necessary to ensure the assets are accurately divided. Due to what is at stake, these cases also often take longer and require more negotiation or litigation to resolve.
Our lawyers’ decades of combined experience make our firm a valuable asset for any Orange County high asset divorce. We are prepared to act as your advocates through your divorce, answer your questions and provide you with honest feedback about the process. You will never be left in the dark about your case or what we are doing for you.
What To Know About Fiduciary Duties In California Family Law
When you get married in California, you automatically owe a fiduciary duty to your spouse. However, your fiduciary duty lasts even after you separate. The duty will continue until the division or distribution of all assets and property is complete, usually at the finalization of your divorce. However, in contested or complex divorces, the final distribution of property may occur after the divorce is finalized.
The fiduciary duty provides that you must share information about shared property and debts, discussing decisions involving shared property, such as real estate transactions or selling items both parties use. You cannot mismanage the property and you cannot prioritize any individual property above the shared property. You must also transparently report any changes in your income or employment, changes to the mortgage or taxes, lawsuits impacting real estate or any other matter relating to the property. If you or your spouse breaches this fiduciary duty, you may face sanctions and potentially lose half of the asset.
Can You Protect Your Assets In A High Net Worth Divorce?
The division of assets is often one of the most contested aspects of a divorce. Even in an amicable divorce, large estates are challenging to divide and negotiate. However, there are ways to protect your assets. One solution is to draft and sign a postnuptial agreement defining the division of assets in case of a divorce. We can also help you negotiate a settlement that works in your favor for shared property.
What Does The Discovery Process Look Like In A High Asset Divorce?
Discovery is the process of gathering information and sharing it with the other side. In a high asset divorce, the information collected typically includes financial disclosures, bank account information, property valuations and information about your estate and property. The discovery period will begin after one party files for divorce. Each side will request information and documents from the other and any relevant third parties. You will also receive interrogatories, which you must answer and respond to within 30 days.
What Are The Tax Implications Of A High Net Worth Divorce In California?
The tax implications of a high net worth divorce can make your situation even more complicated. If you receive property in the divorce settlement and decide to sell it, you will have to pay a capital gains tax on the profit. If your divorce settlement involves spousal support or alimony, the spouse receiving the money will pay taxes on it as a source of income. However, the paying spouse can write off the alimony payments as a deduction.
How Can You Prepare For A High Net Worth Divorce?
While no divorce is easy, taking steps to prepare for your high-asset divorce can help make the process more bearable. The first thing you can do is to ensure that you organize your financial records and assets. Divorce involves a tremendous amount of paperwork. Having what you need ready to go can help streamline the process. You should also make a list of all your assets and debts to help determine what to ask for in the settlement. You should also find an experienced high-asset divorce attorney to help guide you through the process that you are comfortable with.
We Will Help You Defend Your Future Financial Stability
When you are facing a high asset divorce, you want to be sure that your Orange County divorce attorney has your best interests at heart. Contact us today to learn how we will stand by you. Call us at 949-227-3001 or email us here to schedule your initial consultation today.