High Asset Divorce Lawyer
Protecting Complex Assets and Preserving Wealth in Divorce
When you have reached a certain level of success in life, you don’t want to find yourself having to “start over” after a divorce. Your assets need to be protected, and to ensure that happens, you need the right legal team on your side.
You need attorneys who are prepared to handle the challenges of a high-asset divorce.
At Holstrom Block & Parke, APLC, our team understands how to anticipate the potential problems and how to position you to stay ahead during and after your divorce. We are Board Certified Family Law Specialists, and we’ve been helping high profile clients gain the best advantages in divorce for decades. You can trust us to keep an eye on the big picture while also managing the smallest of details. All of it matters.
What Makes High Asset Divorce So Complicated?
Even a so-called simple divorce usually involves some issues that cause conflict or that can be interpreted in numerous ways. When a divorcing couple owns a lot of assets, each one can be complex in its own way.
For instance, if one or both partners own interests in a business, at least a portion of that business will probably need to be divided as marital property, and that will require a complex valuation process, a workable plan for buying out one spouse’s interests, protections to keep the business operating profitably during the divorce, and a host of other plans. Some of the other complications of a high asset divorce often include:
- Use of forensic accounting methods to discover assets
- Appraisals of unique property
- Valuation and division of executive compensation packages including stock options and deferred compensation
- Professional analysis to minimize tax burdens
- Accurate calculation of income for alimony and child support purposes
- Obtaining Qualified Domestic Relations Orders (QDROs)
When your legal team is used to working with these situations, they can stay a step ahead in the process to avoid problems and effectively strategize to ensure you receive the settlement you deserve.
Understanding Community Property
You’ve probably heard that California is a community property state. What that means is that property that is legally considered to belong to both spouses will be divided equally in divorce. Property that is one spouse’s separate property will stay with that spouse after the divorce and not be divided. The same holds true for debt. But many people don’t understand when property is jointly-owned and when it is separate.
Anything you earned during your marriage or bought with those earnings is community property, even if it is only in one spouse’s name. If you received an inheritance or a gift (from someone other than your spouse) during the marriage, however, those assets would usually be your separate property. In addition, things you owned before you got married are also usually your separate property rather than community property.
However, matters get very complicated because separate property can turn into community property, or it can become a mixture of separate and community property when different types of property are commingled together. For example, if one spouse made a down payment on a house before the marriage but the couple made mortgage payments during the marriage, then the equity in the house would be partially community property divided in the divorce and partially the separate property of the spouse who made the down payment. We use work with forensic accountants to trace separate property so clients receive the right allocation of property and debts.
Experience Matters in a High Asset Divorce
The terms of your divorce settlement will affect your life for years to come, so it makes sense to invest your time and resources to ensure you receive the full amount you are entitled to under the law. At Holmstrom Block & Parke, we know how to advocate effectively to protect your interests in complex situations so that your future is protected. Schedule a strategy session today to get started.