Couples with more assets such as higher-value properties, possesions, and portfolios face the same issues as those without as many assets. The only difference is that divorce becomes a bit more complex and each side may feel that there is a lot on the line! This can also created heated emotions that clear our thinking and creating a "win at all costs" mentality. When a couple with high assets begins a contested divorce, it can become VERY expensive and in many cases exceed a few hundred thousand before settlement. For over 3 decades we've helped couples of all economic levels navigate the complex divorce issues that come along. With over 3 decades of experience, we've seen it all.
While it is the American dream to earn enough to provide financial security for one's self and their family, it can also create a stressful headache in the occurence of a divorce.
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Difficulty of High Asset Divorces
The more assets and money involved n the estate, the harder it is for people to understand and mentally estimate the value of their worth and possessions. This leads to many high asset divorces being one-sided, with one of the individuals not receiving a fair share of the marital assets and value which is precisely the goal of any family law attorney, but not with mediation.
High Asset Estate
High asset estates are often spread out across many areas, not leaving all your eggs in one basket. When it comes to a divorce these matters complicate an already stressful and difficult process. Simply even the process of "asset discovery" can be a very lengthy process, not to mention the possibility of creating more chaos if one spouse has not been truthful to the other about the full level of assets.
And even with this, ambiguity still exists, not all assets are easy to translate into financial value. Stocks, business values, antiques and artifacts that many high asset individuals own, are not easy to value and can create a challeing situation for courts to determine a fair and equitable distribution.
Another layer to add on is family stress and dividing up the assets involved. There is always bound to be a disagreement which is an unfortunate side-effect of fears and paranoia.
At this moment, the State of California does not assign any special way of handling high asset divorces.
How Courts Assess High Asset Divorces
Courts handle high value assets throuh a process called "valuation". Valuation is not an exact science and could benefit from the use of several experts such as a property appraiser or forensic accountant.
A property appraiser can appraise any real property in the estate, which can be helpful when the parties dispute over the value of a property. An appraiser should be selected thas has the expertise in the family court system since they may be required to testify in court.
While a forensic accountant is helpful in playing a role where cases when a couples estate has never been appraised of the family's finances prior to the divorce process. The accountants role is to educate the spouse so that he/she can make an informed decision of a time of settlement.
These types of cases can be extremely complex, with our 3 decades of experience, we've helped many couples with high asset valuations come to an agreement on the equal distribution of all assets so both can move on with their lives.
For a free consultation, please fill out our "Start Evaluation" form or give us a call!
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