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High-net worth property division: Categorize your assets

On Behalf of | Jan 22, 2019 | Firm News, High-net Worth Property Division |

Many married couples choose to live in California for the weather and/or other amenities. Not all of them take time to research divorce laws before moving to a particular state. Any spouse confronting divorce proceedings involving high-net worth property division will want to become familiar with the community property guidelines that are followed in this state.

Nine states operate under community property rules in divorce. It means that the judge overseeing a particular case will typically divide marital assets 50/50. If spouses signed a prenuptial agreement before they were wed, the terms of that contract may have significant bearing on property division proceedings in divorce.

Marital assets can basically be separated into categories, including real property, personal property, financial assets and those related to business. In order to protect one’s interests, it is always best to make sure that full disclosure has taken place. If a spouse has reason to suspect his or her former partner of trying to hide assets to keep them from being subject to division, immediate steps can be taken to further investigate and to rectify the situation in court, if needed.

Real property includes assets, such as the marital home, vacation property and any owned land or rental properties. Personal property, on the other hand, includes motor vehicles, clothing, jewels, artwork or items, such as rugs, furnishings, appliances and collectibles. High-net worth property division proceedings can be quite stressful, especially if spouses disagree or suspect each other of wrongdoing. An experienced California family law attorney can help a concerned spouse overcome any proceeding obstacles that arise.