A complex, contentious divorce is a life-altering event for any family. A high-net-worth divorce presents extraordinary financial complications because of the large number of assets you and your spouse may own.
The pain of divorce affects everyone in the family. Parents want to preserve the best possible futures for themselves and their children. Regardless of economic status, California divorce laws pertaining to property and debt apply to everyone. However, high-asset divorce cases have unique complexities, including publicity that may surround wealthy individuals.
California is a community property state. Community property and community debts are usually divided equally. Errors can be costly in complicated property and debt divisions. To properly finalize your divorce with a fair division of your property and debt, all parties must provide the court with an accurate, honest disclosure of all assets.
California law mandates that you and your spouse reveal all assets so that the court can accordingly determine a fair division. In some divorce cases, a spouse may attempt to hide assets to reduce the financial obligations required by law. Examples of concealed assets may include:
- Undervaluation of a business
- Nondisclosure of pension plans
- Funds sent to offshore accounts
- Loans and gifts to family or friends
Understanding the legal issues regarding high-net-worth divorce in California will prepare you to face the daunting challenges of a marital breakup. By protecting the financial and emotional well-being of your family, you can confidently move on to a new chapter in your life.