Even in the best of circumstances, divorce can be a complicated and emotionally trying process. When there are significant assets involved, however, things can get much more difficult. The issue of property division needs to be settled, and if the parties are unable to come to an agreement about how they will divide the marital assets, a court will do it for them. For this reason, it is critical for anyone with significant assets who is considering divorce to retain a qualified attorney to make sure that their legal rights are protected.
Certain Assets may be Difficult to Divide
Under California law, there is a presumption that any assets that are accumulated during a marriage are community property, meaning that the assets will be divided equally between the spouses. While splitting the funds in a bank account is a relatively straightforward process, the same cannot be said for many other types of assets that high-net-worth individuals may own. For example, a family-owned business presents significant difficulty when it comes to splitting marital assets between a divorcing couple. In many cases, it is impossible to “split” the business, requiring the parties to assess its value and one spouse “buying out” the other. Other assets that can cause difficulties include the following:
- Retirement accounts
- Stock options
- Real estate
- High-value personal property
Spousal Maintenance can be a Highly Contested Issue
While dividing marital assets itself can be a complicated matter, the issue of spousal maintenance can be as challenging and hotly contested. Maintenance, often referred to as alimony, is regular payments made from one spouse to the other. In determining whether and how much maintenance to award, the court looks at a variety of factors, including the length of the marriage, the standard of living establishing during the marriage, the age and physical health of the parties, the relative earning potential of each party, and more. In a high-asset divorce, maintenance payments can be significant and could very well be into the tens of thousands of dollars on a monthly basis. For this reason, it is important for anyone who believes that spousal maintenance may be at issue in their divorce to speak with an experienced attorney as soon as possible.
Call Razai & Nefulda, APC Today to Speak with an Orange County Divorce Attorney
If you are considering divorce or have already started the process of ending your marriage, you should speak with an experienced Orange County divorce attorney immediately. We are committed to providing professional and solution-oriented legal advice and representation to each client we take and work tirelessly to ensure that we resolve each case as favorably as possible. To schedule a free consultation with one of our lawyers, call Razai & Nefulda, APC today at 714-663-9900. If you would prefer to contact us via email, please fill out and submit our online contact form.