Many issues need to be sorted through during a divorce. The event itself is emotionally charged. However, you should not allow the strength of your feelings to cloud your judgment about material interests.
California is a community property state, which means that property acquired during the marriage must be divided equally between the two spouses. Marital property is distinguished from separate property, which includes everything you owned before the marriage. Separate property may also include items and gifts you were given during the marriage that was meant exclusively for you.
High Net Worth Divorces
These types of divorces differ from most in that they include the division of a high-value estate that has come to the couple through inheritance or through the development of business or investment.
The complexities of discerning and dividing the assets in a high net worth divorce tend to be considerable. If you are the spouse who made a vast fortune while you were married, then you will need a top legal team to secure your interests. This is especially important if you founded and built up a large business. In such cases, you may need to share the financial dividends of the company, but you may be able to keep operational control.
The Complexities of Hiding Assets
You may be frustrated at the thought of sharing half of everything you have earned with your spouse. As a result, you may be tempted to hide certain assets. Beware though - doing so may prolong divorce proceedings.
It may also backfire. Your spouse’s legal team will probably hire a forensic accountant. Such professionals are trained to find hidden assets. If the court discovers that you did not give a full accounting of your money and assets, you may be ordered to provide more than half of your fortune to your spouse.
On the other hand, if you suspect your spouse of hiding assets from you in your divorce, it would be in your best interest to contact a Murrieta divorce lawyer as soon as possible. The attorneys at the Law Offices of Michael D. Iverson have a deeper understanding of the complexities involved in a high net worth divorce. We can provide you with better solutions to help protect your financial future.
If you need legal assistance with hidden assets, call us today at (951) 418-2770.