What are some of the things to consider in a high asset divorce in Carlsbad? Divorce is often quite legally and financially complex. This is especially true when a divorce involves substantial assets such as investments, collections, real property and/or a business or professional practice. What should you consider as you approach a divorce in these cases?
The first issue to consider is the process of asset valuation. One of the first pieces of business you must attend to in a divorce is a disclosure of all assets and debts. Under California family law, each spouse owes the other a legal “fiduciary duty” to provide a full, transparent and accurate disclosure of all assets and liabilities in either or both of the former spouse’s names. This is true whether the asset is considered by the discloser to be a community asset or their separate property.
How do you know what to report as the value of each asset in a high asset divorce in Carlsbad? Some assets may be reasonably estimated by present market value (such as stocks and investment accounts), or through comparable assets as in real estate. Collections can be challenging to properly value. Businesses and professional practices offer substantially more complex legal and financial considerations.
A more precise value for each asset must be established before the Court prior to the division of property. It is not unusual for each former spouse to hire their own expert appraiser. Those who own their own business or a collection wish to see a lower appraisal. If they wish to keep this type of property it will be necessary to offset their former spouse’s community interest in the asset. The lower the value the lower the offset.
The opposite is true for the spouse of the business owner or collector. It is in this party’s interest to ensure the highest possible accurate valuation to ensure the best result from their point of view. The quality of the appraiser, their credentials and most importantly their valuations will be thoroughly tested during a high asset divorce in Carlsbad.
Taxes are another consideration. Divorce has a significant impact on the post-divorce tax picture for any individual. A lot may depend upon your own unique position. Tax considerations are even more important in cases where one former spouse has a high income or net worth and the other spouse has managed the children and household or simply earns much less money.
The most important thing to consider in a high asset divorce in Carlsbad is the selection of your attorney. This is why you need the experienced, proven Certified Family Law Specialists at Burke & Domercq.