A divorce, is legally known as a dissolution of marriage.
If you are considering moving forward toward a separation and eventual divorce from your spouse, one of the complicated part of the process will be to decide how to split the assets fairly.
Determining what is community property is usually quite complex.
Generally speaking, the Courts will consider your family assets as a whole, such as the family home, and will include anything else of value, such as pension plans, retirement benefits, and investments.
This can become an issue when one spouse holds a larger pension than the other, perhaps because their earnings were more significant, or because the other spouse ceased working to raise children and be a stay at home parent.
Pension assets in a dissolution of marriage are often highly disputed.
Emotions get involved, large amounts of money are at stake, and the recipe for a nasty divorce is set.
As both sides in the divorce proceedings have an interest in what values are placed on the pensions, real estate holdings and investments, setting a proper valuation becomes imperative in contemplating a divorce settlement.
To achieve an equitable division of assets and liabilities you will need a family law attorney who is experienced with valuations of business, real estate holding and personal property.
California is a community-property state, which means all assets and liabilities considered "marital property" must be divided equitably between the parties.
Once marital property is identified it must be valuated.
In a high-asset divorce case, property division is a challenging process.
Your divorce attorney will represent you throughout this process and negotiate on your behalf for the best possible result for your case.
Assets that are considered include: Real estate Personal property such as cars, jewelry, furniture and antiques Retirement and bank accounts Inheritances, stocks and bonds Businesses and other entities Pensions In high-asset divorces, property often includes business assets.
Businesses, by virtue of the way they are structured or organized, are complicated assets for valuation purposes.
Your divorce lawyer can provide forensic accountants to value any businesses in your case.
If need be, court orders can be obtained for valuation of businesses.
Even valuation of normal property such as homes and cars can be complex.
Your family lawyer will also examine the standard of living during the marriage.
In high asset divorces, it is extremely important to have an experienced and qualified family law attorney who can provide you with expert advice.
You need an attorney who can offer solutions from a business perspective as well as a traditional family law viewpoint.
Choose your family law lawyer very carefully.
It can make a big difference in your marriage dissolution and settlement agreement.