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Los Angeles Family Law Blog

Understanding property division in high asset divorces

Although California is a community property state, and divorcing spouses are each entitled to half of the marital property, in reality it can be challenging to divide assets built up over the course of a marriage in half. In circumstances of a high net worth divorce, the assets can be especially complicated to divide. A high asset divorce can involve a number of valuable assets that must be disclosed, valued and divided so it helps for divorcing couples to understand the process.

In addition, because California is a community property state and marital property is divided in half, it is important to understand how to properly categorize property and to also understand how property is categorized as separate property which is not subject to division. High asset divorces can include a number of complex assets that must be divided such as joint bank accounts; stocks and stock options; pensions and retirement accounts; insurance policies; commercial and residential real estate investments; high-value art and other home furnishings; intellectual property; and other assets as well.

The case that made palimony possible in California

As you may already know, palimony is a lot like alimony. Palimony refers to the compensations arising from two unmarried spouses after they have separated.

Palimony has existed in California since a 1976 state Supreme Court case involving actor Lee Marvin and his partner Michelle Triola Marvin. The couple split up after living together for several years. Because they were not legally married, there was no property divided or spousal support ordered when they ended their relationship.

Understanding parental alienation

When you finally come out on the other side of a divorce, you think the worst is behind you. It was likely the most painful and stressful thing you've endured so far. Though life has changed, you can finally breathe a sigh of relief that you survived it and can move forward.

Then your ex tells you that you can't see your children during the time you had scheduled. Then it happens again. And again. When you do get to see them, they seem distant and cold. One of them tells you that your ex told them that you didn't love them anymore. Suddenly, you realize you're still in the throes of it.

What's mine? What's yours? What's ours?

For some people, the property division process during divorce is the point at which people start seeing the reality of transitioning from a marriage to two separate lives. Not surprisingly, this can make people feel scared and overwhelmed.

A particularly challenging part of property division is deciding which property is eligible for distribution in the first place. In accordance with California property division laws, community property will be divided between spouses. However, not all property is community property. We examine the different types of property below.

Finding a custody arrangement that fits your family

Sharing physical custody of your children after divorce can be an extraordinarily difficult experience. Not only do you have to adjust to splitting up parenting time, you also need to figure out the logistics of where you, your ex and your kids will all live.

This can be a challenge, and there is no one right answer. Depending on numerous details of your specific situation, there may be different options to consider when it comes to how you plan to share custody. Below are a few options that you may want to explore.

  • Super Lawyers
  • State Bar Of California | CBLS | California Board Of Legal Specialization
  • Beverly Hills Bar Association
  • LACBA | The Los Angeles County Bar Association

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