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.
It may also be essential to know how to properly approach business valuation. To negotiate a fair divorce settlement, it is essential that the divorcing spouses are aware of all of the couple's assets. Assets must also be accurately valued which may require valuation experts. Property division can be a complicated and challenging aspect of any divorce and may be increasingly so during a high asset divorce. Having a better understanding of how property is divided during divorce can help.
The family law process provides property division resources to help guide couples through the divorce and property division process. Being familiar with how property is divided can help couples tackle challenging aspects of their divorce, such as property division, in a more peaceful and productive manner.