When a California married couple has a high net worth, divorce can be quite complex. It is not uncommon for such cases to involve disputes about property division. This state operates under community property guidelines, meaning all marital property is typically split 50/50 in divorce.
Valuation is a necessary tool, especially if the married couple seeking divorce own business assets. An accurate valuation of the business must take place before the judge overseeing the case can determine who gets what. There must also be full disclosure of all financial holdings and any other assets that would be considered marital property.
If the couple in question signed a prenuptial agreement before their wedding took place, it can have a significant impact on division of property proceedings. In a prenup, a particular asset might be designated as separately owned by a specific spouse. While it is illegal, another problem that sometimes arises in a high net worth divorce case is when one spouse tries to hide assets to keep them from the other.
It pays to learn as much as you can ahead of time about California property division laws if you are headed to court for divorce. Rombro & Manley, LLP, are fully equipped to address any and all aspects of marital property, prenuptial or post-nuptial agreements, or any other divorce-related issue. Relying on experienced legal representation is typically the best way to protect your rights and financial interests as you work to achieve a fair settlement with your former spouse.