If you are a divorcing couple and you have various high-value items, such as luxury cars, antique furniture, antique coins, jewelry, or any other high-value item, you may find yourself in disagreement with your spouse about who is entitled to which assets. Unfortunately, issues of this nature are oftentimes very common amongst high net worth individuals, which is just another factor that makes high net worth divorces all the more complicated. If you and your spouse are currently at odds regarding which assets belong to whom, you must continue reading and speak with our experienced California divorce attorneys to learn more about the legal process ahead and how our firm can help. Here are some of the questions you may have:
How do courts determine what is marital property and what is separate property?
Generally, courts will view all or most property purchased during your marriage, or jointly before your marriage, as marital property, which means that, in many cases, this property will be subjected to the equitable distribution process. That being said, when it comes to high-value assets, this is not always clear from the start. When high-value items come into question, courts will consider a wide array of factors, even if the property was purchased during the marriage. For example, they will consider the source of funds for acquiring the property, they will consider where and how the property was purchased, and they will consider who purchased the property/primarily used or appreciated the property, among other things.
What outside parties may be involved in dividing assets?
Oftentimes, high-value assets are complex enough that we will have to bring in certain outside parties or specialists who can accurately value these assets for the equitable distribution process. For example, oftentimes, high-value items will demand certain appraisers get involved in the process. Our firm can work to ensure only the most proficient appraisers and other third parties are involved to ensure your assets are accurately valued for the equitable distribution process.
What effect will a prenuptial agreement have on high-value assets?
As you may know, prenuptial agreements are established for couples to protect certain assets from divorce. So, if you and your future spouse signed a prenuptial agreement before you were married, and that agreement included certain high-value assets, such as a luxury car, those assets should be protected from the equitable distribution process. The same goes for postnuptial agreements, though these agreements are drafted exclusively after marriage.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.