When you accumulate expensive assets during a marriage, it's important to understand what rights you have to them while going through a divorce. A high asset divorce can be a complicated process since one person could essentially walk with the majority of the money and property. There are different aspects to consider that will give you a better understanding of what to fight for and what to know when going through the separation.
Types of assets
It's important to be fully aware of the assets in your marriage and to have accurate appraisals and valuations done. Depending on the details of the asset, your lawyer will be able to determine whether it is community property or separate property. It is also common for hidden assets to exist. Your lawyer will help expose hidden assets and can freeze them with a temporary restraining order.
These are some of the common valuables in a high asset divorce:
- Businesses and professional practices
- Retirement and pension plans
- Upscale furnishings/art
- Cars, boats and planes
- Multiple homes/apartments/condominiums/vacation property
- Investment real estate
Many times in a divorce, the focus is solely on surviving the legal fees and getting officially separated. Although it can be an exhausting process, it's essential to think about the future and what you'll need. Here are some aspects to look at for your future:
- Marital and non-marital division of debt and other assets (ex. Checking/savings accounts, investment accounts, retirement accounts, pensions, etc.)
- Determining your standard of living and therefore receiving the necessary spousal support and child support payments
- The impact of paying off the debts gained before, during and after marriage
- Seeking fair division of debts
- Transferring assets from a pension, 401(k), retirement plan or different financial account by outlining Qualified Domestic Relations Orders (QDROs)
Paying now to save later
Although divorce can be an expensive process, finding the right divorce lawyer in San Diego will save you money in the present and in the future. You will want to verify your legal team is going to advocate for you and get you the best financial results possible. By paying and researching for the best lawyers now, you will save an extreme amount of money down the road.