One thing of value in your home is a large collection of artwork that you and your spouse collected over the years. You've both been avid art collectors for many years, and both of you have invested thousands into your own little gallery.
You and your spouse both make good money. Together, you easily pull in six figures. Now, you know that you're going to be going through divorce, and the lifestyle you've become accustomed to could end.
If you're thinking about entering a state of matrimony, you probably don't care what state you're in. Other than a few details, like jurisdictions that allow people to self-affirm their wedding, states have similar approaches to marriage. This is why federal law allows states to recognize marriages officiated in any other state in the United States.
High-asset divorces can be tricky to handle. You may have many properties, multiple investments, loans, stocks and other assets that all need to be identified and divided in accordance with California's laws. Since California is a community property state, there is a likelihood that your marital assets will be split down the middle. If you're not comfortable with that 50-50 divide, then you and your spouse can discuss dividing your assets in another way.
You have a lot of money invested into your marriage, and it makes sense that you'd be worried about it. California is a community property state so that means that your marital property is likely to be divided right down the middle. If you're the one who has invested the most into the marriage, this can be terrifying and frustrating.
Prior to getting involved with your current spouse, you'd set up your own business. They came to work for you as your employee, and later on, many events led to you both getting married.
If you are going through a high-asset divorce, there are some things that you can do to make it easier for yourself. The first is to make sure that you exchange information about your assets and debts honestly with your spouse. The second is to make sure they do the same thing for you.
In any high-asset divorce, one asset that you should remember to have appraised is artwork. Artwork won't always be worth thousands or millions of dollars, but a few pieces worth several hundred dollars will add up.
High-asset divorces have a lot of complex factors to consider. From deciding how to handle the marital home's sale or transfer to splitting up retirement accounts, there is a lot to do.
A high-asset divorce doesn't have to be complicated, but they are usually complex. Working with an attorney who is familiar with a high-asset divorce case and has a track record of positive outcomes for their clients is the key to moving forward and knowing your interests are protected.