Protecting The Rights Of Orange County Clients In High-Asset Divorces
When a divorce involves sizable marital estates, things can quickly become even more complex and contentious than they do in a standard divorce. Our team of divorce attorneys at Nelson Kirkman understand.
Our firm has served clients in Newport Beach and across Orange County since 1998. We are prepared to advise you of your rights, advocate for you and help you start on a positive note after a divorce involving significant assets.
What Makes A Divorce High Net Worth?
Generally, high net worth divorces are divorces involving $1 million or more in assets. Often, they include stock options, two or more real properties, businesses, retirement accounts and other assets that are complicated to value and divide according to California community property laws. In these cases, you need exceedingly experienced and skilled attorneys who have handled numerous high-asset divorces successfully.
The Importance Of Valuations In A California High-Asset Divorce
Do not estimate the value of certain assets on your own. Work with an experienced divorce team and a reputable appraiser to determine an accurate value. If you do not, you stand to undervalue or overvalue a piece of property and lose a great deal financially in your asset division arrangement.
How Can A High Net Worth Divorce Affect Your Taxes?
In addition to your filing status changing from married to single, your tax bracket may change following your divorce. If you have significant liquid assets, liquidating them may invite a capital gains tax penalty. Depending on how you divide your retirement assets, you may have to pay an early withdrawal penalty. You can also no longer deduct spousal maintenance payments from your taxes or count them as reportable income.
Tips To Financially Prepare For A High Net Worth Divorce
It can feel intimidating to consider your future if you have significant assets and want to keep your current lifestyle. Try to consider some of these points:
- Gather as many financial records as you can.
- Start thinking about which assets and property you want to keep and which you can give to your spouse or sell.
- Do not make any sizable withdrawals or transfers from your accounts lest your spouse accuses you of diverting assets.
- Consult a divorce lawyer who can advise you of the implications your choices have.
Remember, you do not have to go through the process of divorce and asset distribution alone. Our team of family law attorneys is here for you when you need trustworthy advice.
Get The Divorce And Financial Legal Advice You Deserve
You can turn to Nelson Kirkman for the financially aware, experienced counsel necessary during a high-asset divorce. You can call us at 949-430-6952 or send us an email today to schedule your initial consultation.