Protect Your Future by Hiring a Stockton High Asset Divorce Lawyer
If you own a business or professional practice, earn high income as an executive or have accumulated substantial net worth by other means, your divorce or legal separation may present unique challenges. The same is clearly true if you have been the supportive spouse in an affluent family. A Stockton high asset divorce lawyer can help you review prenuptial or premarital agreements, provide negotiation services, or legal representation if needed. At McKinley, Conger, Jolley & Galarneau, LLP, in Stockton, CA, we are dedicated to providing the experienced legal counsel you need to navigate this complex process and will employ our vast knowledge and resources to protect your financial future.
Breaking Down Important Elements of a High Asset Divorce
When dividing assets in a divorce, there are two kinds of property to consider, community property and separate property. They break down as follows:
- Community property refers to property that belongs to both spouses in a marriage. This includes earnings during marriage, any real estate purchased during marriage, and so forth.
- Separate property refers to property that belongs to just one of the spouses. This could mean inheritance or property specifically left for one spouse, or property that one spouse had prior to marriage.
In high asset divorces, it should be no surprise that disputes may arise regarding the division of property. What’s more, these distinctions can become blurred during the course of a marriage. A Stockton, CA divorce attorney from McKinley, Conger, Jolley & Galarneau, LLP, LLP can help with these matters.
Stocks, Pensions, and Investments
In many high asset divorce cases, disputes arise over the division of stocks, pensions, and investments that were held during the marriage. Determining the difference between separate and community property is crucial during the divorce process.
Valuation of a Business of Practice
If you or your spouse started or owned a business during your marriage, it will be important to determine the value of the business. When dividing up assets, this will be taken into account regarding who receives what an why.
Disputes Over Retirement Funds
Retirement funds and retirement accounts are a major point of contention in high asset divorces, especially given their value and what it could mean for a former spouse later in life.
Wills, Trusts, and Estate Planning
On the note of matters related to elderly care and well-being, high asset divorces will often require some reassessment and discussion over existing wills and trusts. Circumstances that have changed will need to be accounted for.
Tax Planning Following Your Divorce
After getting divorced, this can greatly alter your tax status and the amount you owe each year. Timing the actual divorce date is important to keep in mind given these financial realities.
Debts in High Asset Divorce Cases
In high asset divorces, a person may offset the loss of certain property by having the spouse also shoulder the burden of debts from he marriage. This is an important tool to help even out the division of property.
Child Custody Matters in High Asset Divorces
Child custody and other matters related to childcare after a divorce are also important considerations at the end of a marriage. Like debts, the division of assets can be affected by determining who receives custody of a child or children.
What Can a Stockton High Asset Divorce Lawyer Do for You?
High net worth divorce attorneys at our firm combine in-depth knowledge of California family law with financial savvy and decades of experience in matters of business and commercial law. We have also established an extensive network of accountants, appraisers, business valuation experts and others who may prove invaluable for strengthening your position. We emphasize:
- Ensuring that both parties meet their fiduciary duties to provide full disclosure of all marital property, which sometimes requires forensic accounting and other methods of exposing concealed assets
- Establishing our clients’ ownership of separate property such as that acquired by inheritance
- Obtaining business, property and other asset valuations that properly reflect current market conditions and our clients’ unique concerns about their investments
- Asserting and defending our clients’ interests in negotiations or litigation to establish spousal support (sometimes called alimony) when either party seeks it
- Advising clients on all aspects of divorce with a family business as a critical asset, including the likely impact on other partners and options associated with either sustaining or dissolving that business
- Providing wealth and estate planning services aligned with our clients’ needs during and after divorce
Choosing a firm who does not have the same priorities or specific experience in high net worth divorces can have a significant impact on the outcome of your case.