We know that every divorce has its own level of financial complexity and emotional toll, but when a divorce involves dividing a high number of assets, like multiple businesses and homes, it can be especially challenging.
According to a recent study performed by the U.S. Census Bureau 97,315 men and 112,111 women got divorced in California, with 8% of men and 20.7% percent of women in California married multiple times. The high-asset divorce attorneys of The Law Offices of Ronald K. Stitch are specialized in these types of complicated cases throughout Westlake Village.
How do you find out what your spouse makes to determine spousal support/alimony?
To find out the full income and assets (even if he/she tries to hide them), of your spouse before your divorce in California, make copies of tax returns, bank account statements, investments, and pay stubs. If assets are hidden, one of our divorce attorneys will be able to investigate where they are by interviewing employers, family members, friends, and more. It’s also a good idea to document the lifestyle you have been living as proof by way of collectibles, art collections, jewelry, cars, vacations, and more.
According to section 4320 of the California Family Code, the amount of alimony a spouse receives is based on these factors:
- Age and health of each spouse
- Length of marriage
- Lifestyle during marriage
- Income and property (separately) of each spouse
- The capability of the supported spouse to find work
- Contributions made to the education of the supported spouse by the supporting spouse
- Any other factors determined by the court
How your assets are divided
It is California law that any asset acquired by a spouse during the marriage is community property. In other words, the net value of this community property must be equally divided, but that does not necessarily mean the value of each asset; all assets are valued as a total amount.
If you are partners in a business, it may be difficult to divide the assets (and debts). Your high-asset divorce attorney will help guide you through the business’ worth by evaluating cash flow, debts, transactions, and more.
And for pensions and retirement accounts, a QDRO, or Qualified Domestic Relations Order, is made by the court to explain how much is delegated to each spouse, when it is dispersed and how it is.
How we can help you through this?
This is a difficult time. This means you need a Westlake Village high-asset divorce attorney you can trust. And that can be found at The Law Offices of Ronald K. Stitch. We will guide you through every step of this process, from disclosing all necessary financial records, conducting a thorough investigation, asking for depositions, and handling all negotiations.
It is a delicate, yet aggressive process in every single high-asset divorce case – and each one is different. We know we can help you through this time because we have proven it time and again for our clients throughout Westlake Village. You can contact us for a free consultation by clicking here or by calling 818-237-4574.