There is no doubt that California has more than a few residents of exceedingly high wealth. Several of the state’s major cities serve as international hubs for industries such as technology and entertainment. With power players and industry leaders living and working within the state, a huge amount of wealth is preserved in the net worth of some of California’s residents and couples.
While in some cases a highly wealthy couple may share in earning its family’s exceptional income, in others, the source of the family’s financial worth may rest on a single spouse Just as in families of less exorbitant means, one parent may choose to work while the other carries the majority of the responsibilities that relate to maintaining the couple’s children and home. Regardless of a family’s financial status, it is not uncommon for one parent to forego gainful employment in order to provide direct service to the daily needs of the couple, its kids and home.
How a couple earns its money can have an impact on how that couple’s wealth is divided in the event of a divorce. Whether income is viewed as passively or actively earned can factor into whether it is divided between the parties ending their marriage. Moreover, it could determine whether an asset is categorized as individual property. The extent of financial holdings and investments in a high asset divorce may be broad, and the asset valuation process of a property division procedure can take time when wealthy couples separate.
The partners of high income earners can sometimes find themselves wondering if they are truly getting a fair portion of their marital wealth while going through a high asset divorce. Reaching reasonable property settlement and spousal support decisions can take time, and some individuals decide to utilize the services of lawyers who include high asset divorce matters in their professional practices.
The attorneys of Butler, Thiessen & Metzinger, Inc. & Associates recognize the many challenges that can present themselves during a divorce and work with their clients to prepare high asset divorce plans that meet their individual needs. Couples going through a divorce should learn more about the process and how to resolve common divorce legal issues. Our website could provide general information.