High Asset Divorce Attorney In Cardiff by the Sea, CA
With intense emotions and complex legal issues, a divorce may be one of the hardest things you ever go through. For those with valuable estates, navigating the process with a Cardiff by the Sea high asset divorce lawyer can make the process much easier.
Experienced High Asset Divorce Attorneys
The attorneys at Neumann Family Law, A.P.C., have over three decades of combined experience working in various aspects of family law. We understand how difficult divorce can be and regularly represent Cardiff clients at the North County Regional Center, located at 325 South Melrose Drive in Vista.
We strive to give our clients the empathy they deserve throughout the entire legal process, making sure their needs are at the forefront of our legal strategy. With two Certified Family Law Specialists on our team, we have the knowledge and experience to handle even the most complex, high asset cases.
Cardiff by the Sea Property Division Laws
Encinitas is known for its thriving economic industries, from management and sales to business operations. In 2023, the average household income in San Diego County was $102,285, making divorce proceedings complex. In a California divorce, the court oversees how property and debts are divided between spouses. Property is anything that has value, such as:
- Real estate. Often, homes are the highest value assets a couple owns. In San Diego County, the average home value was $791,600 in 2023.
- Business interests
- Investment accounts
- Retirement accounts
- Vehicles, boats, collectibles
- Intellectual property
- Bank accounts
California divides property into:
- Community property: This is any property that you gained during the marriage.
- Separate property: This is what you owned before you married, after you separated, or anything received as a gift or inheritance.
Sometimes, determining whether property is community or separate can be complex. For example, if you gained an inheritance before getting married but used those funds to do home improvements during marriage, dividing property may be more difficult.
California Family Code Section 2550 says that when a couple divorces, the court must split all community property equally. This rule can change only if both spouses agree in writing or agree in court on the record. Property and debts are usually valued as close as possible to the trial date. However, if one spouse asks with at least 30 days’ notice, the court can choose a different date to make the division fair.
Your Rights to Your Property During Marriage and Divorce
It’s important to hire a high asset divorce lawyer in Cardiff by the Sea when dealing with property division. In California, married couples must treat each other with complete honesty when it comes to handling their shared property.
Both have the right to see and copy any records about transactions involving their community property. If one spouse asks, the other must provide full and truthful information about anything that affects their shared property. Transparency can be helpful during divorce proceedings, as full disclosure of assets is necessary. If a spouse hides or secretly transfers assets without consent, the court can award the other spouse 50% to 100% of the value of those assets, plus attorney fees and costs.
If one spouse breaks any of these rules, the consequences can be serious. The harmed spouse can claim compensation for losses to their half of the community estate. The court may order accounting and property ownership changes, and they may add the harmed spouse’s name to community property titles.
Hire a High Asset Divorce Lawyer From Neumann Family Law, A.P.C.
Our team is passionate about protecting the legal rights of our California communities. We’ve dedicated our lives to ensuring our clients are taken care of throughout the most difficult times in their lives. Every part of our legal approach is designed to center on your needs and desires.
Our attorneys understand the unique dynamics involved in family law cases, especially those with high assets. During your consultation, you’ll be able to explain every detail of your situation so we can transparently explain case expectations and identify the most favorable approach.
FAQs About Cardiff by the Sea, CA High Asset Divorce Laws
How Can a Lawyer Help Me During a High Asset California Divorce?
During a high asset California divorce, a lawyer can help you by carefully cataloging your assets. They’ll be able to work with various professionals to appraise your property, so nothing is missed or undervalued. If your spouse tries to hide assets, your lawyer can look for evidence in tax returns and bank statements to find them. They can represent you during negotiations and potential trials, keeping your interests in mind. They can also help reduce taxes during property division.
How Are Taxes Affected During High Asset Property Division in California?
In California, property division can significantly affect your tax responsibilities. Not all assets have the same tax impact. For example, a house and an investment account might be worth the same, but selling the house may result in less tax than selling investments. It’s important to think about the tax value of each asset, not just its price. Your lawyer can explain this to you during your divorce.
Does Spousal Support Affect My Taxes in a High Asset Divorce?
Spousal support affects taxes in a high asset divorce. Federal law says that if you pay support, you cannot deduct those payments on your federal tax return. If you receive support, you do not have to report it as income on your federal return. However, California laws are different. In California, if you pay spousal support, you can deduct those payments on your state tax return. If you receive support, you must report it as income on your state tax return.
How Does a Prenup Affect the Outcome of My High Asset Divorce Case?
A prenuptial agreement can affect the outcome of your high asset divorce case in many ways. These agreements can allow you to bypass the rule that community property must be split equally. It can explain how things like income, homes, or investments will be handled during divorce. Prenups can also include terms about spousal support. However, courts might not enforce spousal support rules in a prenup if they seem extremely unfair or if one spouse didn’t fully understand what they agreed to.
Choose a Trusted California Family Law Firm
The attorneys at Neumann Family Law, A.P.C., measure success not only by our impressive results, but by the respect we provide to every client who comes into our office. We’re proud of the work we’ve done for our communities and are here to listen to you. You shouldn’t have to go through this alone. Contact our team today to learn how we can help you.
*CFLS = Certified Family Law Specialists by the State Bar of California Board of Legal Specialization
