Costa Mesa
High Net-Worth Divorce Lawyer

Having an attorney on your side with extensive experience in asset division is key to protecting your property. The Law Offices of Lisa R. McCall, APC, has been helping couples in the Costa Mesa area for over two decades. Attempting to divide assets in a high-net-worth divorce on your own can be an insurmountable task. There is no reason to do it alone.

What Is a High-Net-Worth Divorce?

High-net-worth divorce has historically been defined as a divorce involving shared assets of significant value. In recent years, this definition has shifted as people own higher-value homes and set aside more money in retirement accounts. High-net-worth divorces now involve several million in assets.

Divorce is a divorce regardless of how many assets are involved. Having a lawyer familiar with high-net-worth divorce laws in Orange County can help divide property equitably. In California, couples have higher net worths than in any other state. The higher the net worth, the more at stake when filing for a divorce. At the Law Offices of Lisa R. McCall, APC, we offer personalized services to help reach a resolution that aligns with what you want.

How Are Assets Divided in a California Divorce?

The state of California calls for the equitable division of all community assets shared by the couple. Community assets are assets owned or owed by both parties during the course of the marriage. Community assets can include financial accounts and retirement account contributions after marriage. Community debt can include your home mortgage or auto loan taken out together.

Separate assets are owned or owed prior to marriage or after the date of separation. This can include student loan debt that was taken out prior to marriage. Separate property also includes gifts or inheritances given to only one spouse at any point.

It is important to disclose student loans to your asset division attorney, as marital funds used to pay down that debt may be owed to the spouse who did not incur the debt.

Commingling occurs when property is part community and part separate. An example is when one spouse has a retirement plan that was opened prior to the marriage. Contributions made to the plan prior to marriage are considered separate property. Contributions that occurred during the marriage are considered community property.

Division of property can be tricky in the state of California. Having a legal professional on your side who is familiar with California property division laws is imperative. Contacting a high-net-worth divorce lawyer right away allows more time to review and analyze all assets.

Why Are High-Net-Worth Divorces Complex?

High-net-worth divorces can become incredibly complicated when defining, valuing, and dividing shared assets. It is very important to have a documented date of separation and to be forthcoming with all assets under your name.

Here are some of the ways in which a high-net-worth divorce can be complex.

• Defining and valuing shared assets often requires professional assistance. Depending on the scope of shared assets, it can be beneficial to seek aid from a financial planner or auditor.
• Assets in a high-net-worth divorce oftentimes include more varied assets compared to a traditional divorce. This can include, but is not limited to, collections (memorabilia, cards, art, etc.), offshore accounts, real estate, boats, airplanes, cars, and more.
• If you have a prenuptial and post-nuptial agreement, it can potentially be contested in court. In California, it is very common for marriages to involve a prenup. According to a survey, 45% of couples who get married every year have a pre-nup in place.
• Spouses can hide assets. Hidden assets are more common than you may think. According to a survey by Bankrate, two in five Americans have admitted to keeping a financial secret from their partner. Partners may hide assets to avoid splitting them fairly during the divorce. This can include hiding money in offshore bank accounts, undervaluing or hiding real estate property, or transferring assets to a third party.

It is important to hire a high-net-worth divorce lawyer to help navigate some of these challenges.

The Tax Implications of a High-Net-Worth Divorce

When it comes to high-net-worth divorces, the tax implications should be taken into account to protect your financial interests. High-net-worth divorces can result in capital gains taxes and possible penalties for early withdrawals from retirement accounts.

Careful consideration and working with a financial planner can help you avoid paying hefty taxes following your divorce. A change in marital status can modify your amount of deductions and other tax benefits.

A highly skilled tax professional can help guide you to make smart financial decisions throughout your divorce. Seeking a Costa Mesa high-net-worth divorce attorney who understands these tax implications is important. Together, your divorce attorney and tax professional can help protect your assets. Smart financial decisions are important with so much at stake.

Hire a Costa Mesa High-Net-Worth Divorce Lawyer Today

Having an attorney who understands the complexity of a high-net-worth divorce is important. Finding an attorney familiar with high-net-worth cases in Costa Mesa, California can help ease the burden of dividing high-value community property.

Analysis of your and your spouse’s finances can help with property valuation and also help seek out any hidden assets. It is important to be honest about all mutual assets prior to appearing in front of a judge at the Superior Court of Orange County.

At the Law Offices of Lisa R. McCall, APC, we have over 20 years of experience offering a professional and personal approach to assist clients in meeting their goals. We are highly experienced in all areas of family law and have represented many clients in high-net-worth divorce cases. We understand this process and know all that is at stake.

High-net-worth divorces can be complex, but we can make the process easier for you. Contact our family law firm today.