Loomis Community Property & High Net Worth Divorce
Divorce cases tend to become more complicated if complex or high-value assets are involved. Evaluation and division of properties might require more work and time, especially if spouses have opposing ideas on what they deserve.
If you’re dealing with this issue, get legal assistance from our Loomis community property & high-net-worth divorce experts!
At Bartholomew & Wasznicky LLP, our experienced divorce lawyers are skilled in handling all types of divorce cases. Whether you only have small properties to divide or there are several million-dollar assets in question, we know how to properly go about the process so you can get your fair share and protect your properties.
We will ensure you know all the potential economic losses from your divorce. And, more importantly, ensure that all assets are evaluated properly and promote an equitable division.
Secure your financial future during a high net worth divorce in Loomis. Contact our skilled attorneys at Bartholomew & Wasznicky LLP for a consultation and protect your interests in community property division. We have the expertise and experience to handle complex divorce cases. Call (916) 260-2637 now and take the first step towards a favorable resolution.
What is Community Property?
California is a community property state can make high-net-worth divorces in California trickier. This means that all the assets you’ve acquired during the marriage are considered community property which will be equally divided in the event of a divorce. However, this can be rebutted if deeds and written agreements state otherwise.
Community properties include intangible assets like retirement benefits, pension plans, and stock options. The division of these assets will be decided in family court. But not every property can be classified as community property in California.
The following properties can be considered as separate property:
- Property owned by a spouse before marriage
- Proceeds from a separate property
- Gifts and inheritance that are specifically given to only one spouse and not to the couple
- Properties with written documents (i.e., deeds) that state they are purchased as separate property
- Properties acquired following a valid prenuptial or postnuptial agreement
In many high-net-worth divorce cases, the source of properties is being questioned. If this happens to you, our divorce lawyers can help prove why a property should be classified as separate or community property.
High Net Worth Divorce Assets
The assets involved in high-net-worth divorces (or any divorce cases) will vary in every situation. Our Loomis community property & high-net-worth divorce experts can give you a much clearer idea of how asset division will work on your specific case.
Common property types that may be disputed during high-net-worth divorces include the following:
- Marital residence
- Family-owned business
- Closely held businesses
- Rental and other real estate properties
- Business interests
- Profit sharing plans
- Pension plans
- Retirement account
- 401(k) plans
- Valuable collections (art pieces or other collectibles)
Bartholomew & Wasznicky LLP understands that high-net-worth divorces are often more complicated. So if you choose to work with us, our lawyers will handle all the necessary legal actions to get an accurate evaluation of all the property’s values and classification (separate or community property).
Dividing Businesses in High Net Worth Divorces
If your divorce involves a business classified as community property, its value needs to be ascertained by expert business evaluators. The financial records and public reports of the business will be assessed. The tax records and information about customer acquisition from recent years will also be evaluated to estimate the potential value of the business.
Goodwill of the Business
This is another important factor in determining the overall value of a business. ‘Goodwill’ refers to a business’s value in terms of its reputation or standing in the community.
Aside from the physical assets, net proceeds, and fair return on the business, goodwill adds significant value to the business. It consists of several aspects, including effective advertising, skills & training of the workforce, business procedures, location, and repeat customers.
How to Evaluate Goodwill
The goodwill of a business can be evaluated in two ways: market value approach or excess earnings approach.
The market value method will assess what buyers will pay for the business. But California courts prefer the excess earnings approach almost all the time. It’s a more comprehensive and complicated process.
In a lot of cases, the spouse who’s the main operator of the business will buy out the other spouse after the evaluation. The amount will be equal to the even share of the other spouse based on the business’s entire value. This ensures that each spouse receives their fair share, but the other does not retain any interest in the business, and they won’t be still working together after divorce.
If you want to know more about the differences in these evaluation methods and what they mean in dividing your properties, don’t hesitate to contact Bartholomew & Wasznicky LLP. Our Loomis high-net-worth divorce lawyers would be glad to answer your questions and take on your case.
Thorough Evaluation by Experts
If your divorce involves more complex, high-value assets, other professionals’ expertise will be required to ensure the final divorce order is fair.
For instance, you and the other party may agree to a neutral evaluator do the property assessments. On the other hand, you may hire different evaluators and present each of your findings in the court for the judge to decide.
Included in the different professionals that may need to work on your high net worth divorce are the following:
Certain assets may need to be assessed by a forensic accountant to determine their actual value. An accountant is also needed if one spouse suspects any inaccuracy in the financial disclosure statements or wants to make sure that no assets are hidden.
Estate planning lawyers or other professionals who specialize in this estate planning might also be needed in high-net-worth divorces. They will help in changing wills, beneficiaries, trusts, insurance plans, and others.
Your divorce can affect shareholder agreements, business contracts, partnership agreements, or other aspects of your business. To prevent worse complications, a business lawyer is brought into the process to help iron out details for post-divorce business operations.
Spousal Support and Child Support in High Net Worth Divorces
Like in any divorce, determining spousal support and child support can become messier since it involves continuous financial obligations. This is especially true for high net worth divorces where the paying spouse will most likely shell out large sums every payment.
One key factor that helps determine the amount of support to be given is the couple’s standard way of living during their marriage. California divorce courts will try to make support orders that make the living conditions between the two households in question not too different. This means that if the couple’s life was luxurious, the paying spouse may have to pay a significant amount until the other is financially independent again or the children reached legal age.
An aspect that can make high-net-worth divorces more complicated is the determination of the couple’s respective income. Most high-net-worth individuals get their income from multiple sources. Apart from their salaries, their funds may also come from dividends or profit distributions, to name a few.
So if you want to make sure that you’ll get a fair amount of spousal support and/or child support, let Bartholomew & Wasznicky LLP help. Our Loomis community property & high net worth divorce experts will ensure a beneficial divorce agreement by the end of your case.
Passionate Divorce Lawyers in Loomis, California
Divorce is already a complex matter in and of itself. But it can get even more complicated for high-net-worth couples. The value of assets subject to division and the right amount of spousal and child support are major things that often bring two parties into messy arguments.
Since the amount of money involved is higher than most divorcing couples, it’s understandable that tension may be higher as well. Spouses are bound to ‘lose’ and ‘earn’ significant amounts of money, and ensuring a fair agreement might boil down to your pieces of evidence and documents.
And that’s where we can help at Bartholomew & Wasznicky LLP! Our divorce lawyers have years of experience dealing with high-value divorce cases. We know how to systematically gather and organize all the necessary financial records, deeds, and any written property acquisition or division agreement made before or after your wedding.
Our attorneys will help you reach the most beneficial divorce order. We’ll put your interests forward, protect your properties, advocate for your fair share of assets, and aim for equitable terms for spousal and/or child support. Whether you’re the paying spouse or the one requesting support, we can help you reach an agreement that will be as fair as possible.
Consultation with a Loomis Community Property & High Net Worth Specialist
Bartholomew & Wasznicky LLP treats high net worth divorces like any other divorce case: with as much dedication and attention to detail as possible. You can trust our lawyers to always look out for your rights and execute the best legal action to get you the most of what you deserve.
And, even better, we can also help you with other family law issues! Give us a call today, and one of our Loomis attorneys will be ready to answer your questions. We can then have a face-to-face consultation to better evaluate your situation and needs at your earliest convenience.
Protect your assets and secure your financial future. Contact our experienced high net worth divorce attorneys in Loomis at Bartholomew & Wasznicky LLP for a consultation. With our expertise in community property division, we’ll guide you through the complexities of your case. Call (916) 260-2637 now and take control of your divorce proceedings.