There may be no such thing as an easy divorce, as every divorce requires undergoing a challenging process that can take a toll emotionally and financially. The legal and financial complexities involved are particularly challenging for couples with a high net worth. If you are a high net worth couple facing a divorce, it is imperative that you speak with a Laguna Beach high net worth divorce attorney who can lead you through the intricacies of the legal process.
Our qualified and experienced team at Quinn & Dworakowski, LLP, has been helping high net worth couples in and around Laguna Beach, CA file for divorce while protecting their interests, finances, and rights. We have a proven record of success in handling these particularly sensitive cases by providing discrete, compassionate, and diligent representation.
We understand what it takes to help couples reach agreements on various legal matters, such as property division, child custody, and spousal and child support. It is vital if you are facing a high net worth divorce that you work with a lawyer with the proper experience and understanding to navigate the nuances and complexities involved.
A high net worth divorce occurs when a couple seeking a dissolution of their marriage has a combined net worth of over $1 million. While the general process and requirements for these types of divorces are no different than any other divorce, there are several additional considerations that could potentially complicate the process.
For example, couples with a high net worth tend to have a diverse range of significantly valuable assets. Handling divorce settlements requires extensive experience to properly navigate the various regulations surrounding these assets. Additionally, high net worth couples commonly have marital agreements in place, such as prenuptial and postnuptial agreements. Navigating these agreements and their impact on settlement arrangements, such as property division, requires a qualified and skilled divorce attorney.
California is a community property state, which means that all property, assets, and debts obtained during the time of the marriage are considered community property and belong equally to both spouses. During a divorce, community property is divided equally between the couple. However, certain assets are protected from this division. The following assets are protected from division during a divorce:
In addition to these assets, any assets that are specifically identified and protected in a marital agreement, such as a prenuptial or postnuptial agreement, could also be protected from division.
A: The average retainer fee for a divorce lawyer in California is between $3,000 and $5,000. However, the actual amount will vary depending on the attorney’s experience in handling similar cases and the complexity of your divorce, with complicated cases like high net worth divorces requiring higher retainer fees. Because most divorce lawyers work on an hourly basis, a retainer fee provides an upfront sum that secures the attorney’s services.
A: Each individual or couple’s net worth can vary greatly before and after a divorce. However, studies have shown that divorce greatly reduces an individual’s net worth. In fact, net worth can go down by as much as 77% following a divorce. The median net worth for couples has historically been around $9,000, dropping down to a median of about $4,000 even a year after a divorce.
A: The 10-year rule for divorce in California refers to the impact that a longer marriage duration has on spousal support. Generally, judges set spousal support requirements at about half the duration of the marriage for those that lasted less than 10 years. Marriages that lasted over 10 years are considered long-term and may not have a set end date for the spousal support. This is because the court has permanent jurisdiction over long-term marriages.
A: Divorce can have a significant and damaging impact on each individual’s finances. First, there are legal and professional fees associated with divorce. Then, couples will experience asset division, which, in California, is generally divided equally for most assets. Additionally, a divorce will lead to spousal and child support, which represents a further financial liability to the supporting spouse. Each divorce is unique, so it is important to discuss the details of your case with an experienced and qualified divorce attorney.
If you are facing a divorce as a high net worth individual or couple, it is imperative that you work with a lawyer who can appropriately and effectively handle your case. There is much at stake, and divorce can already be financially devastating enough without unnecessarily losing more due to poor representation.
Our team at Quinn & Dworakowski, LLP, has the skills and experience necessary to appropriately handle your case and ensure you receive a favorable arrangement that protects your rights and establishes you for a more secure future. Contact our Laguna Beach office to find out how we can guide you through this process.
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