Every divorce has its own financial complexity and emotional toll. Still, dividing many assets, like multiple businesses and homes, can take time and effort.
According to a recent study by the US Census Bureau, 97,315 men and 112,111 women divorced in California, with 8% of men and 20.7% of women in California married multiple times. The high-asset divorce attorneys of The Law Offices of Ronald K. Stitch specialize in these types of complicated cases throughout Westlake Village.
How do you determine what your spouse makes to determine spousal support/alimony
To find out your spouse’s total income and assets (even if they try to hide them) before your divorce in California, make copies of tax returns, bank account statements, investments, and pay stubs. If assets are hidden, one of our divorce attorneys can investigate where they are by interviewing employers, family members, friends, and more. It’s also a good idea to document the lifestyle you have been living as proof through collectibles, art collections, jewelry, cars, vacations, and more.
According to section 4320 of the California Family Code, the amount of alimony a spouse receives is based on these factors:
- Age and health of each spouse
- Length of marriage
- Lifestyle during marriage
- Income and property (separately) of each spouse
- The capability of the supported spouse to find work
- Contributions made to the education of the supported spouse by the supporting spouse
- Any other factors determined by the court
How your assets are divided
California law states that any asset a spouse acquires during the marriage is community property. In other words, the net value of this community property must be equally divided, but that does not necessarily mean the value of each asset; all assets are valued as a total amount.
If you are a business partner, dividing the assets (and debts) may be difficult. Your high-asset divorce attorney will help you assess the business’s worth by evaluating cash flow, debts, transactions, etc.
For pensions and retirement accounts, the court makes a QDRO, or Qualified Domestic Relations Order, to explain how much is delegated to each spouse, when it is dispersed, and how it is.
How can we help you through this
This is a difficult time. Having a Westlake Village, high-asset divorce attorney you can trust would be best. That can be found at The Law Offices of Ronald K. Stitch. We will guide you through every step of this process, from disclosing all necessary financial records to conducting a thorough investigation, asking for depositions, and handling all negotiations.
Every high-asset divorce case is different, and the process is delicate yet aggressive. We know we can help you through this time because we have repeatedly proven it for our clients throughout Westlake Village. You can contact us for a free consultation by clicking here or calling 818-707-0202.
