Kevin Qualls Family Law
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California residents may need help dividing assets

Making sure that assets are divided fairly in a divorce can be difficult, especially when those who are divorcing are wealthy. Wealthy couples may struggle to figure out how to divide illiquid assets.

If they own a business together, it may be difficult for them to agree on how many shares of stock in the business each party should get. Furthermore, spouses who are divorcing may not always be entirely honest with one another.

Individuals who are concerned about fair distribution in a high asset divorce might benefit from doing a little investigating of their own if they feel their spouse is hiding assets. Ways a spouse could do this include giving large gifts to family members or having family members make large purchases with their money.

A family law attorney may be able to help individuals track hidden assets or determine the true value of assets. Family law attorneys may also be able to help individuals protect assets that they bring into a marriage or to maintain residence in a family home. They may be able to advise clients on how to best avoid losing control of their businesses as well. With a recent study suggesting that the adjusted divorce may have risen by as much as 40 percent since 1980, some couples may feel more comfortable if they sign prenuptial agreements before becoming legally joined. A family law attorney may be able to help couples create such agreements and may also be able to advise them on the kinds of agreements that will be recognized in court.

Source: Washington Post, "Divorce is actually on the rise, and it's the baby boomers' fault," Christopher Ingraham, March 27, 2014

Source: Financial Planning, "Finding Hidden Assets: Digging Deep in HNW Divorce", Andrew Pavia, March 24, 2014

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