Ending a marriage is often viewed as an all-out battle in which each side fights to be the winner. In reality, most California couples know that fighting over every detail is not always smart, especially when the stakes are high. Mediation is a more collaborative approach that may be appropriate for those going through a high asset divorce.
Comfortable, but not quite wealthy -- that is what one family law expert says is the sweet spot for fighting during divorce. For California residents who are embarking on a high asset divorce that involves anywhere between $1 and $5 million in money and assets, the chances of fighting throughout the process are higher than for those who have both more and less. Although this might seem counter-intuitive, there is some evidence to back it up.
About 46 percent of women surveyed claim they were met with staggering financial surprises when their marriage ended. Some women in California and other states were unaware of their household's net worth when going through a high asset divorce. Surprisingly, women are eager to relinquish financial responsibilities to their husbands over the course of the marriage, leaving many oblivious that they share responsibility for the marital debt.
The rate at which American couples end their marriages has been around 50 percent for decades, and studies show most divorces result from money problems. Some believe it is impossible to have a successful marriage when money issues are at the forefront of family problems. Studies show that couples in California who have money problems during a marriage often do not communicate about finances, and the problems often end in divorce.
Right now may be the best time for those who are well off financially to get divorced. With the upcoming changes in tax laws, it may be beneficial for wealthy clients to act fast and have their agreements signed before the end of the year. In California and elsewhere, the tax burden can shift dramatically by waiting until 2019 to pursue a high asset divorce.
For some, there is a burning desire to move on with their lives after a relationship ends. The desperate need to free themselves from their estranged spouse has them shelling out millions in a high asset divorce. In California, a member of a hard rock band has asked the courts to sign off on his divorce settlement that will leave his ex-wife very comfortable.
Five months after being fired for sexual misconduct, a former television anchor is now living apart from his wife and children. Sources say he has moved out of the family home in the Hamptons and is living in a house nearby as divorce talks begin. In California and other states, a high asset divorce such as this can be a complicated and challenging process.
Going through a divorce can be an emotional roller coaster for everyone involved, even if that person is a real housewife from Orange County. One California woman and her husband continue to duke it out over their high asset divorce details after 17 years of marriage. He footed the bill for a luxury family vacation in Mexico for his soon-to-be ex-wife and three daughters
When a couple divorces, the separation of marital property can be challenging, especially when it consists of an art collection worth millions of dollars. In California and other states, if parties cannot agree to distribute property amicably and equally, then it may be up to an appraiser to decide it's worth. Some claim the only way to determine the exact value of priceless artwork during a high asset divorce is to sell it.
Dissolution of marriage creates an enormity of changes, and it is no surprise that taxes will be affected. Failing to prepare for tax consequences may cause significant headaches when filing post-divorce returns. In California, taking some proactive steps can help ease the tax burden of a high asset divorce, and keep some of that hard-earned money in the bank.