When engaged couples in California decide to marry, they typically anticipate that their marital unions will last a long time. Of course, life happens, and sometimes, irreconcilable differences end up driving two spouses apart. Research shows that a tenth of people who are 15 years old or older have experienced high asset divorce or regular divorce situations and remain unmarried in the United States. Married couples decide to break up for numerous reasons, but here is a glimpse at some common ones.
The financial aspect of the dissolution of a marriage can be intimidating no matter how few assets or how many assets a couple may have in California. However, the more assets a couple has, the more complicated the property division process may become. Here is a look at a couple of specific reasons why a high asset divorce is not like a typical divorce.
The dissolution of a marriage can be tough to navigate both emotionally and financially. However, it can be especially challenging when a business is involved. Here is a look at what to expect during a high asset divorce involving a business venture in California.
Alimony is soon changing in this country. For individuals in California dealing with a high asset divorce, the timing of one's divorce can soon become important. A change in the tax code brought about by the Tax Cuts and Jobs Act will now make alimony payments non-deductible for any divorces made after 2018.
Two professional basketball players have reached a final settlement after a breakup. The pair, both stars in their chosen profession, have earned a lot of money playing the sport, making theirs a high asset divorce. They are also parents who will be determining support and custody for their child. California residents may notice an unusual twist to this divorce -- the ex-wife will be paying alimony to the husband.
A famous politician and his wife are calling it quits. Former mayor Rudy Giuliani and his wife have decided to end their marriage after 15 years. The split promises to be a high asset divorce, and both couples have already retained counsel for what will likely be a contested divorce proceeding. California couples observing the news may find some information to assist them in their own marital dissolution proceedings.
During the process of ending of a marriage, the two parties will need to settle important financial details. When a separating couple has significant assets between them, alimony payments could be part of the financial settlement of the high asset divorce. A recent change to a long-standing tax policy may have these high-asset couples rushing to divorce before the changes come into effect in California.
California is often host to high profile celebrity divorces. One such case that recently settled in another state illustrates some of the principles that are common to high asset divorce cases. The matter involved the divorce of Richard Stephenson, the founder of Cancer Treatment Centers of America, and his spouse of many years, Alicia Stephenson.