This blog is dedicated to sharing news and informing California residents on the intricacies, challenges and even benefits of divorce. One topic previously discussed is that of high asset divorces, which can be inherently more complicated than other divorces due to the large amount of assets to divide. Yet, one factor that should be discussed is the emotional toll such a complicated divorce can take on the separating couple.
Just like any divorce, a high asset divorce involves serious emotional strife which may surface after the marriage starts to unravel. In addition to considerations surrounding dividing property, which in California is based on community property laws, are serious emotional hurdles to overcome.
Alec Baldwin recently expressed the struggle he faced during his complicated divorce with Kim Basinger which began in 2002. Baldwin recounts that looking back on that period of time, his life was a bit of a blur. On top of decisions regarding asset division, the two also struggled with a child custody battle that extended years after the divorce.
When obtaining a divorce, it is important to consider all factors one may face in the upcoming months. Preparing adequately, including obtaining vigorous legal counsel can help one address the difficulties of divorce head on.
In a high asset divorce, ensuring that the assets of both parties are disclosed during early discussions is ideal. Any attempts to hide assets from one’s spouse during the separation could result in complications later. In California, unless an agreement between the couple says otherwise, marital property is divided evenly among the spouses upon separation. This means that the court will not necessarily take into consideration the potential earning power of either spouse when splitting up assets. Keeping all this in mind when going into a divorce may help curb surprises in the future and even reduce emotional struggles.