Rancho Santa Fe is a favorite spot for celebrities and one of the best places to live in California, but it’s also one of the most difficult locations for going through a divorce. Due to the complexity of this situation, a Rancho Santa Fe divorce attorney is an absolute necessity. Let’s look at some financial factors that make Rancho Santa Fe such a problematic area for divorcing couples.
By the Numbers
According to the U.S. Census, 27 percent of households in Rancho Santa Fe make over $200,000 per year. About 60 percent of households earn over $100,000, which is nearly double the average in the rest of the country. The higher the value of assets in a relationship, the more complicated it is to divide the assets, making Rancho Santa Fe a challenging metropolitan area.
The housing market exemplifies this circumstance. Most houses in Rancho Santa Fe cost well over a million dollars, while the median listing price for homes in the U.S. is about a quarter of that. If you jointly own property in Rancho Santa Fe purchased during the marriage, then the value of that property is subject to division. Both spouses can mutually agree to a settlement on any property, where one spouse either buys the other’s half or allows them to retain assets equivalent to half of the property’s worth.
Other Factors
In some states, an affair can alter aspects of the divorce. California is a no-fault state, meaning an affair during the marriage has no economic bearing on the divorce. Affairs could complicate a divorce, as the former spouse may have to deal with the other’s new partner, which could impact child custody. Also, if a spouse uses community assets to finance an affair during marriage, then a court could consider that detail in the distribution process.
Duration of Divorce
Each case is different, so there is no concrete time frame for the completion of a divorce. On average, most divorce proceedings take between six and 18 months. Of course, disagreements surrounding high-value assets may prolong the divorce process.
Financial Records
You will need to gather as many financial documents as possible for your lawyer, including:
- Income tax statements
- Stocks
- Bank and credit card statements
- Titles
- Deeds
- Pension reports or retirement accounts
You will also need documentation related to any real estate properties purchased during the marriage or businesses run during the marriage. The more information you can provide, the better a Rancho Santa Fe divorce law firm will be able to protect your assets.
A Divorce Attorney in Rancho Santa Fe Is a Necessity
If you are preparing for a divorce in Rancho Santa Fe, then you need to retain the services of an experienced and professional family law attorney that knows the area. The complexity of divorces in Rancho Santa Fe demands expert guidance to advise you through the divorce process. Neumann Family Law, APC has over 75 years of combined experience practicing law. Contact us today at 1-619-282-1107 to schedule a complimentary telephone consultation. We are here to provide you with options to make the divorce process less complicated, less stressful, and more empowering.
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