Divorce Considerations for the High-Income Individual in Coronado, California

high income divorce in coronado

Coronado, California, is a resort city in San Diego County that many people mistake for an island. Fittingly meaning “the crowned one,” Coronado’s median home price is $1.8 million, and most families make over $100,000 a year. These numbers alone provide some perspective on how problematic it can be to get a divorce in Coronado.      

As Coronado divorce lawyers will tell you, the higher the value of the assets in any marriage, the more complicated it is to convince both parties to agree on the division of property. Even when both parties agree to sell a property, with prices being so high, at over 900 dollars per square foot, it takes more time for the property to sell compared to elsewhere in the state. With all these intricacies, this article will outline some of the essential things you should consider when getting a high-income divorce in Coronado.

Coronado divorce attorneysThings That Affect the Distribution of Assets and Support

The length of the marriage will have a definite effect on support and at times, the division of assets. Usually, the longer a marriage lasts, the more likely the distribution may feel uneven. The idea behind this is to make sure both spouses will have comparable standards of living once the divorce has gone through. Generally, one spouse tends to rely on the income of the other, so when divorce happens, the one with higher earning potential tends to have more responsibility for supporting both parties standard of living through the equal distribution of community assets acquired with that party’s income during the marriage, and future support paid from future income.

What You Need to Gather

If you know a divorce is on the horizon, you should start assembling documents related to the finances of the household and the marriage.   Make sure you get copies of deeds or titles for properties, as well as for vehicles. Get a copy of tax returns and procure duplicates of bank statements, stocks, and credit card statements.   If you are not the spouse running any owned businesses, try to amass documents related to the income and expenses of any business owned. Assets will need to be characterized as community or separate assets, then valued and divided.   Community assets are generally divided equally and in kind. 

Coronado divorce lawyersGetting Divorced in Coronado?

Are you a high-income individuals seeking a divorce in Coronado? If so, you need an experienced and professional Coronado divorce law firm on your side. The right legal team will possess the local expertise to guide you through the process and help you protect your share of the assets or get the share of assets you deserve. The skilled divorce attorneys at Neumann Family Law, APC have over 75 years of combined experience. Choosing the right attorney at the start of your case may be the most important decision you make.   Make your first choice the right choice. Call us today at 619-282-1107 for a complimentary phone consultation. We can help you protect yourself, your property, and your future.

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