Protecting Assets in a High Net Worth Divorce

Posted On September 30, 2022 Asset Division

The divorce process can be full of conflict, and when it comes to a high net worth divorce, the stakes are high. Fortunately, there are strategies that can be used to protect your assets.

Hire the Right Spokane Divorce Lawyer

Any high net divorce is likely to raise challenging financial questions, and the outcome of the case can dramatically influence your life. It is imperative to retain a Spokane divorce attorney with extensive experience with high net divorce. They can help you think strategically, protect you from potential pitfalls, make the process easier, and significantly improve your chances of reaching favorable results.

Property division will likely be the biggest point of contention unless you have children together. Your attorney can help you compile your financial disclosure statement and prioritize your assets. Since Washington is a community property state, marital property is generally split equally. Therefore, it is important to consider your priorities regarding your assets and what will have more long-term value. In addition, a Spokane divorce lawyer can help you develop creative solutions to achieve your goals out of court.

Accurate Valuation

Before beginning divorce negotiations, it is critical to gather all information relating to the assets, liabilities, and income of the estate, including accurate valuations that consider potential tax consequences. Financial experts are typically needed to value the estate accurately. In addition, there is a chance your spouse is hiding assets or understating their value. If necessary, a forensic accountant can help locate all relevant assets for appraisal.

Since high net worth divorces often involve property transfers, asset liquidation, and possibly spousal support, your tax liabilities can change. Without due diligence and accurate valuation, your spouse can end up with more high-value assets than planned. Therefore, a high net worth divorce takes patience. It will entail detailed financial and accounting work, and a full and accurate inventory of what you and your spouse own.

Transparency

In a panic before divorce, some spouses choose to transfer valuable assets to a third party in an attempt to keep the property from being subject to division. However, such transfers that are made for the purpose of hiding an asset will most likely be seen as fraudulent. When this occurs, you will lose your credibility with the judge. Your actions can be taken into consideration when property is divided, and you may be held in contempt of court, which means fines or jail time. If the court cannot untangle the transferred assets, it may rectify your actions by awarding a larger spousal maintenance award.

There are many things to consider during a high net worth divorce, and you must be able to rely on a lawyer’s knowledge and reputation to secure a resolution that protects your wealth. At Twyford Law Office, we have more than 30 years of experience successfully handling various legal matters for our clients, including protecting assets in high net worth divorce.

Arrange a free consultation with a trusted Spokane High Asset Divorce Attorney by calling (509) 327-0777 or sending us a message online today.