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When significant assets have been accumulated throughout the marriage, dividing assets during a divorce can be complicated. If you are facing a divorce, you need to seek the assistance of a dedicated attorney near you. A Kenmore high asset divorce lawyer can help you navigate the divorce process.
The experienced divorce attorneys at Twyford Law Office understand that the divorce process can feel overwhelming. Our experienced attorneys will work to protect your legal rights and provide guidance while dividing your assets. Contact our knowledgeable team today to discuss your high asset divorce.
In Kenmore, assets are divided in a high asset divorce using a community property division. This means that all assets and debts accumulated during the marriage are typically considered marital assets that are subject to division in a divorce proceeding. Under RCW 26.09.080, Washington courts divide property in a manner that is just and equitable based on the circumstances of the case rather than automatically splitting everything equally. The court will aim to make a fair distribution of all assets, but that does not necessarily mean the assets will be divided equally between the parties.
The division of assets begins by identifying all assets and determining if they are community property or separate property. Community property includes all assets that are accumulated throughout the marriage until the date of separation, including real estate, vehicles, retirement accounts, and businesses. Separate property includes assets that were accumulated before the marriage or gifts or inheritance that were received during the marriage. Separate property is typically not included in an asset division as long as it was not commingled with marital assets throughout the marriage. However, if separate assets become commingled with community property, determining how they should be classified can become much more complex. A Kenmore high asset divorce attorney near me can answer your questions about asset division.
When making a distribution of high-value assets, the court is required to make a fair and equitable division, but that does not necessarily mean everything is divided 50/50 between the parties. As outlined in RCW 26.09.080, Washington courts consider the nature and extent of both the community and separate property, the duration of the marriage, and each spouse’s economic circumstances when determining a fair outcome. The court considers several factors when making a distribution. The length of your marriage will be considered, with assets in shorter marriages often being divided so that each party returns to their prior financial position. Assets divided in longer marriages typically lead more to an equal division of assets between the parties.
The court will also consider the economic circumstances of the parties. You and your spouse’s current income and earning capacity will be considered, as well as your age, health, and education level. A spouse with a lower earning capacity may be awarded additional assets in a fair and equitable division. If children are involved, the court may award the parent with primary care of the children the home to provide stability for the children.
Because high asset divorces often involve business interests, investment portfolios, executive compensation, or multiple real estate holdings, professional valuations may also be necessary before the court can fairly divide the marital estate. When dividing assets, the court will examine a number of factors that a high asset divorce lawyer in Kenmore can help you understand.
Facing a divorce can be overwhelming, and you may be uncertain about your financial future, even if you have accumulated significant assets during your marriage. If you have questions about asset division, you need to seek the guidance of a Kenmore high asset divorce lawyer near me.
At Twyford Law Office, our attorneys are dedicated to helping you understand the asset division process. We will answer your questions and advocate for your legal rights. Contact our dedicated attorneys today.
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