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A Mercer Island high asset divorce lawyer could help you during the divorce process. At Twyford Law Office, our experienced divorce attorneys have experience working with financially successful individuals. We understand the unique needs and considerations involved in these proceedings.
For high asset couples, divorce proceedings can become complicated. When a couple separates, it can be stressful and emotionally draining. However, when substantial amounts of money are involved, the stakes are high. These situations may involve many different types of property and investments and may also have significant tax complications.
There is no specific monetary cut-off for what qualifies as a high asset divorce. In general, this term applies to complex divorce cases, where a couple has substantial wealth invested in many different asset classes, some of which may be uncommon or less straightforward to determine value.
In a typical divorce, couples usually have to divide their bank accounts, retirement accounts, and real property. In a high asset divorce, all of these will be present, but there may also be additional assets, including:
In these cases, calculating the value of each asset type can be less straightforward, and there may be different tax implications. Additionally, if assets are less liquid, they are usually more difficult to divide. If your divorce involves substantial wealth, our lawyers in Mercer Island could help you determine how these financial structures may affect your equitable distribution.
During a divorce, couples may agree to divide their property by themselves. However, in many cases, they are unable to reach an agreement and must follow state law. Some states require marital property to be split equally, whereas others require equitable distribution, which may not be equal.
State law balances these two approaches. The court would generally divide marital property (property they acquired during the marriage) equally between the parties, unless it determines that such a division would be inequitable. The Court’s goal is to divide property equitably, not only equally. Unlike many other states, Washington may also divide assets that the spouses acquired before marriage, regardless of who holds the title. This can be undesirable for parties who entered the marriage with high value assets, which they assumed would be exempt from division. Factors such as marital fault, child custody, and income and earning capacity may all influence the court’s decision about how to divide the assets.
For a fair distribution to occur, the court must know the value of the assets. Some assets may require complex valuation processes. For example, many high asset couples may own a business, which can be one of the most difficult assets to value and divide because of disagreements over how to assess its worth and the emotional connections to the work put into the partnership. A Mercer Island high net worth divorce attorney near you could help determine a fair value for your property. Understanding what experts may be necessary to determine the value of the property can provide a huge advantage in your case and the outcome of your dissolution.
While divorce may never be easy, it can be less stressful when you know your case will be handled competently. Looking for a Mercer Island high asset divorce lawyer near me? Our firm could prepare well and streamline your high asset divorce while protecting your wealth and overall net worth. This includes careful recordkeeping, a thorough evaluation of your entire portfolio, and considering all the unknowns, such as future tax implications.
At Twyford Law Office, our attorneys have the experience and knowledge to advise you during your divorce proceedings. Contact us today to learn more about how we could help.
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