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Real estate complications during a Seattle high-asset divorce are often complex and may arise for various reasons. These may include inaccurate appraisals, issues related to low value, multiple properties, and tax liabilities from sales. Disputes over who keeps the properties may also be an issue.
If you require assistance, contact a qualified high-net-worth divorce attorney at Twyford Law Office. We offer legal advice, guidance, and support throughout this often challenging process.
State laws follow a community property system. Property ownership is determined by identifying which properties you owned separately before marriage and those you acquired while married. This includes payments made on the property or interest accrued during the marriage.
In Seattle, complications may arise during divorce proceedings because high-net-worth couples commonly have complex financial portfolios and diverse assets, which can often include real property. However, joint portfolios do not include assets acquired before marriage. Solely owned assets include any properties purchased before the marriage or those received as an inheritance.
Hiding or transferring property and assets during divorce proceedings is a serious offense with many legal consequences. Unlawful actions could result in costly financial penalties, loss of the property the individual attempted to conceal, contempt of court, and even criminal charges.
The family courts in Washington prioritize transparency and cooperation. If an individual attempts to hide property or assets, the court may award a more substantial portion of the marital property to the other spouse and order the individual to pay legal fees for both parties.
While all divorce proceedings can be stressful, those involving significant property and assets may be more challenging. You can help prevent unnecessary delays and tension by avoiding the following:
Our compassionate attorneys are familiar with navigating real estate complications during high-net-worth divorce proceedings in Seattle.
Mediation is where you and your spouse meet with a neutral third-party mediator and try to agree on a real estate property settlement outside of court. While mediation services are voluntary, they may be less stressful than litigation. In Seattle, according to the Revised Code of Washington § 26.09.015, mediation proceedings aim to reduce tension and hostility, which is often an issue, particularly when complications around real estate arise during high-asset separations.
Family courts use the most affordable mediation services available. The person handling the mediation does not work for the courts, but is typically a member of a family court or mental health services agency. The purpose is to reach an agreement without relying on the family court judge to make crucial decisions for you.
Unfortunately, complications around real estate are common in high-asset divorce proceedings, and protecting your rights and interests is crucial. Oversights and errors, however small they appear, could have lasting, negative consequences.
If you have questions regarding real estate complications during a Seattle high-asset divorce, the team at Twyford Law Office is here to help. Our experienced attorneys could answer your questions, prepare documentation, and fight on your behalf for a fair outcome. Looking for a skilled divorce lawyer near me? Call our office today to schedule a free consultation.
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