While divorce is never easy, a high net worth divorce lends itself to complications that divorce without high assets does not. Spouses facing high net worth divorces must seek out and retain attorneys who specialize in handling these matters.
At Twyford Law Office, our attorneys have the skills and resources necessary to evaluate and resolve high net worth divorces. This enables you to move forward with your life confidently and in the strongest financial position possible.
The high net worth attorneys at Twyford Law Office provide representation that is:
Forthright and honest; and
Confidential and empathetic.
Contact our Seattle office today to discuss your high asset divorce matters including, but not limited to:
Spousal support; and
Our High Net Worth Divorce Attorneys Can Help to Protect Your Assets
At Twyford Law Office, our high net worth attorneys will start your divorce case right away. This generally means employing experts and specialists to conduct analyses and valuations of your personal and business interests.
We also do the following:
Thoroughly review your retirement assets and draft qualified domestic relations orders, QDROs, correctly and according to guidelines;
Help you identify and inventory any assets and debts;
Advise you of tax consequences regarding significant decisions;
Keep your divorce case moving towards resolution, whether that is through a settlement or trial.
With high assets, it is imperative you have competent legal representation throughout your divorce case. At Twyford Law Office, our high net worth attorneys will create a legal strategy centered around you and your divorce goals.
Contact our office today to discuss how one of our high net worth attorneys can represent you in your divorce action.
What Is a High Net Worth Divorce?
A high net worth divorce is any divorce where one spouse has more than one million in assets. While a high net worth does not affect the process of filing for or finalizing a divorce, it does have an impact on future tax liability, generally takes longer to complete, and involves more experts like accountants and economists.
In a high net worth divorce, the court thoroughly inspects both spouses’ financial records. If either spouse submits incorrect information, they are subject to an IRS investigation. The court reviews the following in a high net worth divorce:
Retirement accounts, 401k’s, pensions, and similar benefits;
Shared businesses, spouse-owned businesses, partnerships, and business investments;
Real estate and property holdings; and
Out of state or international assets.
Washington Is a Community Property State
Washington is a community property state. This means that all property or debt accumulated during a marriage is presumed to belong to both parties. Property acquired before the marriage, received as a gift or inheritance, or is compensation from a personal injury settlement, is considered separate property.
Washington law requires property division in a divorce be “just and equitable.” This does not mean it must be equal. Property is divided based on the court’s determination of fairness.
The court distributes property based on the following:
The extent and nature of the community property;
The extent and nature of the separate property;
The length of the marriage or domestic partnership;
The economic status of both parties; and
If a spouse or domestic partner desires the right to live in the family home and is spending the majority of the time with shared children.
While fault is not a factor when dividing property, behavior intended to and resulting in waste or destruction of property could be considered during property distribution.
Concealing Assets in High Net Worth Divorces
Parties to a divorce are required to disclose all shared assets for property division. Spouses who fail to do so may face penalties or sanctions.
Common ways a spouse may attempt hiding assets include:
Failing to report or under-reporting income;
Intentionally reporting expensive purchases under their actual value;
Making false payments to collect shared monies at a later time; and
Intentionally overpaying taxes with shared monies to create a positive IRS balance for the future.
Contact a Seattle High Net Worth Divorce Attorney
At Twyford Law Office, our high net worth divorce attorneys have decades of combined experience. This gives us the ability to protect and represent you in your high net worth divorce. Do not place your assets at risk; meet with the skilled Seattle counsel at Twyford Law Office right away.
Rest assured, your consultation at Twyford Law Office will remain completely confidential.