If you own a business, work in the tech industry, are a CEO, or are any other type of high earner, there is a good chance that you may have a high net worth. If you file for divorce, these assets can be split between both spouses under the state’s property division laws. To ensure you and your assets are protected, it is essential to hire a high net worth divorce lawyer in Port Orchard to guide you through the legal process.
Dellino Family Law understands how complex a high net worth divorce can be, and we have been handling cases like these for the past 13 years. A Port Orchard divorce lawyer can advocate for a fair outcome, whether you are concerned about the assets you have earned or about receiving your share of your spouse’s assets. We work to ensure assets are properly listed, valued, and divided.
How a High Net Worth Divorce Attorney in Port Orchard Can Help With Your Case
Dellino Family Law works closely with you and various financial experts to ensure that your high net worth assets are properly valued and divided during your divorce. We take a comprehensive and holistic approach to your divorce so that nothing is missed and you can receive a satisfactory outcome. We are equipped to handle the challenges that come with these cases and provide strategic solutions.
Our Port Orchard family lawyers can help you prepare, file, respond, and/or navigate your divorce, depending on the needs of your case. We can also provide some of our divorce planning tips to ensure that you are positioned well throughout your high net worth divorce and afterward. From start to finish, we speak on your behalf, provide sound counsel, and negotiate an agreement that protects your interests.
Our team is also prepared to handle conflicts and challenges that can arise during these cases. Our team has over 180 years of combined experience and is skilled at resolving disputes in a fair and respectful manner. A high asset divorce lawyer from our team can discuss your options with you so we can address your needs and provide a tailored approach throughout the entirety of your case.
High Net Worth Individuals and Divorces
Individuals who have a high net worth generally have a minimum of $1 million in liquid assets. Liquid assets can include monetary sources such as various bank accounts, physical cash, retirement and other investment accounts, stocks, bonds, and shares. Real estate can also be a source of income or be sold for its cash value. Individuals can also be considered very high net worth and ultra high net worth.
Because of the types of assets involved and their value, divorces for high net worth individuals or couples can be complex and time-consuming. They also have different ramifications for each spouse. Since the length of a marriage affects a divorce settlement, a spouse who has de-prioritized their career may be affected differently after a divorce is finalized than the high net worth individual.
Steps should be taken to protect assets in these marriages. If one or both individuals have high net worth at the time of their marriage, they should consider drafting a prenuptial agreement to legally safeguard their assets and make the divorce process easier.
Understanding How High Net Worth Divorces Impact Asset Division
A high net worth can impact the outcome of your divorce in many ways. First and foremost, Washington is a community property (RCW 26.16.030) state for divorce, which means that all assets shared between both spouses are subject to equitable division. Assets acquired before marriage or through an inheritance may be excluded as separate property as long as they have not been commingled.
This means that in a high net worth divorce, your spouse may be entitled to a significant portion of your assets. While a prenuptial agreement may be used to protect these assets, they must still be appraised to determine their value, as this is integral to making sure both parties receive their due. It can be easy to hide high net worth assets, so forensic accountants are often used to ensure all assets are identified.
It is also worth noting that these types of divorces also present some challenges. Some assets, like tech benefits, may be complex and governed by strict legal rules. There may also be tax repercussions for actions such as account withdrawals or real estate sales. To ensure all factors are considered and your interests are protected, it is important to consult a Port Orchard high net worth divorce lawyer.
What to Expect from High Net Worth Divorce Proceedings
A high net worth divorce is similar to a regular divorce in many ways. To initiate a divorce, a spouse must file their petition with the court and serve their spouse with papers. Once the other spouse has been served, they have a limited time to respond and contest the contents of the initial request, or else the petitioning spouse receives a default judgment. Couples must then observe a 90-day cooling-off period.
In the meantime, couples can begin the process of separating their lives. While all assets and debts must be listed as in a regular divorce, high net worth couples must have their assets appraised to determine their value. Determining what assets are community and separate property must also be completed, which can be more complicated in high net worth divorces.
Couples and their lawyers must work together to determine an equitable arrangement for how to share their assets. Washington divorce courts focus more on fairness according to each spouse’s circumstances than they do on a 50/50 split. Our team can help you and your spouse meet these guidelines to help ensure faster court approval and minimal pushback by judges.
Enlist the Help of Dellino Family Law for Your Divorce
Dellino Family Law helps you effectively and strategically navigate your high net worth divorce and secure a favorable outcome.
We work diligently to ensure asset transparency and accurate calculations so that you are set up well for the future. Schedule a consultation today to talk with a Port Orchard high net worth divorce attorney and learn about your options and how we can handle your case.
