Spouses or couples who have a high net worth are often expected to share these assets during a divorce. Whether you have worked hard to earn the assets you have or want to ensure you receive your legal portion, you may be uncertain what a divorce may mean for you. A high net worth divorce lawyer in Silverdale can assess your case and help you figure out what steps you need to take.
With over 180 years of combined experience, Dellino Family Law helps ensure assets are accurately and fairly listed, valued, and divided. These cases can be complex, but a Silverdale divorce lawyer can provide valuable insight and counsel that ensures your rights are protected. Our team is dedicated to you and your case, so you can be confident about the outcome of your divorce settlement agreement.
The Challenges of High Net Worth Divorces in Silverdale
High net worth divorces can be challenging due to the value of the assets involved. High net worth assets are generally those worth a million dollars or more in liquid assets. This can include various bank accounts, cash, retirement and investment accounts, bonds, shares, and more. To accurately determine their value, along with other types of assets, appraisals are often conducted at the start of a divorce.
The nature of high net worth assets makes them more susceptible to being hidden. A spouse may try to protect these assets by not listing them when sharing financial information during a divorce. However, our team thoroughly investigates the finances of high net worth couples and works with forensic accountants to trace accounts and activities. Our Silverdale family lawyers fight to ensure transparency and fairness.
Additionally, if high net worth assets are primarily earned and contributed by one spouse in the marriage, conflicts can arise over how the assets are divided and what is considered fair during divorce. Couples can also face tax implications when assets are distributed as part of a divorce settlement. High net worth divorces can also have a unique impact on child custody and child support arrangements.
Understanding Marital and Separate Property in a High Net Worth Divorce
Washington requires assets to be divided equitably in a divorce, which also applies to high net worth couples. While this does not guarantee an even split, it does mean that both parties can receive assets that reflect their circumstances. This can help meet the specific needs of each spouse. Washington takes many factors into account when determining what is fair for a couple’s unique situation.
While equitable distribution may vary from couple to couple, there are some basic rules that apply to dividing assets. Washington is a community property state (RCW 26.16.030), which means that assets and debts the couple acquired together while they were married are subject to division. Couples who can work together to determine how to share their assets retain more control over the outcome.
Conversely, separate property (RCW 26.16.010) includes assets that were owned before marriage or granted solely as an inheritance. Most generally, these assets do not have to be shared in a divorce, but exceptions may apply. For example, if separate funds and assets were commingled with marital funds, then assets like separate bank accounts can be marital property. A high asset divorce lawyer in Silverdale can provide a clear analysis.
Options for Resolving Disputes in High Net Worth Cases
With such high-value assets involved, it is common for disputes to erupt during divorce proceedings. This process is already stressful and emotional, and determining how high net worth individuals should share assets can exacerbate this further. Whether you’re navigating common areas of disagreement or figuring out how to deal with a high conflict divorce, dispute resolution methods may be necessary.
If negotiation efforts are insufficient for settling conflict in a high net worth divorce case, then your Silverdale high net worth divorce attorney may recommend other options to resolve the matter. Mediation can help couples see each other’s viewpoint and engage in conversation that can result in an agreement. Third-party mediators can provide objective insight and direction in these situations.
Arbitration can be used when more formal solutions are needed. Arbitrators have the authority to make binding or non-binding decisions after hearing each party’s arguments. They can also help couples work through their issues. Litigation is often a last resort, as it can be lengthier, more expensive, and reduce the amount of control you have over the outcome.
How a High Net Worth Divorce Attorney in Silverdale Supports You During Your Divorce
Dellino Family Law can work with outside experts such as forensic accountants and other financial professionals to ensure that all assets are handled with care and accuracy throughout your case. Our thorough approach helps us ensure that each spouse receives their portion of marital assets during the divorce. We also work diligently and provide clarity when uncertainty arises during your case.
These cases are often complex and highly nuanced, which is why having a lawyer by your side is critical. Our team has extensive knowledge of the law and is skilled at handling high net worth assets and the challenges that can come with them. We use tailored strategies to provide creative and effective solutions that help you secure favorable results for your situation.
We also know how hard and emotionally draining a divorce can be, and we work with you to prepare you for what to expect after your divorce and what steps you can take now to make the transition less difficult. Our firm offers a variety of resources, so you have the support you need and do not feel alone in navigating this change in your life, especially if you have children.
Dellino Family Law Helps You Navigate the Challenges of Your High Net Worth Divorce
Dellino Family Law protects your best interests throughout a high net worth divorce. No matter what challenges you may face, a Silverdale high net worth divorce lawyer fights for you and provides tailored solutions to meet the specific needs of your case.
When you schedule a consultation with our team, we walk you through everything you need to know and prepare you for what to expect.
