Experienced legal guidance is important during a high net worth divorce. High-value assets and expansive portfolios can create several challenges, and a high net worth divorce lawyer in Spokane Valley can help business owners, tech professionals, and others protect their assets during a divorce. They can also help ensure transparency throughout the process.
With over 180 years of combined experience, Dellino Family Law is equipped to handle complex cases such as high net worth divorces.
Our team is thorough in our approach and speaks up for you when you are trying to navigate the particulars of your divorce. You can be confident that a Spokane Valley divorce lawyer can prioritize your interests as we fight for your rights.
A Spokane Valley High Net Worth Divorce Lawyer from Dellino Family Law Provides Trusted Counsel and Support
Dellino Family Law tailors our strategies to your unique circumstances and financial situation. High net worth divorces can take time to resolve, and our attorneys work to streamline the process while ensuring nothing is overlooked during the process. Our attorneys listen to you, answer your questions, and counsel you on what steps to take so you can rest assured you are in good hands.
Our Spokane Valley family lawyers have numerous resources that we can use in our efforts to secure you a fair divorce settlement. From evaluating your assets to dispute resolution to leveraging local relationships, we connect you with the resources you need in various areas of your life throughout the divorce process. Our team is also well-versed in de-escalation strategies to minimize conflict and ensure productive engagement.
If conflicts do arise during your divorce and negotiation efforts are insufficient, we may recommend pursuing mediation, arbitration, or litigation to resolve your differences and work toward finalizing your divorce.
Each dispute resolution method has a different purpose and different outcome, so we can provide counsel on the option that makes the most sense for your specific set of circumstances.
What is Considered High Net Worth in Spokane Valley
An individual who possesses a minimum of a million dollars in liquid assets is considered a high-net-worth individual. Assets may include cash, various types of bank accounts, stocks, bonds, and shares. While these individuals may also possess non-liquid assets, the hallmark of high net worth is assets that can be easily converted to cash and used quickly if needed.
Depending on the value of their assets, high net worth individuals may also be considered very-high net worth (minimum of $5 million) or ultra-high-net-worth (minimum of $30 million).
To determine what an individual is worth, the value of their debts is subtracted from the value of their liquid assets. The difference between the two is an individual’s net worth.
In a marriage, a high net worth is shared between spouses since Washington is a community property state. This means that even if only one spouse has a high net worth, in a divorce, both spouses are legally considered to be high net worth and all assets can be divided between each spouse equitably. It’s important to work with a lawyer to understand how to protect your wealth in your divorce.
What to Expect in a High Net Worth Divorce in Spokane Valley
When getting started with financials in divorce, both spouses must provide a list of their assets, debts, income, and expenses so there is a detailed account of their property, and the value of assets can be determined and divided equitably. This process is generally more involved for high net worth couples because of the quantity and types of assets they may share.
During a divorce, high net worth couples often have their assets appraised to gain a comprehensive picture of their marital wealth. Forensic accountants may also be used to ensure assets are not hidden or mismanaged in an attempt to prevent them from being divided during the divorce. These steps are critical to make sure both spouses are treated fairly.
Washington uses an equitable approach to dividing assets. This means that each spouse’s circumstances are evaluated and assets are distributed fairly according to their situations.
While asset division is fair, it is not necessarily a 50/50 split between a couple. Couples willing to work together to reach an agreement may retain more control over the terms of their divorce settlement.
How High Net Worth Impacts Various Divorce Proceedings
A couple’s high net worth has unique implications for various areas of their divorce. Business assets, tech benefits, and other unique assets can not only contribute to a couple’s high net worth, but they also add a complex layer to a couple’s situation due to tax, legal, or employer restrictions. Lawyers can provide clarity on how these assets should be handled to protect your stake in them.
Additionally, a couple’s high net worth can impact requests for alimony. If a spouse de-prioritized their career or contributed to the marriage by staying home and raising kids, they may have a unique set of financial needs during or after a divorce. Alimony may provide financial resources to help a spouse become self-sufficient. However, these requests must be approved by a judge first.
Taking steps early on can help protect your wealth if you get divorced. Filing a prenuptial agreement or postnuptial agreement can put safeguards in place that can protect the assets you’ve built or your spousal right to an equitable portion. A Spokane Valley high net worth divorce attorney can help you and your partner draft a valid agreement to ensure it is enforceable if you dissolve your union.
Discuss Your Case With Dellino Family Law
Dellino Family Law is ready to help you determine the value of your assets, protect your right to them, and guide you through the complicated divorce process.
A high net worth divorce attorney in Spokane Valley ensures that the nuances of your case are factored in when applying effective strategies in your case. Schedule a consultation today to learn more about how we can approach your case.