Business owners and tech professionals throughout Spokane may have amassed high net worth from the success of their work. For married couples, these assets often become marital property, which both parties may have a right to in a divorce. To protect your assets, consult a high net worth divorce lawyer in Spokane to gain clarity on your rights and how to proceed with your divorce.
Dellino Family Law understands how much may be at stake in a high asset divorce. A Spokane divorce lawyer from our team knows how to handle these unique cases to ensure fairness.
We also work diligently to de-escalate conflicts so you and your spouse can receive a favorable outcome that you are both happy with. We have over 180 years of combined experience representing high net worth couples.
Types of Assets High Net Worth Individuals May Have in Spokane
An individual or couple who generally has a variety of financial assets valued at at least $1 million dollars. One of the characteristics of these individuals is that their wealth is derived from liquid assets that have a clear financial value and are able to be converted into cash easily.
Some common assets our Spokane family lawyers see include:
- Cash
- Checking accounts
- Savings accounts
- Retirement and investment accounts
- Bonds
- Stocks
- Shares
High net worth individuals may have a variety of accounts and assets, which can take time to assess during a divorce. Questions may also arise as to whether or not separate bank accounts are marital property.
It is important to talk with a high net worth divorce attorney in Spokane and hire appraisers and forensic accountants to understand your options and the value of your assets when getting divorced.
Washington’s Laws on Property and Asset Division During Divorce
Separating property and dividing it fairly can be complicated in high net worth divorces and spark conflict about who gets what after a divorce.
Understanding Washington’s approach to asset division is key to knowing what you may have a right to receive and how your property may be split between you and your spouse. Dellino Family Law can provide clarity whether you are planning or initiating a divorce.
Washington generally considers assets gained and used during a marriage to be community property (RCW 26.16.030), which can be split during a divorce.
Assets do not have to be gained evenly for both spouses to have a right to a share in a divorce. Additionally, separate property (RCW 26.16.010) includes pre-marital assets that are kept separate from joint funds and uses and are usually exempt from division.
Furthermore, when property is divided between spouses, Washington focuses on an equitable division. This means that a couple’s circumstances and duration of their marriage are considered, and assets are distributed according to what is fair to each spouse, rather than split down the middle. Couples should work together to reach an agreement between themselves, or the courts may decide instead.
How High Net Worth Impacts Alimony and Child Support in a Spokane Divorce
While high net worth assets may be considered marital property, it is possible for one spouse to be at a disadvantage after a divorce if they stayed home or de-prioritized their career.
These individuals can petition for alimony to be paid by their spouse. Courts consider the length of the marriage, financial capacity, lifestyle, age, and health of each spouse before making a decision to grant alimony requests.
In terms of child support payments, this is mandated by the courts if a couple has children. The safety, stability, and overall best interests of the child are prioritized during a divorce.
In high net worth divorces, child support payments may be greater to help ensure the child continues to have a similar quality of life as they did throughout the parents’ marriage.
Alimony and child support payments are generally calculated based on income formulas. However, high net worth couples exceed these income thresholds.
This often creates an added layer of complexity to divorces because courts must take each request on a case-by-case basis and make decisions based on the unique circumstances of the couple. Spokane high asset divorce lawyers can help you prepare for this and fight for good results.
A Spokane High Net Worth Divorce Attorney Can Help You Navigate Challenges in Your Case
A common challenge in high net worth divorces is hidden assets. Because many of these assets are complex and high value, it can be easier to inconspicuously hide assets. Transferring money, making false reports, faking financial activity, and more are a few examples. Our team can work with forensic accountants to investigate financial activity and ensure all assets are accounted for and distributed fairly.
High net worth couples may also face unique tax implications as they begin to divide their assets. Investment accounts and other assets may have restrictions that apply to withdrawing money early from accounts.
This means that asset division could trigger capital gains tax. Misuses of assets could also incur tax penalties. These factors should be considered so that each spouse can prepare or mitigate tax burdens.
Dellino Family Law can help you navigate these and other challenges you may face during your divorce as a high net worth couple.
We know that this process can be confusing and overwhelming, and we work diligently to provide answers and reduce your stress so you can be confident you are being treated fairly. We are prepared to move swiftly and take legal action to protect what is yours in your divorce.
Dellino Family Law Provides Experienced Guidance and Trusted Counsel in Spokane
Dellino Family Law is committed to providing excellent service, effective strategies and solutions, and securing fair results. Our team is equipped to handle the intricacies of high net worth divorces and be able to fiercely advocate for you.
To learn more about the impact of your financial circumstances on your divorce, schedule a consultation with a Spokane high net worth divorce lawyer from our team today.