High Net Worth Equitable Distribution Lawyer Bainbridge, WA
The divorce is one of the most difficult things you can experience, as a high net worth equitable distribution lawyer in Bainbridge, WA knows. No matter how you and your spouse try to determine a solution to your problems, sometimes you are not able to reach an agreement. Divorce might be the only sensible solution. This not only affects you and your spouse but your family as well. Fortunately, you can count on a divorce lawyer like one at Robinson & Hadeed to help you through this difficult time.
High Net Worth Equitable Distribution Lawyer in Bainbridge, WA
Doing your research to find the best family lawyer to hire is critical if you want the best possible results. Divorce or any kind of family law issue is something that you do not want to take lightly. When you have concerns about how to best divide your property between you and your ex, you are encouraged to talk to a lawyer so that you can reach the most fair property division solution. Make sure to go to a law firm like Robinson & Hadeed so that you can learn about your legal options, and have a lawyer you can count on to offer you guidance and protect your rights.
How Equitable Distribution Works
Equitable distribution is the legal concept in family law that refers to how property is divided among spouses. If you and your spouses acquire property during your marriage, that property is considered community property. If you and your spouse have a high income and many assets, property division is likely to be a complex process. Determining how to best divide your property equally and fairly is seldom straightforward.
While equitable distribution focuses on community property, it might not necessarily be an even 50/50 split. Some of the factors that are evaluated when equitable distribution is concerned includes income disparity, living circumstances, debts, and other factors.
Why You Should Talk to a Lawyer
As a high net worth equitable distribution lawyer in Bainbridge, WA can explain, they can offer services such as reducing your property taxes and determining the value of each of your assets. Finding out the most accurate values of your assets is critical because it informs you how you can fairly distribute your community property. Having a lawyer at your side for this process is important so that no mistakes are made, and that you conclude it with a suitable agreement.
Splitting Property During a High Net Worth Divorce
Marital Property
It isn’t uncommon for high net worth couples to have accumulated substantial marital property while they were married. This can include anything earned or gained during marriage, such as vehicles, jewelry, artwork, stocks, houses, officer accounts, bonds, and much more. As long as the property was acquired during the marriage, regardless of which individual purchased it, it is still considered marital property. The biggest challenge in divorce is determining how to divide this mutually accumulated property equitably to ensure each person receives a fair value.
One thing to remember, though, is anything you owned solely before the marriage remains solely your property upon divorce as long as you can prove you had it before the marriage. This as an extra challenge when it comes to determining what is community property and what is separate property.
Equitable Distrubtion
It might be easy to think that getting a divorce means that your spouse automatically receives half of everything you own. This simply isn’t the case because if it was in the division of property would be fairly simple. Instead of that, the courts consider various financial factors to determine what an equitable distribution for both parties would look like. When it comes to the context of property division, equity and equality don’t have the same definition. Equality means everything is split evenly, while equity means you both get what you need and deserve.
To ensure that there is an equitable division of assets, all property must be disclosed by both individuals involved in the divorce. If someone believes that the others attempting to hide assets, then another party needs to be pulled to identify any discrepancies during the disclosure process and verify that all property is properly disclosed. This can easily complicate the matter and make things go on longer than necessary. It is why disclosing everything is so important even if you feel you have the right to certain property.
When it comes to divorce, it is never easy. When you add wealth it gets complicated and that is why high net worth equitable distribution lawyers in Bainbridge, WA on the team at Robinson & Hadeed are ready and willing to answer any other questions you have about your divorce.
Get a Consultation With a Lawyer
One of the first legal services that a family lawyer can do for you is to provide you with a consultation. In many cases this consultation is free. Having a consultation early is important because you get to understand the facts of your situation. The lawyer will tell you the nature of your situation. They can explain what your options are and the first steps you can take to move forward. The consultation is a chance to explain to the lawyer what your concerns are and have them answer your questions. To find out more, schedule a consultation with a top-rated high-net-worth equitable distribution lawyer in Bainbridge, Washington now.
