High-Net-Worth Family Law Lawyers Bainbridge, WA
While any Washington divorce has the potential to become complex, couples who have a high net worth are almost guaranteed a divorce process that can quickly become murky with issues. This is especially true if one of the spouses is suspected of wasting assets in order to prevent the other spouse from getting their fair share in the divorce settlement. If you are going through a high asset divorce, you need one of the high-net-worth family law lawyers Bainbridge, WA clients recommended from Robinson & Hadeed.
The courts consider dissipation of assets as a fraud on the marriage, although there are not usually any criminal charges ever filed against the guilty spouse unless he or she committed actual fraud in an attempt to deprive the other spouse of access to marital assets. Some of the more common activities that may be deemed asset dissipation include:
- Changing the beneficiaries on life insurance policies
- Destroying financial records
- Failing to make payments or canceling health and/or vehicle insurance policies
- Incurring debts that are not divorce-related expenses
- Selling or transferring assets or property without the other spouse’s knowledge
- Spending money on things (jewelry, trips, boats, etc.) that are not considered necessary and reasonable living expenses
- Withdrawing contents in a marital safe deposit box
- Withdrawing money from marital bank accounts
When divorcing spouse suspect or discover their spouse is committing asset dissipation, it is critical to let their Bainbridge, WA high-net-worth family law lawyers know right away. An attorney can file a motion with the court for a temporary restraining order to prohibit either spouse from doing any of the above.
During the divorce litigation, evidence is then presented to the court to show how much of the couple’s assets were wasted. If the judge agrees, then the court will determine the value of the reconstituted estate – that is, what is the total value of the marital estate before the assets were dissipated. The judge will then base his or her decision on how the marital estate should be divided on that amount. In the majority of cases, the judge will award the spouse who was wronged a greater share of the estate, as well as required the spouse who committed the dissipation to pay the wronged spouse a certain amount of money. These decisions are based on the circumstances of the case and just how much of the couple’s assets “disappeared.”
Are You Going Through a High-Asset Divorce?
If you and your spouse have a high net worth and have decided to end your marriage, it is important to have a skilled attorney who is well versed in these types of litigations. Contact Robinson & Hadeed to schedule a consultation with one of our high-net-worth family law lawyers in Bainbridge, WA.