High Net Worth Spousal Maintenance Lawyers Bainbridge, WA
High net worth divorces can be especially lengthy and stressful and that is why high net worth spousal maintenance lawyers in Bainbridge, WA, are often a great asset in helping you through the process. These kinds of divorces may involve multiple pieces of real estate, retirement accounts, bank accounts, business interests, stocks, and other assets. If you or your partner has substantial assets, then you have a lot at stake. This means considering a lawyer who understands the challenging situation you face is so important.
A lawyer can help you through this process and beeps will carefully guide you to help you protect your interests at each step.
Pursuing a High Net Worth Divorce
Washington is a community property state, which means assets and debts acquired during the marriage will need to be divided based on being fair. This means the courts will usually divide community property equally, but it has to split the property according to principles of fairness. This means that if a 50-50 distribution would put one spouse in a significantly worse position than the other, the court may make an award that is unequal, so the distribution is fair and equitable.
There are often additional variables that are for in high net worth divorces. The wealth in these divorces can be connected to a business, or business interests in the business itself may be community property. When the business itself is community property, it may be an asset that must be divided during the divorce. That is when the fair market value of the business has to be determined, but if it was created before the marriage, it may be necessary to determine how the assets should be divided.
This is when experts are called in to evaluate and appraise a business which includes its goodwill and its assets. They can also offer options related to accounting, finances, or other tax-related matters. These experts, known as frantic accountants, may also be able to trace the sources of funds used to gain assets and then offer opinions about whether the business is community or separate property.
Broader discovery may be necessary and high net worth divorces in order to make sure that the experts have all the information they need to make informed appraisals of the assets. If any assets are located abroad or in other states that a lawyer is going to be necessary to help you understand the tax implications and the possibility of other countries’ or other states’ laws that have an impact on the property division. Tax issues require particular attention and high net worth divorces because the way property is distributed may have a significant impact on each spouse’s tax burdens after the divorce. Failing to pay attention to tax locations can cost one or both parties have neutral funds and could and in trouble with the IRS.
If you have more questions about what high net worth spousal maintenance lawyers in Bainbridge, WA, do, then don’t hesitate to reach out to our team at Robinson & Hadeed today.