If it’s valuable to you, it’s valuable to us.
It’s that simple.
Of course money is valuable. Of course assets are valuable. Of course your retirement accounts and pensions are valuable. But what about the sentimental items? The photographs of your children? The mug they painted for Christmas five years ago? What about the custody of the family dogs and cats?
A divorce means a major headache, and the asset division in a Gig Harbor divorce can be the last straw. On top off all the emotional trauma and stress of a divorce, you may end up losing the fruits of your labor. Years and years of work, investing, and careful saving can all be lost in an instant – and before you head into a divorce it can be difficult to tell how much of your assets are at risk. In a divorce, almost everything is up for grabs, and if your ex is particularly vindictive, you can count on a more challenging process to hold onto what matters most for yourself.
Before divorce proceedings, it’s important to educate yourself on how assets are divided in a divorce. You may have some questions about what is at risk, and what is fair game when it comes to asset division. You may also be wondering if anything you own is safe from your ex, or whether he or she can come for anything and everything you’ve worked hard to build. Asset division in a divorce is a complicated process, and it can lead to years of bad blood and bitterness between you and your ex. Read on to learn more about how you can protect your assets, and what assets are at risk in your divorce.
What’s at risk?
Asset division varies in every case. There are a number of factors that decide what can be split between you and your spouse, but there are some exceptions to the rules. Knowing what is safe in a divorce can help you decide whether a divorce is worth the risk.
- Separate Property: If you made investments or purchases before your marriage, are they up for grabs in a divorce? These are referred to as separate property, and rest easy – these are usually safe. Separate property includes assets that were owned by one of the partners before a marriage, but it also extends to inheritances and gifts that were given from one spouse to another. Separate property is typically protected in the event of a divorce, so you shouldn’t have to worry about losing those baseball cards you collected as a kid.
- Marital Property: Assets that were acquired while you and your spouse were married, however, are a much different story. This is referred to as marital property, and you could lose them in your divorce. Asset division in a Gig Harbor divorce typically classifies marital property as anything you and your spouse purchased or invested in over the course of your marriage. This includes savings, businesses, real estate, and more.
Marital property is different in every case. If you have spent time building up a financial portfolio with your spouse, you can assume it’s up for grabs in a divorce. During divorce proceedings, marital assets are treated as community assets that are given to one party or another, and this division depends on several factors: earning potential of you and your spouse, the duration of the marriage, and the quality of life you both enjoyed while you were married.
Contact a Divorce Lawyer Today
If you suspect you’re headed for a divorce, don’t waste any time. Reach out to a qualified lawyer, and see how Robinson and Hadeed can help with the asset division in your Gig Harbor divorce.
Whether it’s your house or baby shoes, if it is valuable to you, it’s valuable to us.
High Net Worth
High net-worth divorces can be longer and even more stressful than an average breakup because there is so much at stake. Frequently, the ownership and value of the assets is complicated. Many of our cases involve several pieces of real estate, retirement accounts and pensions, bank accounts, multiple business interests, layers upon layers of LLCs, investments and stocks, cars and boats, and other assets.
Here at Robinson & Hadeed, we have the vast business acumen required to successfully represent clients with complex personal and professional lives and diverse revenue streams. These “complicated” cases are what we do most often.
Are you facing a high net worth “complicated” divorce?
Give Robinson and Hadeed a call today: (253) 851-5126