Asset Division Attorneys in Gig Harbor Divorce
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
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Client Review
"I cannot recommend Shannon and her team enough. They held my hand through the entire process of winning my very complicated case. Shannon is knowledgeable and a hard hitter in court. If you need a lawyer you need Shannon on your side."
Lauren Pritchett
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.
Top 10 Common Assets Divided In Divorce
Gig Harbor asset division in divorce is can be complicated and incredibly emotional when enduring the divorce process. At Robinson & Hadeed, we understand the challenges that dividing assets can present. To help you better understand this process, we’ve compiled a list of the top 10 common assets that are typically divided during divorce proceedings. From real estate to retirement accounts, we’ll explore these assets and provide insights to guide you through this important aspect of your divorce.
- Real Estate
The family home is often one of the most significant assets in a divorce. Determining what to do with the marital home can be a complex decision, with options ranging from selling the property and splitting the proceeds to one spouse buying out the other’s share.
- Retirement Accounts
Retirement accounts, such as 401(k)s and IRAs, are subject to division during divorce proceedings. These assets accumulated over years of hard work, and understanding how they will be divided is crucial for securing your financial future post-divorce.
- Bank Accounts
Joint bank accounts, savings accounts, and other liquid assets are typically divided during divorce. Determining how to fairly split these funds can depend on various factors, including each spouse’s financial contributions during the marriage.
- Investments
Stocks, bonds, and other investment portfolios acquired during the marriage are also subject to division. Valuing these assets accurately and equitably dividing them requires careful consideration and, sometimes, the assistance of financial experts.
- Vehicles
Cars, boats, and other vehicles owned by the couple may need to be divided during divorce proceedings. Determining the value of these assets and deciding who gets which vehicle can be contentious, but it’s essential to reach a fair resolution.
- Personal Property
Divorcing couples will also need to divide personal property that has been acquired during the marriage, for example: furniture, artwork and other personal items. While these assets may not have significant monetary value, their sentimental value can make the division process challenging.
- Business Interests
If one or both spouses own a business, determining how to handle these assets during divorce can be particularly complex. Valuing the business and deciding whether to sell, buy out, or continue co-ownership requires careful negotiation and possibly the involvement of business valuation experts.
- Debts
Just as assets are divided during divorce, so too are debts. Mortgages, credit card debt, and other liabilities acquired during the marriage must be allocated between the spouses fairly and equitably.
- Pensions
Pensions earned during the marriage are considered marital assets and may be subject to division during divorce proceedings. Understanding the complexities of pension valuation and division is essential for ensuring a fair outcome.
- Life Insurance Policies
Life insurance policies with cash value may be considered marital assets and subject to division. Determining the value of these policies and deciding how to divide them requires careful consideration of each spouse’s financial needs and obligations.
Navigating Asset Division In Divorce
With the right guidance and support, it’s possible to achieve a fair and equitable resolution when navigating the challenge process of navigating Gig Harbor asset division in divorce. At Robinson & Hadeed, we’re here to help you through every step of your divorce journey, including the division of assets. Contact us today to schedule a consultation and learn more about how we can assist you during this challenging time.
Are you facing a high net worth “complicated” divorce?
Give Robinson and Hadeed a call today: (253) 851-5126
