Kirkland Divorce Attorneys
High Asset Cases
Division of property can be particularly difficult if there are a large number of high assets involved. It is important to have representation that has the resources and experience to handle these more complex cases. Our Kirkland divorce lawyers will make sure that they do everything legally possible to help you retain all of the property you are entitled to in a high asset divorce case. Property is more than just land – it can be possessions, bank accounts, business and contract rights, and retirement funds.
A Kirkland divorce attorney from our team will fight to help you retain your high assets.
Determining Community vs. Separate Property:
Washington state is a "community property" state, meaning that all property acquired is considered community property, and both parties having an equal share in the property. These community property laws can be complicated in many situations, such as if the marriage has gone on for a long period of time or if one of the parties owns a business.
Apart from community property is separate property. This is any property that either spouse owned before the marriage, received as an individual gift, or was purchased with separate property. Determining what property is community and what is separate can be very complex when many assets are involved.
Fair and Equitable Division:
The law, however, does not require an even division of the assets. Rather, it calls for a “fair and equitable” division of assets, which is not necessarily a 50/50 split. The court may do this for a number of reasons. For example, if one of the spouses can recover financially far more easily from the divorce than the other due to their employment, financial standing, etc. In these cases, it is important to hire a Washington state divorce attorney who knows what is important in determining these factors, as there is discretion on distributing the assets on the part of the judge.
Another factor that can change the distribution on the property is if the spouse misbehaved during the marriage. Generally misbehavior will not affect the division, but if any property was wasted or destroyed, this can change the outcome.
In cases with many assets, there can be serious tax implications to one or both of the spouses. Filing status will vary depending on dissolution, annulment, or legal separation. Each of these is treated differently. Debt and property division are final once they have been ruled upon, and are near impossible to modify later. Your Kirkland divorce attorney must know about the tax implications in these high asset cases or there can be large financial consequences.
Schedule a free initial consultation with one of our Kirkland divorce attorneys today!
Our Kirkland divorce attorneys are experienced in high asset cases. Give our offices a call today to learn more about how a Kirkland divorce attorney from our team can help you protect what is yours.