Washington High Asset Divorce Lawyer
Even when all parties involved have the best intentions, divorce proceedings can become quite contentious. This is particularly the case when one or both individuals have a high net worth or substantial assets. There are a number of different types of assets that can make a divorce more complex. There are also a number of tax issues that come into play. If you are ending your marriage, you need a Washington high asset divorce lawyer who can help.
What is a High Asset Divorce?
A high asset divorce is one that involves liquid assets valued over $1,000,000 after liabilities have been deducted from the total net worth. In addition to high net worths and large bank accounts, these divorce cases usually also include diverse types of property. These can include business interests, real estate, and property extending across multiple jurisdictions. Valuing these different types of property require financial and legal expertise to successfully navigate marital distribution.
Types of Property in High Asset Divorce Cases
Understanding the complex nature of assets is critical when going through a high asset divorce case. These include:
- Real estate: While many couples must determine how to divide a marital home, couples with high assets often have multiple types of real estate to distribute. They may have primary and secondary residences, as well as commercial properties that are all subject to division.
- Business interests: Businesses may be separate or marital property depending on many factors. These include when the business was created, if funds from the business were ever commingled with marital funds, and if both spouses were involved in business operations.
- Investments: Stocks, bonds, retirement accounts, and life insurance are just a few types of investments that must be divided during high asset divorces. All of these are complex assets that have different methods of division as well as certain tax implications.
- Personal property: Personal property is sometimes the most emotional to divide because people place a great deal of sentimental value in these assets. This type of property can include boats, luxury vehicles, jewelry, art collections, and more. Often, an appraisal is necessary to accurately value these items.
- Interstate and international assets: Property that is in different jurisdictions poses unique issues during a high asset divorce. This property must be assessed at local market value and they may be subject to different rules for division.
- Debt: Couples going through a high asset divorce must address the division of debt. When dividing debt, it is important to understand the origin and purpose of the liability to ensure a fair settlement.
Our High Asset Divorce Lawyer in Washington Can Help with Complex Issues
Any divorce has the potential to become complex, but those involving high assets are particularly complicated. At Bunde & Roberts, P.C., our Washington high asset divorce lawyer can help you through the unique challenges these cases present so you obtain the full and fair settlement you are entitled to. Call us now at 412-391-4330 or chat with us online to schedule a consultation with our experienced attorney and to learn more about how we can help.
