When a wealthy couple splits, it presents many complex issues. The existence of children further complicates matters. Unlike other couples, whose assets and incomes may be minimal, high net worth parents often spend vast sums on their children's upbringing and education. Other financial issues may include sharing responsibility for tuition at a private school, setting up trust accounts or managed bank accounts, and contributions over time to special accounts for college education.
Washington is a community property state. What does this mean exactly? In general, this means that each spouse receives fifty percent of all property (debts and liabilities) acquired during the marriage. However, you may not receive exactly fifty percent of property in a divorce, depending on the circumstances. And, you may be able to keep some property that is deemed "non marital." If at all possible, it's best to divide the property through divorce negotiations, else you may not get what you want if a court has to divide the property.