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Federal Way Divorce Law Blog

High asset divorce: The art of collaboration

Divorce is often a complicated matter that many wealthy couples in the Bellevue area find themselves going through when their marriages come to an end. You may think you must fight your partner at every turn in order for you to receive every dime and asset you feel you deserve. However, you do not need to resort to becoming an overly aggressive person. It is possible for you and your soon-to-be ex-spouse to work things out in your divorce through collaboration so you can stay on good terms with each other for the sake of your kids. 

Do not accept things at face value 

By the numbers--how collaborative divorce works

Since collaborative divorce has become an option in the state of Washington, it has been gaining in popularity. Couples who wish to end their marriage come together in meetings with their attorneys, during which they work to find common ground that will result in an amicable divorce agreement.

The divorcing parties set the pace for the collaborative process. Here is a look at the basic steps a couple will go through when they decide on this option.

Are you sure all your marital assets are accounted for?

If you are headed for divorce, your financial well-being will be of utmost importance as you enter a new chapter in your life. You want to be sure that all your shared assets are front and center with nothing hidden away.

Your spouse may have some bad habits, such as telling the occasional lie, that make you wonder if there are assets you might not know about. Perhaps it is time for some due diligence before meeting with your attorney.

Key points of the Washington relocation law

You want to provide the best possible life for your children. What do you do when that requires you to move your child away from your ex-spouse? You may have a custody dispute on your hands.

Should you have to defend your decision to move, the state of Washington's relocation law governs the proceedings. There are a few key points of the Washington relocation law you should be aware of.

Defining separate property in Washington divorces

Washington is a community property state, which means the general approach to dividing marital assets is splitting them down the middle. Separate property, however, can escape the division process.

Especially for high-asset couples, establishing the boundaries between separate and community property can make a difference when it comes to division. Understanding the basic principles of how separate property works can help you protect yourself financially.

Things to consider about custody when relocating after divorce

Whether your divorce is final or you are in the middle of your divorce proceedings, deciding to relocate can have a strong impact on your custodial agreement. Especially if you are the custodial parent, there may be certain hurdles that you will have to overcome. Here are a few things to consider before proceeding with your relocation case.

If you have an amicable relationship with your ex-spouse, then you may seek to come up with a resolution between the two of you, either by yourselves or with your attorneys. In that case, once you have come to an agreement, you will need to complete the proper forms and have them approved by the courts. However, if you cannot reach such a decision together, you may need to prepare yourself to appear in family court.

Staying in contact with your children from a distance

If you are having to relocate following a divorce, it can be difficult to imagine living hundreds or even thousands of miles away from your children. Technology makes it easier to keep up with your kids these days, but you will have to make an effort. You cannot put the burden on your children to reach out to you. 

Children need both parents involved in their lives. The research clearly demonstrates that children who are engaged with both parents tend to do better in school, have better coping skills and keep away from drugs and alcohol.   

Why Mediation Should Be Considered for a High Asset Divorce

You have now decided to broach the topic of divorce. You and your spouse are in the process of separating and you are trying to determine your next steps. Understandably, there are many questions that are running through your head at this point. Where will I live? How will this impact my retirement? When will this all be finalized? How will this all be determined? These are all issues that can be complicated further when either spouse in a divorce has significant assets. One solution to an amicable and efficient high asset divorce is mediation.

Why an Attorney is Especially Important in a High Asset Divorce

Getting the finances right is important in any divorce settlement, but in cases where there is a lot of money at stake, doing so becomes more complex. When high asset divorce happens in Washington State, the court decides how to divide up marital property in an equitable way -- equitable, meaning fair and equal, not necessarily 50/50, and they will also look at what assets should be considered separate property that the other spouse should not hold a legal claim to.

Determining Child Support in a High Net Worth Divorce

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.

If the couple will live in different states or countries, special issues may arise involving regular contact by Skype, Face Time, or other providers. Scheduling visitations and passports may also present an issue after the divorce if they are not addressed in the final court orders. Finally, there are sometimes extremely sensitive issues like paternity of children which wealthy parents may wish to shield from the public record. All of these issues can be handled with discretion and expertise by the attorneys and staff at Clement Law Center. We would be pleased to protect the interests of you and your children, and can offer you excellent advice and representation in and out of court.