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.
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.
When a marriage is about to be over, both spouses usually have some ability to see the writing on the wall before one of them actually says the word "divorce" or simply has papers served. But whether there is a vague sense of an upcoming breakup or not, moving on requires a certain amount of preparation in order to be able to move on successfully. The more time you are able to spend making preparations the better, because it's likely you will be able to be more subtle and be better prepared as you walk away.
When one or both parties in a divorce have significant assets, this can mean a more complex divorce situation. More real estate, bank accounts, businesses, and intellectual property, retirements and stock awards can mean more property to characterize and valuate. Businesses are particularly difficult to valuate because of the intangible value that must often be assigned. If you are heading towards a high net worth divorce, it is important to arm yourself with knowledge and the right divorce attorney.
Although the virtual currency known as Bitcoin has not been around for very long, it has already earned a rather infamous reputation. Bitcoin does not exist as a physically tangible form of money, nor is it regulated by a governmental agency. As such, it is not uniformly recognized as a system of currency.
One of the more uncomfortable issues for most people to discuss is domestic violence. But keeping silent on the issue does not solve the problem, and often makes it worse. Victims of domestic violence may have a very difficult time getting away from their abuser and finding the courage to seek divorce.
A new study has found a tentative connection between divorce and Facebook use. According to the study, which looked at Facebook users in 43 states from 2008 to 2010, when a state has an increase of 20 percent in Facebook users, that state could exhibit an increase in its divorce rate of 2.18 percent. Researchers stressed that this is far from fact, but that Facebook users and the divorce rate seem to have some sort of correlation with each other.
If you are about to divorce and know that a child custody battle will be necessary, do you worry about whether your gender will be an asset or a liability? Many men fear that the latter will be true. It is commonly believed by both men and women that family courts are biased toward mothers in matters of child custody.
Many parents consider it to be a privilege when they opt to pay for their children’s higher education costs. However, many parents believe that it is critically important that children work hard to pay for their own educational expenses. In general, parents have no duty to pay for their children’s college tuition. However, some parents opt to do so anyway, while others are surprised to discover that they are compelled to contribute to these expenses in the wake of their own divorce.