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.
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.
You were once a power couple, building your net worth and striving towards bigger and better goals together. Now, in the painful aftermath of a union that no longer works, you are wondering what will happen to all you have built. In a high asset divorce, business ownership is a common obstacle. Overcoming it equitably is a challenge.
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.
Divorce can be stressful on everyone involved. Couples going through a divorce in Washington and elsewhere know that the lives of their loved ones can be affected as well as their own. Children can often suffer the most. However, there may be steps they can take to minimize some of the financial strain and emotional stress that can result from lengthy and contentious litigation.
Though most people will argue that divorce is one of the hardest things you will ever had to go through, some people might say that it's the aftermath that's the trickiest to navigate. That's often due in part because of the items you have collected over the years--some with emotional ties, some without--that now must be divided amongst the two spouses. But what do you do with those marriage specific items, such as your wedding dress or rings, after a divorce?