With more and more couples focusing on their careers before marriage, chances are they might be more concerned about their assets and what could happened to them during a divorce. In many cases, this leads to couples signing prenuptial agreements prior to marriage, which outlines just about every aspect of the divorce minus a lot of the stress.
A recent appellate court decision may impart valuable advice to Washington residents wanting to prevent protracted dispute over complex asset division during divorce. The litigants were a couple who executed a prenuptial agreement to exempt all gifts, inheritances and personal business profits from equitable property division in the event of marital dissolution. During their marriage, the woman quit her career to stay home with the couple's four children, and the man built a telecom business that became successful within a year of their high asset divorce. When he later defaulted on court-ordered spousal and child support payments of more than $4,500, the ex-wife went back to court. Her ex-husband pleaded lack of income caused by no longer having an ownership interest in the company and subsistence solely on gifts from his former business partner and in-laws.
Washington residents may be interested in learning that the latest trends in a survey by the American Academy of Matrimonial Lawyers reveals that more women have been wanting prenuptial agreements. As the financial and real estate markets continue to change, there are more assets at risk in the event of a marriage dissolution. More than 46 percent of divorce lawyers interviewed in the survey revealed that they saw more women initiating the requests. For spouses seeking divorce in Seattle, Washington, it is important to consider the implications of divorce given the community property laws in the state. Community property laws maintain that spouses equally share all property and that they also equally share property acquired during the marriage.
Divorcing couples in Washington and across the nation often feel overwhelmed by the prospect of having their most prized possessions divided in a high asset divorce. Although most individuals going through a divorce know that assets like real estate and jointly owned stocks will be divided in divorce court, they often forget about more unconventional assets such as rare collections or cemetery plots.