Property Division Guide
If you and your partner feel that divorce is the best option for your marriage, you will need to make many important decisions. How to divide your assets and future income in order to support a comfortable lifestyle after divorce are typical of the decisions that need to be made in the process.
Washington is an “community property” state meaning that in a divorce, the court will aim to allocate property acquired during the marriage equitably. Equitable can, but does not necessarily, mean evenly; This can lead to many complexities based on each case’s unique set of factors and circumstances. Meanwhile, Washington uses community property principles to divide property and debts in the divorce process.
High Asset Divorce Cases
There is no question that high asset cases bring a unique set of complexities and challenges. Our divorce attorneys have extensive experience representing a variety of legal, medical, and tax professionals; In addition to executives, business owners, and/or those who have acquired wealth from their family. High-asset divorce cases can often include dividing up multiple bank accounts, stock portfolios, businesses, and real properties (in the couple’s home jurisdiction or elsewhere). Therefore, determining an accurate value for the entire asset portfolio requires a great deal of experience and skill.
Understanding the true value and scope of your assets is paramount to achieving a fair division of assets between you and your spouse in a divorce. The value of certain assets will be simple to determine, while others may require value appraisals or input from certified experts to assign. The attorneys at McKean Smith will take the necessary steps to correctly establish the value of your property and properly prepare you for negotiations in mediation or presentations to the court.