High Net Worth
Special considerations for high-net-worth couples
Your extraordinary wealth brings a set of complex financial dynamics to your family that requires specifically trained legal guidance, whether you are creating an estate plan or seeking a divorce. Business interests, real estate holdings, spousal support, custody, and privacy concerns must be addressed in a way that meets your family’s priorities.
Our team of experienced high-asset divorce and estate planning attorneys can help build a customized plan for your family to thrive long-term. If there are aspects beyond family law or estate planning that require the attention of a specialized expert, you can be confident our network of professional partners represents the best and brightest talent Washington has to offer.
NEGOTIATING YOUR UNIQUE ASSETS
What is a High-Asset Divorce
Some marital assets are relatively easy to identify, such as shared homes, bank accounts, and vehicles. However, high-net-worth spouses may hold more unique assets, including but not limited to:
- Real estate investment properties
- Business interests
- Stocks, bonds, and other investment vehicles
- Intellectual property (i.e., patents, trademarks, and copyrights)
- Digital assets (i.e., cyber currency, websites, and blogs)
- Rare collections (i.e., coins, art, cars, antiques, or wine)
These assets can be like an onion needing the many layers peeled back to reveal their full value. It is critical to account for and evaluate all high-value marital assets before entering divorce negotiations. We can assist you with this.
MARITAL PROPERTY
Property Classifications
Marital (or community) property includes any asset acquired by either party during marriage. With few exceptions, marital property subject to equal division typically includes:
• Both parties’ earnings during marriage
• Interest income on assets like investments, capital gains, and retirement benefits
• All property obtained with earnings during the marriage
• All property acquired with community funds
• Debts incurred during the marriage by either spouse
Separate Property
Any inheritance received, assets acquired before marriage by either spouse, and gifts to a specific spouse are considered separate property by local courts and are not generally subject to division upon divorce.
An asset characterized as separate property may be subject to division if combined with community property or if the court deems it necessary to create an equitable division of assets. For example, if a couple uses income earned during the marriage to maintain a home inherited by one spouse, the home may be categorized as community property. Our attorneys are experienced in high-asset divorce cases and can help you avoid losing property in a divorce.
UNIQUE ASSETS & PRIVACY
Special Considerations in High-Net-Worth Divorces
Determining the value of unique assets such as copyrights, cryptocurrency, or antique collections may require an expert’s assistance. Real estate appraisers, forensic accountants, and business valuation experts may be called on to help high-net-worth spouses prepare for the asset division portion of their divorce.
Privacy Protections
You and your ex may also sign a confidentiality agreement to maintain privacy, which our firm can assist with if you desire one. This agreement should identify all the documents and information that may not be shared with anyone other than individuals directly involved in your high-asset divorce.
There are also alternative dispute resolutions options we can explore that can protect your desire for the terms of your divorce to remain private.
Disclosure of Assets
SKILLED LEGAL COUNSEL
A High-Asset Divorce Attorney Can Help
While there may be cases where it is okay to proceed without legal counsel, it is not advisable in many circumstances, especially with a high-net-worth divorce. Retaining skilled legal counsel to help protect your interests and preserve your wishes for your family’s future is strongly recommended.
Spouses with substantial assets may have significantly more at stake in a marriage dissolution. One of our knowledgeable attorneys can work with experts on your behalf to accurately identify and evaluate your assets to ensure an appropriate community property division. Get in touch with one of our Washington office’s high-asset divorce lawyers today to speak with us about your options.
STAY UP TO DATE
Subscribe to our newsletters
FURTHER READING
Blog Posts
A revocable trust or living trust is an instrument created, as part of your overall estate plan, for the purpose of protecting your assets, including investments, during your lifetime. It can also allow for a smoother transition of said assets…
Estate planning can feel overwhelming, but it is necessary to ensure your assets are in order and your loved ones are taken care of. Establishing an estate plan can also make certain issues easier for you and your family during…
In Washington state, alimony is referred to as maintenance. Maintenance is court-ordered spousal support payments that one spouse makes to assist with the living expenses of the other spouse for a period of time and for a particular purpose. Maintenance…
The homes. The boat. The investment accounts. During a high-net-worth divorce, the disposition of these and other assets (and debts) may be one of the most significant reasons underlying the contention between you and your soon-to-be-ex, making these types of…
NFTs have garnered a significant degree of popularity in recent years, particularly among the Gen-Z and younger millennial crowd. While they are relatively new to the financial and online scene and have garnered a degree of controversy with questions surrounding…
Cryptocurrencies, such as Bitcoin and Dogecoin, are increasing in prominence in the investment portfolios of many. They are also used for transactions. These assets can add value to an estate, sometimes enough to turn a small estate into a high-net-worth…
For many people, real property, usually a home, makes up the largest portion of their estate. Because of that, one of the most common bequests individuals make is to have that piece of real property pass to their heirs upon…
The marital home is often a point of contention during a divorce. Whether or not to keep the house can raise a lot of emotions, especially when children are involved. If you are thinking about divorce or are in the…
The thought of losing your home or its contents in a disaster is a scary thought. Loss of life, destruction of irreplaceable items such as home movies, photos, and heirlooms make it unconscionable. But as we know in life, sometimes…
When a couple decides to divorce, and one spouse is unable to support themselves, spousal support becomes a hot-button issue. Learn how to mitigate conflict and move forward.
Having to complete a QDRO in Washington State as part of your divorce will force you to take a look at your retirement accounts, what's in them, and their terms. Learn how this impacts your divorce and your estate plan.
Do you know the damage you do when your child thinks you don't want to pay child support?
Let us help you understand the variables at stake because the short answer is how much a divorce will cost depends on the divorce. Every divorce is unique.
A guardian is necessary when a person or minor is considered "incapacitated." A person is incapacitated if the person is: 1) a minor; 2) an adult who, because of a physical or mental condition, is substantially unable to: a) provide food, clothing, or shelter for himself or herself; b) care for the person's own physical health; or c) manage the person's own financial affairs; or 3) must have a conservator appointed for the person to receive funds due the person from a governmental source.
If you're currently going through a divorce in Washington State, you're probably digging through piles of papers looking for bills, statements, and other important documents. During that search, most people, however, forget to revisit their estate planning documents. Learn why you should.