Marriage is a beautiful thing that almost anyone in Washington would love to get into, hoping it’ll last their entire lives. Unfortunately, more than half of all unions end in divorce. So, if you are a high-net-worth individual, you should plan and prepare yourself for such an unwanted occasion. Here are some practical legal tips you could use when facing a divorce.
Organize your assets
When you feel divorce is imminent, the first thing to do is gather, organize, and categorize your assets. Get all your bank statements, tax returns, investment records, pre or post-nuptial agreements, and anything else that will give your lawyer a clear picture of your financial situation.
Try to avoid mischief during this process. It can be tempting to conceal some information, but that will only come back and affect you significantly. There is so much credibility and integrity at stake when it comes to high-asset divorce.
Understand Washington divorce laws
First of all, Washington is a community divorce state. This means that all the properties and debts acquired during a marriage are subject to a 50 50 split (or something close to this) upon divorce, regardless of the person who contributed. Secondly, Washington is a no-fault divorce state, meaning you only need to tell the court that your marriage can no longer work due to irreconcilable differences to split.
Seek professional help
Divorce is difficult; even when you think you have everything under control, you might slip up. Dealing with your emotions, children, all your assets, family, the law, taxes, and everything else involved can be overwhelming. It’s imperative to seek assistance. Consult with financial advisors, therapists, support groups, and, more importantly, an experienced divorce attorney. Despite the chaos, ensure that you protect what you have and get what you rightfully and legally deserve.
Please remember to take things slow in a high-asset divorce. And, if you don’t want the publicity that comes with court proceedings, you can use alternative methods like arbitration, neutral evaluation, mediation, and conciliation.