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Preserving financial stability in a high asset divorce

There's no telling how many Washington marriages will end in divorce this year. There's also no way to presume what types of settlements those involved will achieve. That's because no two situations are exactly the same, and, even in a high asset divorce, certain things are usually up for negotiation.

What leads to divorce in one marriage may be vastly different from another. Money issues are often high on the list when it comes to matters that cause disagreements. However, there are a few rules of thumb that make good sense in most situations, as far as preparing for an agreeable divorce settlement is concerned.

One mantra says knowledge is power. It's crucial that anyone concerned with protecting assets and securing a settlement that promotes a financially stable future begins the whole process with clear understanding of what income, assets and financial accounts exist. Too many spouses make the mistake of completely relying on the other spouse to handle such matters during marriage; then, when divorce occurs, they're at a loss as to what is rightfully theirs.

Washington happens to be one of only nine community property states. In a high asset divorce, financial matters can be quite complex, and disagreements may be difficult to resolve. One way to simplify the process is to begin by making an extensive list that includes all assets and liabilities. It's also typically very helpful to enlist the assistance of an experienced family law attorney to clarify the laws that govern property and asset division before entering proceedings.

Source: livemint.com, "When untying the marriage knot", Priya Sunder, March 23, 2017

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