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High asset divorce issues to consider before filing a petition

On Behalf of | Apr 30, 2019 | Firm News, High Asset Divorce |

No two Washington couples have marriages that are exactly the same, and this is particularly true regarding high asset divorce. There are, however, several important issues to which most spouses can relate. Those who want to protect their interests may wish to consider these things before seeking a divorce.

Especially regarding high net-worth values, the income of each spouse will be a central focus in divorce proceedings. This issue can have a significant impact on child support, custody and property division. Spouses must fully disclose, not only their current income information but also their potential earning power down the line.

Another issue that may be particularly important in a high asset divorce concerns mortgage financing. Some people are eager to move out and take up a new, independent residence somewhere. However, this can have a negative influence on property division proceedings, especially if the other spouse continues to live in the marital home and is the sole person making mortgage payments. A spouse preparing to file a petition for divorce may also want to create a budget for his or her future financial plan, which can help prevent unpleasant surprises later.

In Washington, a high asset divorce operates under community property rules. The court typically splits all marital assets 50/50 unless there is a valid reason not to, such as situations where a prenuptial agreement was signed. Any spouse with questions or concerns regarding asset division or other divorce issues may request a consultation with an experienced family law attorney for support.