In Washington and across the country, people age 50 and over are often part of a rising trend. Those in this age group are filing for divorce at a rate much higher than their younger counterparts. When high assets are at stake, a spouse must be careful to protect his or her financial interests.
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.
Many Washington business owners also happen to be married or are planning to be some day. Successful entrepreneurs understand the need to protect business assets. While most people expect their marriage to last a lifetime, it doesn't always end up that way.
When Washington spouses decide they no longer wish to maintain their relationships, they can seek a legally binding end to their marriage. Most people want to avoid lengthy court battles at all costs when they divorce. When it comes to child custody and related issues, spouses can devise the terms of their own co-parenting plans, and this helps keep legal expenses to a minimum.
While it is possible to act on your own behalf when ending a marriage in a Washington court, it is usually less stressful and quite helpful to instead rely on experienced legal representation. Especially in a high asset divorce, any number of challenges may arise that are far more difficult to resolve if you are acting alone. In addition, allowing an experienced attorney to represent you may help protect you from being given the short end of the stick in property division proceedings.
A recent marriage study suggests that high-net-worth assets may have an impact on whether Washington married couples stay together or call it quits. In fact, this particular study suggests that wealthy people in general are much likelier to divorce than their less-affluent peers. While one study definitely does not prove or discount such assertions, it is true that finances often have significant influence on marital relationships.
In business, divorce or any other transaction that includes signing a contract, Washington readers will want to remember the importance of carefully reading all terms therein and making sure they understand them before signing. A dispute may arise down the line if one or more parties of a contract suddenly claim they did not understand what they were signing. A man who was once married Elvis Presley's daughter says he was unaware of the contents of the post-nuptial agreements he signed.
Just as no two Washington marriages are exactly the same, neither are any two divorces. Your situation is unique to your own circumstances and personal history. Why you filed for divorce may not be as critical as the type of support you secure before heading to court. In a high asset divorce, trying to go it alone is typically not a good idea.
Most people who are married or have been married in the past would agree that it can be a joyful, rewarding experience and challenging all at once. Sometimes, problems arise that can be overcome. Others situations lead to a complete relationship breakdown. When a spouse in Washington or elsewhere suspects that his or her other half is contemplating filing for divorce, it makes sense to prepare by researching state laws and having a plan in mind, just in case.
When a person or couple works long and hard to develop, launch and sustain a successful business, it's understandable that asset protection would be of paramount importance if divorce occurs. Whether spouses also happen to be business partners or one spouse runs the business while the other remains uninvolved, when they file for divorce, both spouses will likely be concerned with business assets when it comes time to divide marital property. Washington is one of nine states in the nation that use community property laws to process divorce.