Protecting your financial interests in a divorce in Spokane, Washington, becomes much more complex when large asset pools are involved. An experienced attorney at Gallagher Law can help you fight to achieve the results you need and deserve. Call (509) 326-4162 to learn how an experienced Spokane high-asset divorce lawyer can fight for you.
Divorces involving substantial assets often come with added challenges, including business interests, investments, and long-term financial planning. With more than 28 years of combined experience handling complex and contested family law matters, our team’s guidance can make a critical difference in pursuing fair and workable outcomes.
Why Call Gallagher Law for Help With a High-Asset Divorce in Spokane, WA?
When facing a high-asset divorce in Spokane, Washington, it’s critical to have experienced legal counsel in your corner. Gallagher Law understands that when significant assets are involved, even amicable divorces can quickly become contested.
Our experienced Spokane family law attorneys are prepared to go to battle for you when the stakes are high and the issues are complex. Our firm is a top-rated family law firm led by a longstanding member of the Washington State Bar Association. We are respected by local professional organizations, including the Spokane County Bar Association Family Law Section.
To learn more about how our Spokane divorce lawyers can fight for you, call for a consultation today.
An Overview of High-Asset Divorce Issues in Washington
The basic divorce process does not change when large asset pools are involved. The same laws apply regardless of your net worth and accumulations. The key difference is the amounts that are involved. A much more extensive list of assets may need to be divided. Spousal support may be more significant–and thus more strongly contested.
The same issues must be resolved regardless of a divorcing couple’s net worth. They include:
- Division of marital property
- Spousal support
- When the couple has minor children, child support and child custody
Washington is one of the few remaining community property states. Items that are classified as marital property are typically split equally, as opposed to in equitable distribution states, where the property division must generally be “fair”, but not necessarily “equal”.
How Will a Prenuptial Agreement Impact My High-Asset Divorce in Spokane?
Prenuptial agreements are now incredibly common, especially for couples who are entering a marriage with significant assets. Washington state courts will generally enforce the terms of the agreement if the agreement itself is found to be valid under Washington state law.
Prenuptial agreements typically outline terms regarding:
- Spousal support and alimony
- Property division
There are, however, situations where a court will decline to enforce a prenup, most commonly when:
- One spouse signed the agreement under pressure or duress
- One spouse hid assets and failed to fully disclose their financial circumstances
- The agreement is ambiguous or unclear
- The agreement is particularly one-sided or unreasonable
- The agreement is not in writing
- One spouse failed to seek an attorney’s advice when signing the agreement
It’s also important to realize that prenuptial agreements in Washington cannot deal with child support and child custody. These issues are resolved based on specific state laws and what is in the best interests of the child.
Division of Property in a Washington State Divorce
Property in Washington is divided into two categories: community, or marital, property and separate property. Community property is generally divided equally between the two spouses. Separate property is not subject to division of assets in a divorce.
What Is Separate Property in Washington State, and How Is It Divided?
Separate property remains the property of the spouse who owned the property even after the divorce has been finalized.
Examples of separate property may include:
- Items purchased by either spouse prior to the marriage
- Gifts made to one spouse alone
- Inheritances
Commingling of assets is also possible. For example, if one spouse deposits money earned prior to marriage in a joint bank account, it will be commingled with the community property. Thus, it can be subject to division in a divorce.
It probably seems natural to share financial assets with your spouse. Even if assets have been commingled, it may be possible to trace the property back to its separate status and protect it in a divorce.
How Is Marital Property Divided in a Spokane Divorce?
Community property in Washington includes any property that was acquired or earned during the course of the marriage.
Common examples of community property include:
- Either spouse’s income or wages during the marriage
- Interest, dividends, rents, and other returns on investments during the course of the marriage
- Real estate or tangible personal property acquired during the marriage
- Real estate or tangible personal property acquired using community funds
- Retirement accounts and benefits
Washington courts aim for a just and equitable division of property, which often—but not always—results in an equal split.
How Is Spousal Support Determined in a High-Asset Divorce in Spokane?
As much as anything else, marriage is a financial partnership. Courts can order one spouse to continue supporting a former spouse long after a divorce has been finalized.
When evaluating requests for spousal support, courts in Washington may consider many different factors, including:
- Each spouse’s financial resources
- How the couple’s community property was divided
- The duration of the marriage
- The standard of living established by the couple during the marriage
- The requesting party’s needs in order to maintain the standard of living established during the marriage
- The paying spouse’s ability to pay spousal support while also enjoying the standard of living established by the couple during the marriage
- The requesting spouse’s ability to obtain employment, education, or training required to become self-supporting
Washington is a no-fault state when it comes to divorces. Family law judges cannot consider either spouse’s actions or misconduct when deciding issues involving spousal support.
Ensuring a Fair Divorce Settlement When Your Spouse Owns Businesses and Property in Spokane
Dividing community property can be incredibly complicated–especially when the couple holds significant assets. It’s important to be upfront and disclose all of your assets and liabilities. Unfortunately, spouses often try to conceal assets in order to avoid a fair split.
When you hire our attorneys, you’re gaining access to a team of experts who can advocate for the best possible results. Depending on the situation and the issues at hand, we may work with:
- Forensic accountants
- Tax experts
- Business valuation specialists
- Real estate brokers and experts
- Appraisers
- Mental health professionals
- Vocational specialists
Ensuring your property is properly appraised can be critical to understanding the value of the community property to be divided. Some assets are more difficult to divide than others–and it doesn’t always make sense to liquidate property and simply distribute the cash.
Our attorneys have experience developing workable solutions for our clients and their families. We’ll work closely with you to identify your priorities and determine the best way to reach a favorable outcome.
Do I Have Any Right to the Businesses My Spouse Owned Prior to Marriage in Washington?
As is true with respect to any property, a business or business interests owned by either spouse prior to the marriage are considered separate property. Separate property is not necessarily subject to division in divorce.
Complications do arise when one spouse derives their earnings from that business. Either spouse’s earnings during the marriage are classified as community property and are thus subject to division.
Dividing a business can create serious complications. Liquidating the business in order to divide the cash is not always favorable or workable. When business interests are involved, it’s always important to hire an experienced attorney who can help.
Contact Our Experienced Spokane High-Asset Divorce Lawyers for a Consultation Today
High-asset divorces in Spokane, Washington, often involve complex legal issues. Our attorneys at Gallagher Law are well-equipped to fight for you. Whether you’re in the midst of a divorce or are considering filing, call for a consultation with a Spokane high-asset divorce attorney who can fight on your behalf today.