Regardless of your financial well-being, divorces can result in monetary disputes. A high-asset divorce in the state of Washington can result in costly legal trials, and understanding the key aspects involved can help you protect your wealth.
Forensic Accounting May Help Preserve Your Personal Wealth
Forensic accountants use accounting skills to conduct thorough investigations of a person’s transactional history. While typically used in fraud cases, high-asset divorce cases also employ forensic accountants. In some cases, a forensic accountants can make divorces more costly, but if utilized well, they serve as expert witnesses and protect your wealth in the following ways:
- Identify assets you earned before your marriage
- Differentiate between business and personal assets
- Evaluate property divisions fairly
- Determine your actual personal income
Always Keep Taxes in Mind When Fighting Over Assets
When you are concerned about property division, you must be aware of the tax aspects. The person awarded marital property or any other type of asset during the divorce will be responsible for paying taxes upon their disposition.
Courts Grant Alimony Based on Which Spouse Earns Less
There is often a perception that alimony goes exclusively to the wives. However, courts grant alimony to the lower earners, regardless of their gender. The actual amount awarded depends upon a variety of factors, including:
- Ability to work
- Level of education
- Marriage duration
- Standard of living during the marriage
- Spousal ages
- Reason for divorce
- Prior agreements about alimony
Planning Remains the Best Way to Protect Yourself
If you are a high-net-worth individual, the best way to protect yourself from losing your assets in a divorce is to plan ahead. This could come in the form of a prenuptial or post-marital agreement.