Navigating High-Asset Divorce in Seattle: Key Considerations for Business Owners

The prospect of moving through the divorce process can be daunting for anyone. Even if you and your spouse both agree that ending your marriage is the best way for you to move forward and go your separate ways, the sheer volume of paperwork and negotiations that need to be handled can be intimidating. However, as cumbersome as navigating the divorce process in Washington state may seem, those facing a high-asset divorce in Seattle can feel especially overwhelmed. Seattle complex divorce cases typically involve more substantial and varied assets, such as multiple real estate properties, luxury vehicles, stock portfolios, or business interests that will need specialized attention to ensure that they are divided up equitably between the two parties. 

As you start to explore your divorce options in King County or Pierce County, it’s important to recognize the benefits of working with a highly experienced and knowledgeable high-asset divorce attorney who can help you move through this process with greater clarity and confidence. With substantial assets on the line, it’s essential that you approach any negotiations or disagreements as strategically as possible to maximize your chances of achieving your divorce goals. Let’s take a closer look at what to expect during the high-asset divorce process in Washington state, particularly when it comes to valuing and protecting a business in divorce. 

What Counts as a High-Asset Divorce in Washington State?

It’s helpful to get a sense of what distinguishes a high-asset divorce from a more conventional divorce in Washington state. Although there is no formal definition that applies to all high-net-worth divorces, the term generally encompasses divorces “involving several million dollars’ worth of assets.” However, rather than using a specific monetary figure to determine whether a case is a typical divorce or a high-asset one, other factors can help to identify high-asset divorces. For instance, high-asset divorces often involve multiple real estate properties, several luxury vehicles, complex financial portfolios, and business interests—all of which can benefit from specialized attention to ensure that the divorce agreement or resolution upholds Washington’s goal of a “just and equitable” division of community and separate property. If you have questions about whether your divorce case could benefit from the services of a high-net-worth divorce lawyer in Washington, get in touch with the Hemmat Law Group, Seattle’s go-to divorce and family law firm, today.

Valuing a Business For a Washington Divorce

Divorce for business owners in Washington can be a more nuanced process. In complex, high-net-worth divorces, one or both spouses may have an interest in a business venture. Depending on the structure of the business (i.e., whether it is structured as a partnership, LLC, or S-Corp), the business valuation process may be different. As you move through the high-asset divorce process, you will need to have all of your assets appraised or valued so that you can approach the upcoming negotiations with the information you need to ensure an equitable division of assets and property. In some cases, valuing a business may be a relatively simple and straightforward endeavor—such as valuing shares using the current share price. However, other business structures or interests may require a valuation expert who can analyze the business through valuation methods using an income approach, a sales approach, or an asset approach. As soon as you begin the divorce process in the greater Seattle area, it’s worth enlisting the support of a highly qualified and trusted Seattle high-asset divorce attorney who can help you navigate this process with greater understanding and connect you with the valuation professionals you need to proceed with confidence. 

Addressing Hidden Assets and Forensic Accounts During a High-Asset Divorce

When spouses approach the divorce process, they are expected to participate in all negotiations with openness and honesty. While no one expects you and your soon-to-be ex-spouse to be on friendly terms in the wake of your separation, it’s important to treat each other civilly to move these critical conversations forward. However, there are cases where one party may attempt to hide certain financial information or assets from the other in order to secure a more favorable outcome for themselves. If you suspect that the other party is acting in bad faith or not being honest with you about their financial situation, it’s best to share these concerns with your dedicated and knowledgeable Seattle high-asset divorce lawyer right away. Your attorney can help you understand the purpose of the financial restraining order, which is often an automatic part of the legal separation process in most Washington counties. Once this order is put into place, it stops both parties from taking any dramatic financial actions, such as closing credit cards, selling a real estate property, liquidating financial accounts, or selling a business. Unfortunately, a financial restraining order only applies to actions taken after the divorce process has begun; it can be much more difficult to access or recover funds if the other party moves them before filing for divorce. Your experienced high-net-worth divorce attorney can help you evaluate your options so that you can identify the most appropriate and strategic course of action. 

Protecting Business Interests During Divorce Proceedings

If you own a business or have any business interests, you will want to safeguard these as much as possible as you wade through the divorce process. The prospect of jeopardizing or losing this valuable asset can be concerning, which is why the dedicated legal team at the Hemmat Law Group is here to work alongside you and keep your business interests as safe and secure as possible. Whether you have your own business investments or you and your ex jointly own and operate a business, you can trust that our highly skilled legal professionals will assess every detail of your situation to determine the most strategic path forward. We recognize how dividing business assets in divorce can quickly become a complex endeavor, but we are committed to employing any number of effective strategies to help you achieve your divorce goals and move forward into your life’s next chapter with greater confidence and security.

Spousal Support Considerations in Complex Divorce Cases

Washington courts recognize how destabilizing a divorce can be, especially if one spouse spent the course of the marriage raising children, maintaining the home, or performing volunteer work in lieu of a career. In some divorces, the court may grant “a maintenance order for either spouse or either domestic partner.” Essentially, spousal maintenance is designed to ease the transition for the lesser-earning spouse after the marriage ends, enabling them to attend educational courses or brush up their resume in order to find a regular source of income or employment. It’s important to note that the court typically orders spousal support under a specific set of circumstances, such as providing the spouse who had been out of the workplace for decades with the financial stability they need to find their feet and begin earning an income to support themselves after the divorce is finalized. If you have questions about spousal maintenance determinations in Washington, please contact the Hemmat Law Group for the personalized legal counsel you deserve during this transitional time.

Maintaining Confidentiality and Privacy in High-Asset Divorce

When a high-net-worth couple decides to part ways, local media may take an interest in covering the details of the legal process. This unwanted exposure can be particularly stressful and painful during an already emotional and vulnerable time. Fortunately, there are some steps you can take to preserve and protect your privacy and confidentiality as much as possible as you move through the divorce process. For instance, mediation is a more private option for determining the terms of your divorce, allowing you to keep sensitive information much more secure than it would be in a litigation matter. Court proceedings become part of the public record, which often concerns individuals who value their privacy. As long as you and your spouse are able to communicate openly, honestly, and respectfully as you negotiate the divorce agreement, mediation may be the best option for dissolving your marriage while maintaining confidentiality. However, more contentious divorces or cases involving allegations of domestic violence may not find success through mediation. Instead, your knowledgeable and experienced Seattle high-asset divorce attorney can help you determine the most appropriate path toward finalizing your divorce as privately as possible. 

Get Started With a Trusted and Experienced High-Asset Divorce Law Firm Today

When it comes to moving through the divorce process, you deserve to have the highest-quality legal professional by your side to protect your best interests and pave the way for a strong and secure future once your marriage ends. As Seattle’s go-to law firm for high-asset divorce and family law matters, the Hemmat Law Group is fully equipped to serve your needs and help you achieve your goals. Our experienced high-net-worth divorce lawyers are deeply familiar with these complex cases and the detailed research and analysis they require. We know how to successfully identify and value all assets so that we can fight for an equitable division of property. Please get in touch with our Seattle office today to learn more. 

If you are beginning to explore your divorce options in the greater Seattle area, consider enlisting the help of a highly qualified and caring high-asset divorce attorney to ensure that your best interests are safeguarded at every turn. Reach out to the Hemmat Law Group today at (682) 5200 to get started with a knowledgeable divorce lawyer who understands the complexities of your situation and how to proceed with confidence.