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Most high asset couples have a more complex financial profile that requires legal and financial expertise to both identify and value. Simply dividing the interest usually assures that parties will equally share in the future uncertainty of these assets. However, where the parties have different appetites for risk, this may not be appropriate. The role of the lawyer in these instances is to identify the assets, present options for how to divide them, make the client aware of the risks that each option poses, and coordinate with other investment professionals to ensure the client makes an informed decision regarding which option to pursue. This is the service that S.L. Pitts has provided to clients across a broad array of industries for decades.
In complex high asset divorces, one or both of the parties frequently has an interest in a small or closely held business. These businesses are commonly structured as LLCs or, especially if they are older businesses, as S-Corps. The first layer of complexity when dealing with closely held business interests is accurately to identify the relevant assets. This can be easier said than done.
Highly compensated professionals in Seattle and Los Angeles are often unpleasantly surprised to find that their professional practice – if they have an ownership interest in it and are not simply W-2 employees – is an asset called “professional goodwill” to be valued in their divorce. Professional goodwill is limited to licensed professionals such as physicians, lawyers, accountants, or any other service-based professional who is licensed and regulated by the state or a recognized professional association.
When you and your spouse have substantial assets, income or compensation that are complex, you need an experienced divorce lawyer to make sure you get your fair share.
Let us help minimize your financial risks in divorce. We deliver positive results for clients in high net worth, complex divorce cases.
With offices in Seattle and Los Angeles, S.L. Pitts PC specializes in complex family law disputes. Our divorce lawyers are dedicated to pursuing our client’s interests with respect for all parties involved; we also attempt to reduce unnecessary conflict to encourage faster settlements.
Our attorneys have many years of experience helping professionals with private practices, entrepreneurs and highly compensated executives – or their spouses – to navigate the difficult world of high asset divorce in both California and Washington. Let us educate and advise you on your rights and obligations.