For many residents in the area, the end of a marriage is a difficult period. Apart from mourning the loss of a life built together and a lost future, former partners must divide their assets and property. This is already hard for people with moderate assets. However, for high-net-worth individuals, it is even more complex, often due to the financial and investment instruments involved.
An experienced Henrico County high asset divorce lawyer could help you separate your assets and ensure their fair and reasonable distribution. This way, your future is secured, and you can focus on moving forward with your life. You can contact a divorce attorney from The Capital Family & Divorce Law Group today to discuss your case.
What Constitutes a High-Asset Divorce?
In Virginia, divorce cases in which the couple has a combined marital estate value of over $1 million or an annual income of $250,000 typically qualify as high-net-worth divorces. These are particularly complicated because of the properties and financial assets involved. Navigating the process often involves detailed valuation of property, assets, and other high-value possessions. Examples include:
- Investment accounts and portfolios
- Co-owned businesses
- Commercial or multifamily real estate investments or holdings
- Stocks, bonds, treasury bills, and ETFs
- Rental and vacation properties
- Collectibles and art
- Intellectual property and trademarked inventions
- Annuities, pensions, and retirement accounts
Couples are typically expected to be fully transparent in their asset and property declarations. However, it is not unusual for someone to try to hide assets or properties. This action can further complicate an already stressful situation.
Notwithstanding that possible scenario, a skilled high-net-worth divorce attorney in Henrico County could help ensure full financial transparency on the part of both parties.
Equitable Distribution in High-Asset Marital Dissolution Cases
It is important to understand how high-value assets are distributed in a divorce case. Asset division is not usually a 50/50 split. Per Virginia Code § 20-107.3, untangling assets is usually an equitable distribution affair, specifically with the court’s focus on a just and proper settlement.
This is due to the possibility of hard-to-access assets, prenuptial or post-marital agreements, the separation of marital property from individual or hybrid assets, and the need for financial experts.
High-asset divorce cases may take longer to conclude, as the people involved often have major concerns regarding privacy, tax consequences, and other issues that may arise. A Henrico County attorney could explain what the timeline of a particular high-net-worth divorce case may look like.
Factors Influencing High-Net-Worth Divorce Case Outcomes
Several factors contribute to who gets what in a high-asset marital dissolution case. These include:
- Determining which assets to divide between the two parties
- Asset location and valuation
- Identifying possible hidden properties, accounts, and finances
- Established standard of living
- Length of marriage
- Child custody and support
- Property and assets acquired before and after marriage
Additionally, if marital misconduct, such as an affair or one party infecting the other with a sexually transmitted disease, contributed to the divorce, it can significantly impact the outcome of the case. A Henrico County attorney could identify factors that may impact asset division in a high-income divorce case.
Contact a Henrico County Attorney About a High-Net-Worth Divorce Case
Divorce is hard, and when it involves potentially losing valuable assets or money, it can quickly become contentious. This is why you should seek legal representation from a seasoned Henrico County high asset divorce lawyer.
The legal team at The Capital Family & Divorce Law Group of Price Benowitz, LLP, could help you explore your legal options, provide legal guidance, and navigate the complex process. Reach out today to discuss your case.
N/a