Divorce is always difficult, but for high-asset couples, unique property division issues can arise at the end of a marriage. Protecting your wealth during divorce requires a full understanding of state divorce laws regarding property distribution. Skilled legal advice from a Newport News high-asset divorce lawyer could help you avoid unexpected issues.
At the Capital Family & Divorce Law Group, a knowledgeable divorce attorney could explain the process in a high-net-worth case and work to protect your property interests.
What Issues Are Common in a High-Asset Divorce?
Most divorces will involve property division under state law, along with issues involving any children the couple share. Distributing assets and liabilities in a divorce case is subject to the state’s equitable distribution model under Code of Virginia § 20-107.3. The following are common issues in high asset divorce cases.
Property Division
Couples with high income and assets often hold:
- Business interests
- Stock options
- Investments
- Trusts
- Inheritances
- Luxury vehicles
- Boats
- Valuable collectibles
These assets may require valuation by experts. Determining what property is marital and what should remain separate can further complicate matters and lead to disputes.
Spousal Support
In many high-asset cases, one spouse might earn significantly less than the other. In these cases, that spouse may be entitled to spousal support to maintain their lifestyle from the marriage. Higher-earning spouses will want to make sure any support order is fair under the circumstances, while those seeking spousal support will seek to ensure the order meets their future financial needs.
Child Custody and Visitation
High-asset couples often have at least one partner who frequently works. Standard 50-50 child custody arrangements can be impractical due to the complex schedules of high-net-worth parents. Distance between homes and various time constraints can also impact visitation schedules.
Child Support
In a standard divorce, the court usually calculates child support following state guidelines and after a review of each party’s income. In a high-asset and high-income divorce, the court may consider adjusting child support to address matters such as private school costs, vacations, summer activities and camps, and extracurricular activities.
Concealment of assets may be another concern in high-asset divorce cases. Some spouses might shift assets through secret accounts, offshore investments, cryptocurrency, business entities, and other means to minimize their financial exposure during divorce. A proven high-net-worth divorce attorney in Newport News could use forensic accounting and other techniques to represent your interests effectively.
Real Estate in a High-Net-Worth Divorce
High-net-worth divorce cases can also involve disputes over various types of real estate. In addition to the marital home, high-asset divorces can include:
- Vacation homes
- Beach homes
- Cottages and cabins
- Business properties
Properties that a spouse inherited or purchased before marriage may qualify as non-marital under state law. However, properties that start as non-marital could become part-marital property through commingling of assets, improvements to a home, title changes, and other methods. Whether you are seeking to keep a property separate or believe the law should classify it as marital, a skilled high-wealth divorce attorney in Newport News could investigate and help.
Discuss Your High-Asset Divorce With a Newport News Attorney
A Newport News high-asset divorce lawyer could help you work toward your goals and understand the legal process when valuable assets are at stake. Call the legal team at the Capital Family & Divorce Law Group today to get started.
N/a