Property division is a necessary part of a divorce. Marriage dissolution involving substantial property and assets may require extensive investigation of each spouse’s finances, and careful consideration of how to distribute their wealth fairly.
A Virginia high-asset divorce lawyer is experienced in managing complex, high-net-worth cases. Our team of knowledgeable divorce attorneys pays meticulous attention to detail and can aggressively advocate to protect a spouse’s economic interests.
Complex Property Interests in the High-Asset Divorce
Many divorces involve dividing personal property, such as cars and furniture, and selling or transferring a marital home. However, when a wealthy couple decides to dissolve their marriage, they often must address more complicated financial issues.
Some common assets present in a high-net-worth divorce include:
- Investment portfolios
- Commercial real estate holdings
- Vacation homes and rental properties
- Intellectual property, including patents, copyrights, and trademarks
- Business interests
- Stock options
- Pensions, annuities, and deferred compensation
- Rare collections, including art, coins, and vehicles
Spouses must also consider their potential tax obligations when transferring or liquidating valuable property. Additionally, valuing complex assets can prove challenging, particularly if a spouse attempts to hide property or lessen its worth prior to divorce. A well-practiced high-net-worth divorce lawyer in Virginia can work with a qualified tax accountant and other financial professionals to identify all property interests and minimize or eliminate any unexpected tax consequences.
Determining Income for Spousal and Child Support in High-Asset Divorces
An accurate calculation of each spouse’s income is vital when determining spousal maintenance and child support. A high-net-worth spouse may have numerous sources of income, including but not limited to:
- W-2 wages
- Business profits
- Investment account interest and dividends
- Rental income
- Real estate commissions
- Liquidation of stock options
- Deferred compensation
- Performance bonuses
Establishing each high-earning spouse’s actual income may require the assistance of forensic accountants and other financial experts. A seasoned Virginia high-asset divorce attorney regularly networks with reputable professionals and could work with them to accurately identify all sources of income.
How A Lawyer Could Help in a High-Net-Worth Divorce
A skilled attorney can be an invaluable asset to a spouse navigating marriage dissolution involving substantial worth. A proactive legal professional can review complex financial statements and help a party gain a more comprehensive understanding of their assets and liabilities.
A capable lawyer can also identify which assets are part of the marital estate and which are one spouse’s separate, non-marital property. This can be challenging if a spouse co-owns property with other investors. An attorney may be needed to define the value or percentage of the spouse’s interest and what portion is subject to division in a divorce.
High net-worth spouses may also need to maintain confidentiality to protect their financial interests. Inappropriate disclosure of bank account information, off-shore investments, or privately held business interests could negatively impact the couple’s financial success after the divorce. A dedicated Virginia high-asset marriage dissolution lawyer can take steps to protect a couple’s privacy during legal proceedings.
Finally, an experienced attorney is well-versed in Virginia’s marital property distribution laws and how to apply them in a specific case. State law does not mandate that judges evenly divide a couple’s assets, only that they be apportioned fairly. As such, it is essential to understand the factors a court can consider when determining property division incident to a divorce.
Take Control of Your Future with the Help of a Virginia High-Asset Divorce Attorney
A high-net-worth divorce poses unique challenges. The substantial amount of property and its impact on the couple’s income can make it difficult for spouses to resolve their case without adequate legal counsel.
A Virginia high-asset divorce lawyer understands the importance of skillfully negotiating a resolution that preserves as much of the marital estate as possible. Our committed legal team also appreciates the need for confidentiality and discretion when pursuing a divorce on behalf of a high-earning spouse. Contact us today.