High asset divorce is a divorce where the marital estate, the property that the parties have acquired during the marriage, is of a higher than average value in total. A divorce is going to be the same in many respects whether it is a high asset divorce or a divorce that involves a marital estate that it is closer to the average value. However, when an individual deals with a high asset divorce, the steps that need to be taken and the professionals that may need to be engaged to understand the complete nature of the marital estate and to present the case at court can be more complicated.
There are many complexities and common issues of a divorce with highly valued estates, so a high asset divorce attorney in Virginia will be helpful to streamline the process. Because there is a lot at stake, legal advice from an experienced divorce attorney should be obtained quickly.
One of the issues that can become more complicated is the issue of spousal support, because often times with a high asset divorce, parties may own property that generate income. A non-earning spouse in a typical case is going to have close to zero income whereas, in a high asset divorce, the non-earning spouse, may have income that needs to be considered if they receive income producing assets at the end of the case.
Also, when an individual has certain investments that typical divorces may not have or businesses that might not appear in a typical divorce, there is a lot more financial analysis that a Virginia high asset divorce attorney will need to get done, not only in valuing a business or an investment, but perhaps also in looking into the tax consequences to each party of dividing those particular assets.
In a high asset divorce, many times the services of a business valuator or some sort of specialized or forensic accountant will be needed. That happens more frequently in high asset divorces than it does in a typical divorce. If an individual has a business, they would hire somebody who would do a business valuation to determine the value of the business in and of itself.
Identifying asset methods depends on the nature of the asset. If an individual is dealing with real property, like a commercial building, a home, and land that is undeveloped, that individual would need to have an appraisal done to determine the value of those particular pieces of their property. Appraisals are also used to ascertain the value of personal property. In high-asset divorces, it is much more common to use appraisals for personal property because high asset divorces probably are more likely to have property that has a high enough value to require such an expert to give it a value.
Working with a Divorce Attorney
With high asset divorces, there is a lot at stake monetarily, so the help of a high asset divorce attorney in Virginia is important. There is more to lose if parties should proceed with the divorce without appropriate legal advice.
A divorce lawyer can give advice to an affluent client that might be important in terms of protecting certain assets, like making sure that the assets do not lose value while the case is pending or that the other spouse is not able to devalue those assets or hide them while the case is pending. Additionally, Virginia high asset attorneys can give advice on which other professionals may need to be engaged in the case to provide an optimal outcome, such as tax experts and financial planners.