Virginia High Net Worth Divorce Lawyer
A high net worth divorce generally involves a case where the combined assets of both spouses are equal to or worth more than $1 million. Couples with a high net worth must usually take additional steps when this much money is involved, making the divorce process even more complicated.
High net worth couples may have special interests regarding the division of property and liabilities, as well as the amount required for spousal support, particularly if one of them did not work or had a much lower income.
The protection of your assets depends greatly on the skills and experience of your attorney. A highly-competent legal counsel and other professionals are typically is necessary to handle the division of complex assets and liabilities while protecting your financial interests.
Asset valuation and property settlement in Virginia
Finding out the value of a divorcing couple’s assets can be difficult, and more so in a high net worth divorce. Family-owned businesses, corporations, investments, rental properties, stocks, and other assets must be satisfactorily recorded, valued, and defined to reach an equitable division of marital property.
A divorce properly filed in Virginia is bounded by the state’s laws and jurisdiction, no matter where your real estate properties or other assets may be located. From second homes to overseas investments, in a Virginia divorce, assets are divided in conformity with Virginia laws.
This means you need a clear statement of the assets each of you owned before marriage (separate property), investments and properties acquired during the marriage (hybrid or marital property), or assets which are co-mingled.
Property settlement and division with high net worth couples is a complicated process. Plenty of time is spent in uncovering accounts, collecting statements, and gathering other information. You may require the services of the following professionals:
- accountants
- real estate lawyers
- business valuators
- appraisers
- tax attorneys
- forensic accountants
Identifying complex assets
Identifying and valuing property is often difficult in high net worth divorces. When required, our attorneys can access the network of professionals who might assist in locating property, including hidden assets. We can consult with business valuators, property appraisers, forensic accountants, and other financial experts to ensure the accurate valuation of all your properties, which may include:
- homes
- boats and luxury vehicles
- jewelry and art collections
- business and investment property
- professional practices
- stock portfolios
- retirement funds
- offshore investments
High liabilities
Dealing with high liabilities frequently accompanies the high net worth divorce. You can incur large loans in your business investments to maintain productivity and end up with substantial short and long term debt. Like assets, debt must be equitably divided. Since you and your spouse enjoyed a lifestyle provided by high net worth, both of you must share the obligation for settling the debts you might have incurred along the way.
Mistakes to steer clear of in a high net worth divorce
Stakes are usually higher in a high net worth divorce, at least the financial stakes. Do not resort to dishonesty, either in your attempt to keep all of your property or in trying to diminish your spouse’s gain. This type of deception almost always comes back to “bite” the perpetrator.
A competent divorce lawyer will keep you from making these mistakes:
- Facing a high net worth divorce alone. Since they have reached their status in life through their own enterprise, many high net worth individuals are openly distrustful of having things done for them. Divorce in a Virginia courtroom, however, is no place for DIY practitioners. This is literally courting irreversible disaster. Protect your financial assets by contacting a professional divorce attorney.
- Disregarding professional advice. Listen to your lawyer’s legal advice, but do not disregard the power of experts, including private investigators, accountants, and other legal professionals.
- Hiding your assets. These can usually be located by investigators and your spouse’s attorneys. The result is damage to your case as a Virginia judge may no longer trust you and/or your counsel and may even levy a penalty against you.
Privacy through mediation
We have successfully handled many high net worth divorces and we are aware that our clients greatly regard their privacy and discretion. But divorce proceedings are public and we cannot do anything about that. Divorce mediation is a good choice, however, if you and your soon-to-be ex-spouse can sit down together to discuss the terms of an agreement with an experienced mediator in private.
Mediation is a private way to resolve disputes so that your financial and personal details will remain confidential. What’s more, mediation generally costs less than legal court proceeding, so you can keep more of your assets.
Contact an experienced high net worth divorce attorney in Virginia
We believe that the simplest path to a high asset divorce is to be precise, fair, and honest. The divorcing couple should know what assets are involved, their current value, and how to divide them in the most equitable way.
Contact a law firm that treats you and your spouse with the understanding, compassion, and respect that your situation deserves. Our team of lawyers work together to make sure your case will be considered from every angle.
Whether your separation can be resolved through mediation or must be settled in a divorce court, you can rest assured that we will protect your rights to your property. As in every divorce we handle, we will also help you settle vital issues like child custody and spousal support. Whatever issues are involved in your divorce, our lawyers/mediators at Holcomb Law, P.C. have the experience to resolve your high net worth divorce case favorably.
Contact us today to schedule a “No Hassle (No Sales Pitch) Legal Strategy Meeting” where we can answer all your questions and advice you of your legal options.
Call us today at (757) 525-2424 or email us at info@attorneyholcomb.com.