Virginia High-Asset Divorce Lawyers
No divorce is easy, but when it comes to high-asset divorces, they can be especially complicated to navigate. High-asset divorces require more legal counsel, as well as the assistance of various experts, from appraisers to forensic accountants. High-asset divorces also generally take more time to resolve in court than lower-asset divorces. If you are considering filing for divorce and have a high amount of marital assets, it is important to have a dedicated divorce attorney on your side to ensure that your interests are represented and that you get a fair divorce settlement. In some cases, it is also a good idea to consult with a divorce attorney as soon as you begin contemplating divorce so that you can take certain steps to prepare and protect yourself and your assets before notifying your spouse.
What is a High-Asset Divorce?
A high-asset divorce generally involves at least $1 million in shared assets. Unlike other divorces, high-asset divorces may be less focused on the value of the tangible property and more on the valuation of marital assets, making equitable distribution more challenging. A high-asset divorce may involve many high-value assets, including luxury cars and multiple homes and properties. Assets such as business interests, stock options, retirement accounts, trust funds, and various forms of deferred compensation can also all be involved in a high-asset divorce.
Tips for Handling a High-Asset Divorce
- Mediation can keep costs down. High-asset divorces cost far more than the average divorce. If you proceed with a traditional divorce, equitable distribution alone can take several months to more than a year to settle in court. Litigation fees are the highest fees that attorneys charge, so the more time your lawyer spends in court, the higher the cost of your divorce will be. For this reason, when handled in court, high-asset divorce legal fees can significantly deplete the assets that remain to be divided. Mediation is a way of controlling costs and limiting or even eliminating all issues left to be tried in court, thus preserving as much of the marital assets as possible.
- Understand that attempts to hide assets are common. When it comes to high-asset divorces, do not cut costs for a forensic accountant. It is common in these divorces for spouses to try and hide or reduce marital assets before equitable distribution. The sooner you have an accountant looking for inconsistencies in bank statements and other financial documents, the better your odds are of preserving and protecting your assets.
- Know the tax consequences of your divorce. Talk to an accountant or tax professional to ensure that you understand and are prepared for the tax consequences of your divorce, as you will have to pay taxes on the marital assets.
- Talk to a lawyer as soon as possible. Do not drag your feet when it comes to getting legal help. Consult with an experienced Virginia divorce attorney as soon as possible.
