High-Asset Divorce Lawyer

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 the most time to resolve in court as compared to lower-asset divorces. If you are considering filing for divorce and you 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 which can make equitable distribution more of a challenge. 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, various forms of deferred compensation, and businesses, 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.
Attempts to hide assets are common. When it comes to high-asset divorces, do not cut costs when it comes to 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 and this is something that you need to plan for.
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.

Schedule a Consultation with the Virginia Family Law Center

If you are contemplating filing for divorce in Virginia, the attorneys at the Virginia Family Law Center are experienced in handling high-asset divorces and are ready to help. Contact us today to learn about the next steps.