Five Common Issues When Getting A High Asset Divorce In Virginia
The division of marital property is a key issue in Loudoun County divorce cases. The outcome of these proceedings have the potential to impact you for long after. In a high asset divorce, there is even more at stake. Our Loudoun County divorce attorney explains more about these cases and five common issues that are vital to address.
What Is A High Asset Divorce?
A high-asset divorce in Loudoun County is one in which the couple involved has considerable amounts of property, money in financial accounts, shares in business, or other significant holdings. Under the Code of Virginia, the same rules apply as in any other divorce case.
Marital property, which is anything earned, acquired, or otherwise accumulated by the couple during their time together, is subject to equitable division. This means that it should be divided in a way that is fair to both parties, though not necessarily on a 50/50 basis. Factors that influence equitable division of assets in any Loudoun County divorce, including high asset cases, include:
- The amount of time the couple has been married;
- Each party’s contributions in earning or maintaining assets;
- Their individual, pre-marital holdings;
- Their reasons for ending the marriage.
Issues In Virginia High Asset Divorce Cases
The same laws apply to high asset couples as with anyone who files for a divorce in Loudoun County. However, with high asset couples, there is typically a considerable amount at stake. The outcome can impact your financial security, now and in years to come. The following are five common issues in Virginia high asset divorce case that typically require more attention:
- Marital misconduct: You do not need to claim fault grounds when filing for a divorce through the Loudoun County Family Court. However, if your spouse had affairs, a gambling addiction, or other problems, it could entitle you to a larger settlement.
- A thorough inventory: It is vital to have a thorough inventory of your marital property and assets, including homes, rental properties, household belongings, vehicles, artwork or antiques, shares in business, and digital assets.
- Hidden assets: In high asset divorce cases, spouses are more inclined to try and hide property assets. They may have titles in other people’s names, undeclared income, or offshore accounts.
- Alimony payments: If your spouse made significantly more than you or you sacrificed your own career to support them or your family, you may be entitled to alimony payments.
- Retirement benefits: In a high asset divorce, getting what you are entitled to in an pensions, 401ks, or other retirement accounts plays a key role in protecting your financial security and maintaining your lifestyle in the future.
To Protect Your Rights, Schedule A Consultation With Our Virginia Divorce Attorney
There is a considerable amount at stake when getting a high asset divorce in Loudoun County. At Schwartz Kalina, PLLC, we have extensive experience handling complex, high asset cases and provide trusted legal guidance to get you the best possible settlement. To protect your rights, call or or contact us online. Schedule a consultation with our Virginia divorce attorney today.
Sources:
vacourts.gov/courts/jdr/loudoun/home.html
law.lis.virginia.gov/vacode/title20/chapter6/section20-91/
