Every divorce carries the potential for conflict. When you and your spouse have a high net worth, the risk for conflict escalates—along with the likely cost of the divorce. That cost is often more than financial; a contentious high asset divorce can also increase the stress of the legal process, on both you and your children.
At Premier Family Law Group, you can work with an experienced high asset divorce attorney who is equipped to help you navigate the legal issues that go along with significant assets in a divorce. Being well-informed and proactive about these issues can help you resolve them with less conflict and expense.
Issues in a high asset divorce can be multifaceted and complex due to the assets involved, such as business interests, diverse income structures, investment portfolios, real estate holdings, offshore accounts, art and other unique collectibles. Additionally, effective investigation and discovery may be needed if one spouse does not have knowledge of all of the assets, or if there is a concern of hidden assets. Working with an experienced high asset divorce attorney ensures that you have someone in your corner ready to take on complex financial situations and advocate for a fair and equitable outcome in your case.
Some issues often encountered in a high net worth divorce include:
Having an agreement in place to resolve financial issues in the event of divorce can prevent needless conflict, but sometimes the agreement itself is the source of a dispute. For instance, spouses may disagree about the terms of a prenuptial agreement or whether it is enforceable.
As a general rule, only marital assets (not separate or pre-marital assets) are divided in divorce. Accordingly, the way certain assets are categorized can have a significant impact on the division of the marital estate.
High net worth divorces are more likely to involve unique assets, like an art/jewelry collection, or complex assets, like business interests. Depending on the nature of an asset, an appraiser or business valuation expert will likely be needed. Valuations are complex and require experienced counsel like the attorneys at Premier Family Law Group who understand valuations and have excellent relationships with the needed expert witnesses who can perform the valuations.
The division of significant or complex assets usually carries tax implications. The services of a financial professional such as a certified public accountant (CPA) can be useful to ensure that neither spouse is saddled with an unnecessary tax burden. Our high asset divorce attorney team is fully prepared to collaborate on your case with outside parties when needed and will guide you through every step of the process.
In many high net worth marriages, one spouse’s significant income enables the other not to work outside the home. When these couples divorce, the at-home spouse is likely to need financial support, and their non-financial contributions to the marriage (as well as the marital standard of living) will need to be taken into account, along with other factors, in establishing support.
Conversely, high-income earners are often faced with the challenge of accurately representing their income and the associated tax burden, which can significantly reduce their ability to pay spousal support. Experienced counsel can assist with achieving a realistic support amount.
No one wants their private business to be the subject of public speculation, and this is often especially true in high asset divorce matters. At PFLG, our high asset divorce attorneys are skilled at mediation. Mediation and other forms of alternative dispute resolution (ADR), can help keep the resolution of sensitive issues more private than litigation, many details of which may be public record.
Attorneys David Zangrilli and Kristina Cruz have devoted their legal careers to family law in Northern Virginia, including high net worth divorce. They are experienced in the unique issues involved in these matters, and offer the discretion and expertise you need at one of the most challenging times in your life.
At Premier Family Law Group, we are known for our thorough and candid advice in family law matters. We give you both the information you need to make sound decisions for your family’s future, and the guidance you need to do so with confidence. We are skilled negotiators, with experience crafting customized legal solutions that prevent the conflict and expense of contentious litigation.
However, we are also skilled litigators with decades of courtroom experience and a reputation for intense preparation. Our greatest leverage in any negotiation is our willingness to step away from the table and take a divorce to trial if necessary to protect our clients’ interests.
To learn more about divorce in Virginia or to speak with a high asset divorce attorney, contact Premier Family Law Group to schedule a consultation. 571-336-2906
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