A high-asset divorce usually involves some or all of: one or both spouses with a high income; significant real and personal property; varied and valuable investments/retirement accounts; full or partial business interests owned by one or both spouses; assets titled in various business entities that, while legally separate, are interconnected in operation; inherited assets that may have been commingled; or substantial debt that is necessary for maintenance of the asset to which it is linked and to maintain the business banking relationship.
Marital assets are often a combination of homes, investments and retirements, business interests, and intangible and personal property. A Virginia high-asset divorce lawyer can help you understand what to expect during the dissolution of a complex marriage.
Ending a high-asset marriage is the equivalent of dissolving a company, and patience is necessary, especially when the marriage is lengthy. The costs of legal representation will inevitably be high due to the time and complexities involved. The process will involve gathering substantial information which will usually require review by various experts (financial, tax, etc.) for valuation and division analysis. There are bound to be tax implications that will require consideration and consultation. Our divorce attorneys are ready to guide you through all these unique challenges.
The first step in any divorce is to classify the property and debts of the spouses. The classifications are (1) Separate (solely owned by one spouse or the other and without the other spouse having a claim against the asset), (2) Marital (both spouses have an interest), or (3) Hybrid (part separate, part marital). These classifications are always important; however, with a complex divorce, they are often critical in determining significant divisions. For example, if a spouse started a business before getting married but grew the business during marriage, it is likely to be hybrid in nature. The non-owner spouse will have an interest in the business, which can be significant. A high-asset divorce attorney in Virginia can work to classify property and explain their classifications.
The next step after classifying property and debt is valuation. Parks Zeigler, PLLC retains the services of experts, including forensic accountants, financial planners, investigators, and other professionals to fully understand the value of all relevant property and debt. We use legal discovery, including complex digital tools, to find all assets and debts, such as:
Our Virginia lawyers are relentless in our pursuit of information that will benefit our clients’ complex divorce to ultimately make the best argument possible.
In many high-asset divorce cases, one of the spouses has been economically dependent on the other spouse during the marriage and spousal support will be a significant issue. Calculating and negotiating this support is one of the primary issues in high-asset divorce matters, which requires a Virginia attorney experienced with all relevant legal factors.
If you find yourself contemplating or going through a divorce and have a complex or high-asset portfolio, it is important that you work with lawyers who have the necessary experience and understanding of the intricacies of this kind of case. The team at Parks Zeigler, PLLC is experienced in the nuances of divorces involving high asset portfolios and complex business structures. Contact a Virginia high-asset divorce lawyer for the support you need.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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