A divorce is a difficult and complex process for any couple to deal with. However, when the couple has a high net worth, the issue of asset division will become more important as well as more complicated.
If this is your case, you need an attorney with the knowledge and experience to protect you as there is a lot more at stake. Our Northern Virginia divorce lawyers at ShounBach have been practicing family law for over 40 years and have represented many wealthy individuals. We are able to effectively handle even the most complex case and will put all of our years of experience and skill into successfully resolving your case.
According to Virginia statutes, marital property is subject to equitable distribution in a divorce proceeding. Property acquired during marriage is presumed marital property. Any property classified as marital property is subject to division between the parties. Separate property is any asset that was owned by the husband or wife before they were married, an inheritance or gift that was received by only one spouse, or any asset acquired after the couple separated. These two types of property can be so intermingled that it can prove extremely difficult to determine which portion is separate and which portion is marital and divide accurately.
After the property has been classified and valued, it will be subject to equitable distribution. This does not mean that everything will be split exactly fifty-fifty, but rather a many different factors will come into play. For example, each party’s contributions, monetary and non-monetary, in the acquisition, care and maintenance of marital property and the circumstances and factors which contributed to the dissolution of the marriage, specifically including any fault-based ground for divorce. It is important to remember that pensions and retirement assets may be classified as marital property and therefore may be subject to distribution.
In consultation with a member of our team, we can craft a property settlement agreement that meets your needs. This written contract allows a couple to set forth how their assets will be divided in conjunction with their separation and divorce. Assets that may be addressed in a property settlement agreement include businesses, investments, real estate, and personal belongings such as art and jewels. Having a competent lawyer on your side could make all the difference in the outcome of your case.
In order to avoid a lengthy and expensive court room battle and the emotional trauma of a contested divorce, you should contact a Northern Virginia divorce attorney from our firm to help you navigate this complex legal process. We understand how difficult separation and divorce can be and therefore fight tirelessly for our clients. With over 200 years of combined experience, we are known for our effort, skill, and compassion for our clients.