Virginia Beach High Net-Worth Divorce Lawyers
Virginia attorneys address issues in high-asset divorces
When couples decide on divorce, they generally imagine a better future without their spouse. That prospect usually will be possible only if they can retain a fair share of the marital assets. However, high-net-worth couples have much more at stake in a divorce. At Ernest Law Group, PLC, we have extensive experience representing affluent clients. Our Virginia Beach high net-worth divorce lawyers are ready and able to protect your rights in high-stakes negotiations and in contentious litigation. You can rely on our knowledge, skill and commitment as we fight to achieve the results you deserve.
What is considered a high net-worth divorce in Virginia Beach?
The conventional meaning of a high-net-worth divorce is one where the couple has more than $1 million in liquid assets. Given the value of real estate in eastern Virginia, almost any home-owning couple with significant equity could be deemed high net-worth. In addition, there are financial assets that two-career couples or households with one high earner can accumulate over time, such as stock portfolios, investment properties, vacation homes and retirement savings. Many of our clients don’t appreciate the full extent of their wealth until divorce requires them to conduct an inventory.
Dividing high-value assets during a divorce in Virginia Beach
Virginia divorce court apply the rule of equitable distribution when dividing marital assets. Each spouse keeps their separately owned property and is entitled to a fair, though not necessarily equal portion of the assets acquired during the marriage. The equitable distribution process can be complicated for wealthy couples due to these factors:
- A large number of assets
- Hidden assets
- Assets outside Virginia
- Assets whose values are difficult to assess
- Tax consequences of division/distribution
In addition, there may be disputes over whether property is separate or marital. Our Virginia Beach divorce attorneys work with experts in finance and appraisal, as well as in forensic accounting, to fully account for the scope of the estate, so we can build a compelling case for your rights to the property you deserve.
Common mistakes in a high net-worth divorce
With large estates, oversights can be costly. Our attorneys are meticulous in investigation of spouses’ separate and marital assets so we can help clients avoid such pitfalls as:
- Failure to uncover hidden assets
- Inaccurate valuation of business assets, real estate, jewelry, fine art and other unique property
- Increased tax liability due to imprudent sale or improper transfer of assets
- Mishandling of marital debt
We are committed to providing detailed, comprehensive legal services aimed at attaining the greatest protection possible for your wealth.
Protecting assets in a high-net-worth divorce
The best time to protect your wealth against property division is before you contemplate divorce. With prudent planning — such as incorporating a business, placing assets in a living trust, updating deeds or executing a marital agreement contract — you can establish that certain assets are your separate property and not subject to equitable distribution. Conversely, you can strengthen your claim to equitable ownership of property that your spouse asserts is theirs alone.
Once divorce proceedings have begun, your options are more limited. However, we can devise a negotiating strategy that strengthens your claims for the assets you want to retain. If, for example, you want to keep a business intact, we can help you maintain operation and control to prevent your spouse from forcing a sale and distribution of the proceeds.
Complex child custody and support issues for Virginia Beach parents
Wealthy couples usually have higher child support expenses due to private school tuition, enrichment activities, summer camp, sports travel teams and other amenities. We can help you negotiate a binding agreement that advances your children’s best interests while being grounded in the reality of your new financial situation.
Contact our Virginia lawyers for your high net-worth divorce
At Ernest Law Group, PLC, in Virginia Beach, we represent spouses in high-net-worth divorces throughout Virginia. Call us at 757-289-2499 or contact us online to schedule a consultation with an experienced trial attorney.
