Dividing High-Value Properties During Divorce
At Bowen Ten Long & Bal, PC, in Richmond, we know that going through a divorce can and will be one of the most stressful and challenging transitions of your life. When your divorce involves the division of high-value assets and properties, there can be a lot to untangle and divide. Vacation properties, retirement funds, business interests, and investment assets all have to be evaluated and analyzed.
With over 125 years of combined experience, our divorce attorneys have the knowledge, resources, and sophistication to meticulously assess your specific financial situation and assets. We will work diligently on your behalf to achieve your desired outcome.
High Net Worth Divorce
We regularly handle high-asset and high net worth divorce matters on behalf of our clients. Every set of circumstances and divorce is different. After evaluating your situation, we will hire whatever experts are necessary to ensure that your financial interests are protected. These include but are not limited to a business valuation expert, a financial accountant, tax advisers and appraisers.
Virginia Property Distribution Laws And High Asset Divorce
The laws governing the division of property in a divorce are never as straightforward as they might seem. With the intricacies of a high-asset divorce, the valuation and division of property can be even more complicated. The court will consider a number of factors when determining the division of property in a divorce, including:
- The length of the marriage and factors that contributed to bringing the marriage to an end
- How and when assets were acquired
- The monetary and non-monetary contributions each spouse made to the care and maintenance of the assets as well as to the well-being of the family
- Whether the property is security for any debts
- Whether the assets are cash or property
- Whether any property had been used during the marriage by one of the spouses for purposes that did not benefit the marriage
- Whether there are any tax consequences associated with the transfer of any assets
Stock options, restricted stock units, pensions and retirement savings are also divided by the court. Additionally, if either spouse owns a business, or if the spouses own a business together, business ownership and valuation all have to be determined and evaluated as well.
How Equitable Distribution Functions In High-Value Property Division
In Virginia, the state divorce laws dictate that property acquired after the couple is married is deemed marital property. Separate property is property that was purchased or owned before the divorce, or property that was acquired as an inheritance or a gift during the couple’s marriage.
In addition, Virginia law requires that the marital property and assets be divided equitably. This does not mean that every asset is divided 50/50, but rather, the court strives to ensure that both parties walk away with marital assets of equal value. For example, if the family’s primary residence is awarded to one spouse, the vacation home might be awarded to the other. But if the properties are not of equal value, the spouse with the lesser-valued home may also receive additional marital assets or property to make the distribution equitable.
Let Us Help With Your Complex Property Division Claim
Our divorce attorneys know and understand how stressful going through a divorce can be, especially when substantial property and assets are involved. Call Bowen Ten Long & Bal, PC, today at 804-767-6850 or send us an email through our online contact form to schedule your free, initial consultation. Once you have explained your circumstances, we will educate you about your unique options.