Virginia is home to a large number of technology-based industries. This explains the reason for the increase in the number of cases resulting in high net worth divorces in Virginia
When marriage comes to an end legally, that is termed as divorce.
Once the discussion for divorce starts, the parties should begin discussion on other important topics as well.
One of the important issues a divorce brings is the distribution of assets
In some cases, the high net worth of the parties or one of the spouse’s plays a significant factor as to the dispute about how the property is to be distributed. As the issue involves finance and matters of money, it is crucial to hire an experienced Virginia divorce attorney who has the relevant experience in dealing with finances so that the division of assets is fair. In many high asset divorce cases, the one or both parties tend to hide their assets.
These parties assume that by not properly disclosing their assets, they are saving the asset for themselves. What these people are unaware of is that court proceedings dealing with property evaluation tend to be extremely detailed and this will usually result in the disclosure about all assets in each party’s ownership. In case the court suspects that the party has not made an honest disclosure about the assets, the courts will allow greater discovery to flush out the necessary issues.
When one has decided to proceed with a high net worth divorce, it is advisable to take the help of a financial planner as the divorce can have a negative effect on your financial status.
In Virginia divorce cases, the courts considers all the parties’ assets to come to a conclusion about the net worth of the parties. In determining the net worth of assets in a divorce case, the Virginia courts generally take into consideration accounts in banks, vehicles, house properties, investments, antique collections, stocks and retirement accounts.
That party in the divorce who has a lesser value of assets should immediately hire a skilled Virginia divorce attorney to determine if spousal support should be awarded to such party. When the case involves high net worth assets, lawyers generally act quickly to try and finalize the divorce and property distribution.
Only a skilled Virginia divorce lawyer who has years of experience in handling such high net worth assets can assist you by providing sound advice in these matters. If you fail to obtain legal assistance at the right time, you will feel lost and may ruin the chances of getting a favorable division of property.
Mr. Sris has handled a number of high net worth divorce cases in Virginia. A significant part of his practice is assisting clients to resolve complex high net worth divorce cases.