While wealth makes it easier to tackle some of life’s challenges, high net worth couples often have a more difficult time finalizing their divorce when spouses decide it is time to go their separate ways. People who are comfortable financially frequently have business interests, complex investments and other assets that can tie up the property division process. Additionally, parenting plans and child support arrangements could require additional attention because of busy schedules and income amounts that exceed the standard statutory guidelines.

Though no set definition exists, breakups where marital assets total at least $1 million are generally considered high net worth divorces. With inflation and high real estate prices, many couples fall into this category without leading a life of luxury. Still, they should be cognizant of issues that might complicate the distribution of assets in their marriage dissolution, such as:

• Ownership of the family home, as well as vacation and investment properties

• Business assets, including ownership shares and partnerships

• Sophisticated investment portfolios, that might include stocks, bonds and digital currency

• Appraisal value of property such as luxury vehicles, art and antiques

• Retirement assets, such as 401(k) accounts and pensions

As the size of the marital estate grows, so does the likelihood of conflict over one or more assets during a divorce. An experienced Virginia family law attorney can review your situation, consult with experts such as appraisers and forensic accountants, and negotiate for an appropriate allocation of property. Should a fair settlement be unattainable, they can prepare for litigation under the state’s equitable distribution law. 

Spousal support can also become a point of contention in a high net worth divorce, particularly if one party provided all or most of the family income. While someone seeking alimony likely will want to continue enjoying the same lifestyle as they did during the marriage, the higher-earning spouse might only agree to pay enough to allow their ex to live independently. Parties should also seek assistance from an accountant or financial adviser regarding potential tax implications of proposed spousal support terms.

Regardless of a family’s financial status, child custody and support issues are often contentious. Parents with substantial means might find themselves engaged in conflicts over private school tuition, vacation scheduling, expensive extracurricular activities and college expenses.

Public exposure is another significant challenge in many cases. High-profile individuals, executives and celebrities may wish to keep financial and personal details confidential. Options such as private mediation, arbitration or sealed court records can help protect privacy during proceedings.

Harding, Harding & Harding Attorneys at Law, PLC has extensive experience handling high net worth divorces for Virginia clients. For a free consultation regarding your particular case, please call 757-499-2600 or contact us online. We have offices in Virginia Beach, Chesapeake and Norfolk.