Chesapeake High Net Worth Divorce Lawyers
Virginia attorneys protect assets for wealthy individuals
A high net worth divorce is generally defined as one in which the spouses have liquid assets greater than $1 million. These assets often need professional valuation, and a divorce may have substantial tax consequences. If you are in this situation in Virginia, the skilled and experienced Chesapeake high net worth divorce lawyers of Harding, Harding & Harding, Attorneys at Law can help you navigate the process and protect your rights.
Complex property division in Virginia divorces
Property division in a high net worth divorce can involve the following types of assets:
- Real estate — The marital home, vacation homes, rental units and other real estate holdings may require sale and division of the proceeds.
- Financial portfolios — Stocks, bonds and other securities might need to be divided or sold.
- Businesses — One or both spouses might have ownership interests in businesses that they will want to continue operating, potentially requiring them to buy out the other or give up other assets to compensate.
- Retirement accounts — The value of 401(k)s, IRAs and other accounts pensions and executive compensation plans might require a court order to divide without tax penalties.
- Executive compensation — Stock options, restricted stock units and other forms of deferred compensation may be subject to market fluctuation and, if they are unvested, will probably require an expert opinion on valuation.
- Expensive personal property — This includes luxury items such as jewelry, art, antiques and high-end vehicles.
Virginia law applies the rule of equitable distribution, which divides marital assets fairly but not necessarily equally. A court considers multiple factors in this analysis, including a spouse’s noneconomic contributions to the marriage. There are several methods that may be used to value complex assets. We seek the fairest and most appropriate method for our clients and present expert testimony in support.
Uncovering hidden assets in Chesapeake area divorce proceedings
One of the most difficult problems that can arise in a high-net-worth divorce is when spouses attempt to hide assets. This might be done through such means as undisclosed accounts, transfers to third parties, underreporting income, creating fake debt or not revealing digital assets such as cryptocurrency. As Chesapeake divorce lawyers, we use investigators and discovery procedures to uncover the truth and obtain the fairest possible division for our clients. We seek to have the court take hidden assets into consideration by giving our clients a larger share of the available assets.
Tax implications of divorce for wealthy individuals in Hampton Roads
Because of the value of the assets involved, high net worth divorces can raise significant tax issues. Some assets may have to be sold so that the proceeds may be apportioned between the parties, and any tax liability so generated will likely have to be paid by each spouse for their share. Income-generating assets will have their own tax consequences, even if one spouse receives them undivided. You may be able to reduce your tax liability through effective accounting strategies.
High net worth divorce lawyers in Chesapeake ready to resolve complex issues
Harding, Harding & Harding Attorneys at Law provides divorce services to clients in Virginia Beach, Chesapeake, or Norfolk. To schedule an appointment for a free initial consultation, call 757-499-2600 of contact us online.
