Winfield, WV High Asset Divorce Lawyers

    There are many circumstances that can turn the already painful process of divorce into something even more complicated and stressful. While money may make several parts of life easier, that simply isn’t the case with divorce. The more a couple has and the larger their empire is, the longer the divorce process may take. No one wants to give up anything they’ve worked so hard to build, so reaching a fair agreement can be challenging.

    But if you’re ready to move on to the next stage of your life, it’s important to entrust the right legal team with your high-asset divorce. You know what you need to live comfortably and take the next step—let us help you get it. Call Pence Law Firm at 304-345-7250 to set up a consultation now.

    Key Differences Between Standard and High Asset Divorces

    First, it’s important to note that the term “high asset divorce” isn’t a protected or specific term—different people may use it in different ways. However, it’s generally assumed that a couple with a net worth of $1 million or more may be considered a high asset. When there’s that much to be divided, you can expect an uphill battle.

    Another key difference you’ll generally find in high-asset divorces is the diversification of income. In a standard divorce, you may have one or two breadwinners, each bringing in their own salary. However, high-asset couples are also likely to have income coming in from investments, rental properties, business ownership, and other sources. This significantly ramps up the tension during the division of assets, as many of the most valuable assets also have income streams tied to them.

    Finally—and this isn’t the case with all high-asset divorces, as some couples keep a relatively low profile—there’s a greater chance of unwanted publicity. If the couple is famous or a pillar of their community, there may be public interest in their split. A high-asset divorce attorney can navigate these issues with tact and decorum.

    The Division of Assets and Income Streams

    This is often one of the most time-consuming aspects of a high-asset divorce. Both parties have contributed to the development of their wealth via financial and non-financial contributions, and so both feel entitled to their fair share. While you can technically leave the division of assets up to the court, doing so is quite risky. If you work out these issues during negotiations or mediation, you maintain control over the process and decide which concessions you are willing to make.

    It’s particularly important to tread carefully around the assets that bring in income—for example, family businesses, rental properties, and investment accounts that provide passive income. Not only is it important to secure a fair division of assets, but assets must be divided in a way that respects each spouse’s ability to maintain the assets and protect the income they bring in.

    Spousal Support and Child Support

    Spousal support isn’t guaranteed in a divorce, but it is far more likely in high-asset divorces in Winfield. In these marriages, it’s more common to have one party that brings in the majority of the income and one who manages matters at home. The homemaker of the marriage will likely need substantial financial support to maintain their lifestyle and meet their needs after divorce. There are multiple ways to pay out spousal support, so you should discuss your priorities and preferences with your attorney.

    If the divorcing couple has children together, it is crucial that those children have the financial support they need. Again, when there is a substantial income disparity, there is likely to be a sizable monthly child support payment. There are likely expensive extracurriculars, private school tuition, and extra commitments that must be considered.

    Considering Child Custody Options

    Child custody is a difficult topic in any divorce, and that includes high-asset divorces. The courts generally prefer an arrangement that allows the children to have meaningful time with both parents, but that may be difficult if one parent works long hours or has an irregular work schedule. While there are standard custody schedules you can look into, don’t be afraid to come up with a unique custody schedule that accommodates you and your spouse’s needs while serving your child’s best interests.

    If child custody is in dispute, we can help. We understand that these battles can become drawn out, causing you significant stress and anxiety. By putting your child’s needs at the forefront, we will fight for an arrangement that accommodates everyone.

    How the Team at Pence Law Firm Can Help

    At Pence Law Firm, our divorce attorneys understand the unusual challenges you face during a high-asset divorce. There is substantial money on the line, and an unfair division of assets could leave you without the funds you need to start the next stage of your life. You want to move on, help your children heal, and build a life you love.

    Your privacy may also be a top priority for you, particularly if you and your spouse have a strong reputation within your community. We understand the importance of discretion, and with every decision we make in your divorce, we will strive to safeguard your privacy and your reputation.

    This may be one of the hardest things you ever go through in life, and you do not need to go through it alone. The team at Pence Law Firm can provide the support, guidance, and empathy you need to navigate this time. Fight for what you need to start over and lay the groundwork for a peaceful and productive life after divorce.

    Contact Us Today for Help with Your Winfield Divorce

    The sooner you reach out to the team at Pence Law Firm, the sooner we can begin working on your divorce case. Get started with a free consultation—we’ll learn more about your marriage, your impending split, and what you hope to get from your divorce. Call us at 304-345-7250 or reach out online to schedule your consultation now.

    Put the Charleston business dispute lawyers at Pence Law Firm PLLC on your side today at (304) 345-7250 or contact us online.