Hurricane, WV High-Asset Divorce Lawyers
Divorce is complex, emotionally charged, and often very painful for both parties. When you have significant assets involved, the stakes are higher and the process is often even more mentally draining. High-asset divorces in Hurricane force couples to face various challenges and issues not found in other divorces. These issues can play a significant role in determining what your post-divorce life looks like.
Working with an experienced high-asset divorce attorney is vital if you want to fight for your fair share and protect your parenting rights. The team at Pence Law Firm can help. Call us at 304-345-7250 to get started.
What Makes High-Asset Divorces Different?
Various factors make high-asset divorces more complex and drawn-out than other divorces. Much of this is simply because there is more at stake—the more you have, the more you risk losing. This knowledge often causes both parties to hang on tighter, fight harder, and look more closely at any compromises offered. Factors making high-asset divorces more complicated include:
- Asset valuation: High-asset couples are more likely to have rare, unusual, or complex assets that are harder to value. A fair division of assets is dependent on proper asset valuation, so this step often takes much longer.
- Fair division of property: The more property you have, the harder it can be to divide it fairly. This is because both sides are likely to fight for whatever they can of each asset—that’s normal, considering that both parties likely sacrificed a lot to get to their level of success. However, it can significantly extend the timeline of your divorce.
- Business ownership: Many high-asset couples own one or more businesses. This can get messy when it’s time to divide assets and ensure that both parties are treated fairly.
- Tax considerations: How assets are divided and sold may affect one or both spouses when tax time rolls around. It’s important to consider the tax implications of each potential divorce agreement.
- Alimony: Alimony is commonly awarded in high-asset divorces. While both parties may have their own income streams and are wealthy, it’s more common to see one high-earning spouse and one spouse who takes care of matters at home. Both contributions are essential, but the homemaker spouse will likely need significant financial support as they start out independently. Alimony can help address these disparities.
Issues to Consider
Your Hurricane, WV high-asset divorce lawyer will walk you through the various issues you must consider as you prepare for divorce. These issues include:
- Identification, valuation, and division of assets: You can expect this step to take a considerable amount of time. If you’ve already started cataloging assets, this can save a lot of time and help your attorney get to the negotiation stage much more quickly. Spend some time thinking about what you want to keep, what you’re willing to give up, and where there is room for compromise.
- Spousal support: Whichever side of the m marriage you fall on, discuss reasonable expectations for alimony with your attorney. The final numbers will significantly affect your financial well-being after divorce.
- Child custody and support: Child custody is complex in any divorce, but it’s often harder to navigate in a high-asset divorce. When one partner works long hours and has numerous business ventures, a 50/50 custody split may simply not be practical for them. Working out an arrangement that protects both parents’ parenting time and the child’s best interests is essential.
- Business shares: Discuss your hopes and plans with your attorney if businesses are among the marital assets. If you do not want to run the company, having your spouse buy you out may be possible. But if both of you want to play an active role in the business, prepare for intense negotiations.
Protecting Your Assets and Future
The decisions and agreements you make during your divorce will affect you for the rest of your life, so tread carefully and don’t make rash decisions. Working with a divorce lawyer with extensive experience in this type of divorce is key—they will know which issues you need to address, the roadblocks you’re likely to encounter, and what you need for your next chapter.
Additionally, you’ll likely find it helpful to work with other professionals throughout this process. One of the benefits of choosing a high-asset divorce attorney is our connections with professionals who can assist you during this time. You may rely on the assistance of financial planners, forensic accountants, business advisors, and mental health professionals.
How the Team at Pence Law Firm Can Help
When you choose Pence Law Firm, you can feel confident knowing that we will protect your best interests at every turn. This type of divorce is likely to be stressful, time-consuming, and emotionally demanding. However, once you’re through, you get a fresh start—a chance to start the next chapter of your life. We’ll keep you involved each step of the way, respecting the challenges you’re going through and the space you need for healing.
You know that your spouse will likely fight hard to keep the marital assets, even if that means depriving you of what you are owed. Our team takes an aggressive approach to these cases, with the goal of giving our clients everything they need for their post-divorce life. During your consultation, we will discuss the factors at play in your divorce and learn more about how you want to approach them. By the time we begin working on your case, we’re confident that we will have a plan that protects you and your best interests.
Start Your Case Today—Call Us Now
We know that you are likely going through a wide range of emotions as you prepare for divorce—let us help you navigate the legal challenges you’re facing. Our tailored approach puts you in control. Set up a consultation with our team now by calling us at 304-345-7250 or sending us a message online.