Madison, WV High Asset Divorce Lawyers
Although every divorce is painful and challenging in its own way, those involving minimal assets and no children are at least uncomplicated. When your divorce is considered a high-asset divorce, there are extra factors and issues that completely change how you approach your split. If your divorce involves considerable assets and substantial income, it’s important to work with an attorney with experience in this area. Securing a fair division of assets, appropriate spousal support, and other agreements ensures that you are prepared for life after divorce.
It’s highly recommended that you reach out to a lawyer as soon as you know divorce is on the table. Doing so gives you time to get everything in order and protect your best interests. Call Pence Law Firm at 304-407-7852 to set up a consultation with our team of Madison, WV high-asset divorce lawyers.
What Defines a High Asset Divorce?
There’s no cut-and-dry limit defining high-asset divorces, but in general, any split involving at least $1 million of liquid assets must be divided. Most high-asset divorces involve a far more complex list of assets than you’ll find in a standard divorce. These marital estates go beyond a marital home and retirement funds to include multiple pieces of real estate, business shares, stock holdings, and intellectual property.
Complications in the Division of Assets and Debts
The division of assets and debts is one of the most complex parts of a high-asset divorce. This is one area where having more money actually does mean having more problems. West Virginia is an equitable distribution state, so assets should be divided in a way that is fair to both parties involved and their unique circumstances. As you may expect, when there are sizable assets involved, spouses disagree on what a fair division is.
Getting through this will involve a complete inventory of both parties’ separate assets and their shared marital assets. If you have unique or rare assets, such as antiques or one-of-a-kind jewelry, that often means bringing in outside experts who can provide a fair valuation.
Another issue to consider is the division of businesses. Many high-asset couples get to where they are through business ownership, and those assets must also be split up during a divorce. There are numerous ways to value a business, and you often have to consult multiple experts for both parties to feel represented in the process.
Going into this, it’s good to have a general idea of what you want to keep, what you don’t care about losing, and which assets could go either way. This lays the groundwork for negotiation and compromise.
Child Support and Custody
The demands placed on high-asset couples are often significantly different than those faced by other couples. In some high-asset divorces, both parties run successful businesses and juggle their home and work lives. In others, one spouse brings in the majority of income while the other takes care of the home. In both scenarios, it can be challenging to find a child custody arrangement that puts the children first.
If both parents have extensive work demands and minimal time, how do you create a parenting schedule that gives both spouses parenting time without forcing them to give up their work? In the latter, how do you ensure that the stay-at-home parent doesn’t end up with the lion’s share of child care after divorce? Atypical custody schedules often work out best in high-asset divorces, as they allow higher-earning parents to spend valuable time with their children while still accommodating their workload.
For example, if the high-earning parent has a busy season and a low season in their industry, they may take on more parenting time during the low season while giving up some parenting time at the peak of their busy season. Either way, it’s crucial to reach a child support agreement that provides for the child’s needs at both homes.
Navigating Spousal Support
Spousal support, while not automatic in West Virginia, is often a factor in high-asset divorces. If one spouse worked as a homemaker or stay-at-home parent while the other worked, they are likely entitled to some form of spousal support. This evens the playing field and gives them the financial support they need while they work towards financial independence.
Permanent alimony is not as common as it once was, and it’s generally only reserved for long marriages. While determining how long spousal support lasts and how much it is, the court will look at both parties’ earning potential, non-financial contributions made by the lower-earning party, and the likelihood of the lower-earning party becoming self-sufficient.
How Pence Law Firm Can Help
At Pence Law Firm, we know that the decisions you make during a high-asset divorce can have a significant effect on how the next stage of your life plays out. Whether you bring in your own substantial income or you have worked as a homemaker, you deserve to have what you need to thrive after divorce.
Part of our process involves figuring out exactly what matters most to you in your divorce and prioritizing that. For some, that’s walking away with the family business or marital home. For others, it’s custody of the children. Still others will make significant sacrifices as long as it means a successful co-parenting relationship after divorce.
No matter what you want from your divorce, we’ll work tirelessly to advocate for you every step of the way. This may be one of the most painful experiences you ever go through, but you do not have to go through it alone. We’ll support you and work with you the entire time.
Reach Out Today to Discuss Your Madison Divorce
Wherever you are in the divorce process, the team at Pence Law Firm is committed to helping you move forward. Set up a consultation with our Madison high-asset divorce lawyers now by calling us at 304-407-7852 or contacting us online.
