Divorce is never easy, but unfortunately, it gets even more complicated when there are lots of assets to divide. Kanawha County divorces involving significant assets need extra attention and legal guidance. Whether you’re just thinking about divorce or already in the middle of one, knowing how high-asset divorces work can help you make better choices. Our team of experienced lawyers is ready to help you understand every step of this process. We provide support and expertise to make sure your rights and interests are protected—give us a call at 304-345-7250 to set up a consultation now.
When is a Divorce Considered “High-Asset”?
A divorce is considered “high-asset” when the couple owns a significant amount of valuable property and money. This can include things like multiple homes, investments, retirement accounts, businesses, art collections, and luxury vehicles. The total worth of these assets usually runs into the millions, but the exact amount can vary—many experts use one million dollars in assets as a starting point for what is considered a high-asset divorce.
What makes these cases complicated isn’t just the amount of money involved, but also the different kinds of assets that need to be divided. For example, figuring out the value of a business or investment portfolio often requires experts to step in and provide an accurate assessment.
Additionally, issues such as prenuptial agreements, inheritances, and shared debts can add layers of complexity. Disputes may arise about what is considered marital property versus what is individual property, making the process more challenging.
How the Division of Assets Can Become Complicated
In a high-asset divorce, splitting up property and money can get very complicated. One reason is the variety of assets involved, such as businesses, investment portfolios, homes, and luxury items. Figuring out the true worth of these assets often requires expert help, like appraisers and financial advisors. For example, valuing a business isn’t as simple as looking at its bank account or its earnings over the years. You need to consider things like future earnings and market conditions.
Prenuptial agreements can also make things more complex if they aren’t drafted in a clear or legally binding way. These agreements can dictate what is considered shared property and what remains individual property. However, if there’s a dispute about the contract’s enforceability, it can take time and legal expertise to sort out.
Inheritances can add another layer of complexity. Sometimes, one spouse receives an inheritance that they believe should remain theirs alone. Determining whether that inheritance is shared or individual property often requires careful legal review.
Shared debts also complicate matters. It may sound strange to talk about debt in the context of very wealthy couples, but the truth is that high-asset couples often carry substantial debt—they just know how to make debt work for them and expand their net worth. But when they decide to call it quits, figuring out what to do with that debt is an uphill battle.
Another issue that can stretch out the process of a high-asset divorce is the fact that both parties have substantial access to liquid funds. Unfortunately, this means that if one party wants to drag out the divorce, either to get what they want or just to hurt the other person, they have the funds to do so.
Unique Considerations for Children of High-Asset Divorce
In high-asset divorce cases, the well-being of children is a top priority. Unlike regular divorces, there are often additional financial aspects to consider. For example, children may have trust funds or other financial assets set up for their future. Our high-asset divorce attorneys ensure these funds are handled properly and remain intact for the children’s benefit.
Education expenses can also be a significant concern. Children may attend private schools or plan to go to expensive colleges. Ensuring that their education costs are covered is an essential part of the divorce agreement. Additionally, maintaining the child’s current lifestyle, such as living in the same home or participating in extracurricular activities, is often important for their emotional well-being.
Child support in high-asset cases may need to cover more than just basic needs. It might include costs for nannies, tutors, or even travel expenses for family visits. Our lawyers work to ensure that the child support agreements are fair and comprehensive.
Emotional support is just as crucial. Divorce can be tough on children, and high-asset cases can add extra stress. We aim to make the process as smooth as possible for the kids, addressing their needs with care and attention. By focusing on these unique considerations, we strive to ensure that the children’s best interests are always protected.
How Pence Law Firm Can Help
Going through a high-asset divorce is stressful and confusing; you want to protect your assets, but you also don’t want to spend years fighting over every asset and decision. Pence Law Firm, in Kanawha County, has extensive experience in these types of cases. We have a deep understanding of both family law and the financial issues that can arise. Our team works with financial experts to make sure all your assets are correctly valued and fairly divided.
This includes everything from homes and businesses to investments and retirement accounts. We know that each case is unique, so we tailor our approach to meet your specific needs. We also help with child support and custody arrangements, making sure your children’s needs are fully addressed. Our goal is to protect your interests and help you move forward with confidence. If you have questions or need help, please contact us. We are here to support you through every step of the process.
Let’s Discuss Your Needs—Call Pence Law Firm Today
Our team is here to help you work through your divorce. We understand the unique issues you face with millions of dollars of assets on the table, and our goal is to reach an agreement that protects your best interests. Let’s sit down and talk about what comes next. Give us a call at 304-345-7250 or reach out online now.
