South Charleston, WV High Asset Divorce Lawyers
The more factors influencing your divorce, the more complicated you can expect it to be—and that means that if you and your spouse have sizable assets, you could be spending months or even years hashing out the details of your split. High-asset divorces still have all of the same problems that standard divorces must cover, but on top of that, they have unique concerns that other couples do not have to worry about.
That’s why it’s important to work with a divorce attorney with specialized experience in high-asset splits. The team at Pence Law Firm can learn more about your priorities, figure out a strategy, and help you get through this time as peacefully as possible. Set up your consultation with our team of high-asset divorce attorneys in South Charleston now by calling us at 304-407-7852.
Divorce Laws in West Virginia
Divorces are complex legal processes, and understanding the specific laws in West Virginia is essential. West Virginia allows both fault-based and no-fault divorces. No-fault divorces are based on the grounds of irreconcilable differences, while fault-based divorces can be filed on grounds such as adultery, cruelty, or abandonment. In general, fault-based divorces take longer but offer advantages to the party who is not at fault for the split.
West Virginia follows the principle of equitable distribution when dividing marital property. This means that the court aims to distribute marital assets and debts fairly, weighing factors such as each spouse’s contribution to the marriage, the length of the marriage, and the earning capacity of each partner.
In high-asset divorces, spousal support may be a point of contention. West Virginia courts consider various factors, including the length of the marriage, the financial needs of the parties, and each spouse’s income when determining whether or not to award spousal support.
If children are involved in a high-asset divorce, the court’s primary concern is the best interests of the child. West Virginia courts consider factors such as the child’s relationship with each parent, their physical and emotional well-being, and the ability of each parent to provide a stable environment.
What Makes High-Asset Divorces Different from Other Divorces
High-asset divorces present unique challenges and considerations that set them apart from other divorces. One issue that often arises is complex asset valuation. High-asset divorces often involve very valuable and complicated assets, including businesses, real estate, investments, and retirement accounts. Valuating and dividing these complex assets requires the expertise of professionals to ensure an accurate assessment of their worth.
When one or both spouses own businesses, the division of marital assets can become more complicated. Determining the fair value of a business and deciding on the most appropriate method of division are critical aspects of these divorces. This issue becomes even more challenging if the business in question is a family business, as there is value beyond the financial value of the company.
In high-asset divorces, it’s more likely that one spouse may attempt to conceal assets to gain an unfair advantage. Uncovering hidden assets requires thorough investigation and the assistance of forensic accountants who specialize in identifying financial irregularities.
High-asset divorces tend to involve spouses who are accustomed to a certain lifestyle. In these cases, maintaining a similar standard of living post-divorce is often their top priority. This may impact spousal support calculations and property division.
If you have a prenuptial or postnuptial agreement in place, it is essential to review its terms and determine how they may impact the division of assets and spousal support. These agreements can provide guidance on property division and may address spousal support, protecting your interests during the divorce process. If you do have a prenuptial or postnuptial agreement, make sure to tell us about it, and bring a copy when you come for your free consultation.
You’ll also need to think about the tax consequences of your divorce and how your assets are split. This isn’t typically an issue with standard divorces, but it can be a pivotal issue for high-earning couples. It’s important to consult with tax professionals who can provide guidance on the tax consequences of various settlement options, such as the transfer of property, retirement account distributions, and alimony payments. That’s one of the benefits of working with Pence Law Firm—we work closely with other professionals as needed to ensure that your divorce goes as smoothly as possible.
How the Team at Pence Law Firm Can Support You Through Your High-Asset Divorce
Navigating a high-asset divorce requires an experienced divorce attorney who is committed to advocating for you and acting in your best interest. The team at Pence Law Firm is dedicated to providing comprehensive assistance to meet all of your legal needs. Our in-depth knowledge of West Virginia divorce procedures will help you feel confident and informed whenever you have questions.
We understand the importance of fair and accurate asset valuation, so we work closely with financial professionals, including forensic accountants and appraisers, to accurately value your marital assets. If you suspect hidden assets, we’re ready to dig deep and bring any irregularities to light.
We are skilled negotiators and will work tirelessly to work on a favorable settlement that meets your needs. You need to be ready for life post-divorce, and our goal is to negotiate a settlement that prepares you for a smooth transition into single life. Should your ex-partner be unwilling to compromise in negotiations, we’re ready to advocate for you in court.
Our attorneys know that divorce can be emotionally challenging. Our team takes a holistic approach to your needs in this area, providing compassionate support and guidance throughout the process. We aim to minimize conflict while ensuring your legal objectives are met.
Explore Your Legal Options with Our Team
If divorce is on the horizon for you, it’s time to talk to a high-asset lawyer in South Charleston. Let’s sit down and talk about your next steps. To set up your free consultation, just contact us online or call us at 304-407-7852.