West Virginia High Asset Divorce Lawyers
In most cases, having more money makes life easier. When it comes to divorce, though, money and assets only complicate an already painful time even harder. While high-asset divorces are similar to standard divorces in many ways, they also come with their fair share of issues that other couples don’t have to think about. From dividing up your sizable assets to ensuring that your children’s needs are met, you have a lot of decisions to make in the coming months.
Working with the experienced team of high-asset divorce attorneys at Pence Law Firm can help you navigate this time as seamlessly as possible. Although nothing will make divorce pain-free, we can at least make it as simple as possible for you. Call us at 304-345-7250 to set up a time to talk to our team now.
Considerations in a High-Asset Divorce
The factors affecting your divorce are similar to standard divorces in some ways, but other issues can make your divorce longer and more costly than those of regular couples. Knowing what to expect can put you in a better position to prepare for what lies ahead. Considerations to keep in mind include:
- Division of assets: When you have a large portfolio of assets, the division of assets is often far more challenging than it is for a couple with little to their names. Both parties likely feel that they have made significant contributions to their wealth, and both want to walk away with what they need for life as a single person.
- Spousal support: High-asset divorces are far more likely to result in spousal support than divorces involving lower-earning couples. High-asset couples often have one breadwinner and one partner who manages the household and children. This results in a major financial imbalance that is remedied by alimony.
- Business interests: If you have shares in businesses—a likely scenario if you have substantial assets—you’ll have to decide how to handle them during your divorce. This may be challenging if you own a business, as a divorce can threaten the stability of your business and its stock value.
- Residual income sources: Many wealthy couples have built their net worth via passive income streams, such as rental properties, licensing rights, and published media. Negotiating the division of these income sources may be a time-consuming part of your divorce.
- Prenuptial or postnuptial agreements: If you have a prenuptial or postnuptial agreement in place, it could make the entire divorce much easier. But if your spouse chooses to challenge the agreement in court, you may need to spend additional time proving its legitimacy and enforceability.
- Hidden assets: The chances of one spouse attempting to hide assets are greater in high-asset divorces, so your attorney may be extra cautious about this possibility.
- Your children’s needs: At the center of your divorce is what’s best for your children. Child custody and child support are critical issues to discuss with your West Virginia divorce attorney.
Protecting Your Assets
Whether you’re a high-earning partner or a spouse who provides support at home, you’re likely focused on protecting your assets and ensuring that you have what you need for a fresh start. Here are a few tips you can use to give yourself a head start when you talk to your attorney:
- Get your financial records in order. The more assets you have, the harder it is to track them down. When you meet with your West Virginia divorce attorney for your consultation, bring copies of your latest bank statements for all of your accounts. You should also have information for any retirement accounts, real estate, and other assets you own.
- Save contact information for any financial professionals you work with. If you and your spouse have worked with financial advisors or other financial experts during the course of your marriage, bring their contact information to your consultation. They may have additional insight you’ll need.
- Review your prenuptial or postnuptial agreement. If there’s a prenuptial or postnuptial agreement in place, look it over in detail to understand its terms and conditions. If anything looks unclear to you, make a note of it so you can ask your attorney.
- Think about the benefits of collaborative divorce. It’s not uncommon for these divorces to be drawn out and take years. The longer your divorce lasts, the more expensive it will be for both parties. If preserving the value of your assets is a top priority, you and your ex may both benefit from working together on a collaborative divorce or at least discussing potential solutions in mediation.
Your Children’s Best Interests
Issues like child custody and child support determine the quality of your child’s life after divorce. In most cases, a judge will prefer to allow the child to spend substantial time with both parents. This may mean a 50/50 split, but not always. If one parent works long or irregular hours, travels a lot for work, or simply does not want to be the primary caretaker half of the time, it may be better for the other parent to have primary custody.
Child support in West Virginia is calculated using both parents’ income. The standard calculation divides the amount of support due to the child between the parents in a way that is proportionate to their income. For high-earning couples, the standard calculation is often incorrect, so you may need to negotiate this issue with your co-parent.
How Pence Law Firm Can Help You
At Pence Law Firm, our divorce attorneys understand the unique issues faced by high-asset couples. There’s a lot at stake for you, and we’re committed to supporting you every step of the way. Whether you favor a collaborative approach that preserves a positive co-parenting relationship or a more traditional approach that involves intense negotiations, we’re committed to helping you get what you want out of your divorce.
Get the Support You Need—Contact Pence Law Firm Today
The sooner you contact us in the divorce process, the sooner we can begin learning more about your goals and priorities. Schedule your consultation right away by calling us at 304-345-7250 or getting in touch online.