If you're going through a divorce and have concerns about preserving wealth to sustain your lifestyle and support your family, a Williamsburg divorce attorney can help.
Divorce can be especially taxing for a high-net-worth couple as there might be things like investment accounts, multiple homes, and business interests to consider while dividing their assets.
If you're going through a divorce and have concerns about preserving wealth to sustain your lifestyle and support your family, a Williamsburg divorce attorney can help. At Pedersen Law, we'll work with you to find a solution that works for you and your family. Contact us today to get started.
How property is classified will be determined by how it's distributed. In Virginia, property is divided into three categories during divorce:
Under Virginia divorce laws, marital wealth is subject to equitable division during divorce. When splitting marital property, a judge will consider various factors such as the property's value, earning abilities of both partners, and tax consequences. Examples of marital property that need to be assessed and valued include:
Virginia has guidelines for child support that are applied to every case. However, wealthy families may have unique needs that must be accounted for when determining child support. These expenses may include:
Alimony is a complicated matter in high asset divorces. Unlike child support, there isn't a standard calculation for spousal support. In Virginia, spousal payments are awarded by the court. The judge will consider the following:
If you have a high net worth and are contemplating filing for divorce, we recommend hiring an experienced divorce attorney. Call (757) 903-4410 to discuss your case with our team and get the help you need today.