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 Is Property Divided in a High Net Worth Divorce?

How property is classified will be determined by how it's distributed. In Virginia, property is divided into three categories during divorce:

• Separate property: Anything that one spouse acquired before marriage. Property that falls under this category also includes inheritance and gifts given to one spouse before or during the marriage.

• Marital property: Assets obtained after the wedding day or separate property acquired for the benefit of both partners. Things like salaries, homes, retirement contributions, dividend earnings, business interests, and cars are considered marital property and subject to equitable division upon 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:

• Marital Home
• Businesses
• Bank Accounts
• Investment Accounts
• Antiques and Collectables
• Intellectual Property
• Pensions and Retirement Accounts
• Life Insurance Policies 

• Divisible property: Property that changed in value during your marriage. Divisible property can also include property acquired during a marriage but not paid for until after the divorce.

Child Support in a High Asset Divorce

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:

• Costs for Sports and Hobbies
• Tuition for Private School
• College Expenses
• Travel Expenses 
• Nanny and Other Childcare Expenses

Spousal Support Payments

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:

• Length Marriage
• Financial Needs
• Health 
• Age
• Earning Ability 
• Income Resources 

Have Questions? Contact A Divorce Attorney Today

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.