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Mistakes to Avoid in a High Asset Divorce
Divorces can be complicated and messy, especially when high-value assets are involved. Unfortunately, many soon-to-be divorcing couples must properly collect all financial information pertinent to the divorce, especially in high-asset divorce.
Neglecting to collect financial information can lead to an incomplete understanding of their shared finances and uneven distribution of their combined assets. Gathering all essential bank statements, investment accounts, and real estate holdings before entering the divorce process is paramount.Â
Without this knowledge and a comprehensive grasp of their financial situation, couples may unknowingly part in unequal shares that could result in an unfair resolution. As such, knowledge is power in any divorce, and a proper understanding of your financial situation should never be taken lightly.
What services do high-asset lawyers provide clients?
When going through a high-asset divorce, it is essential to understand how assets and debts are divided. In most divorce situations, this means preparations for dealing with vehicles, real estate, jewelry, and retirement accounts. High-asset divorces can come with their own unique set of complexities.Â
Assets such as multiple or private businesses, vacation homes, or art collections require considerable legal negotiations to ensure both parties receive what they are entitled to before dissolution. Being adequately informed of one’s rights and financial standing can go a long way when facing a challenging high-asset divorce situation.
At Mahoney Richmond Thurston, PLLC, our team provides the following services regarding high-asset divorce:
- Closely-held business interests
- Life insurance
- Stock options
- Stock voting rights
- Deferred compensation
- Assets held in a trust
- Tax benefits such as a capital loss carry-forward
What are important considerations to be made in high-asset divorce?
Disputes over financial assets can lead to conflicts between divorcees, resulting in costly proceedings and court battles with no clear winner. Planning and having a knowledgeable legal partner when going through a Virginia high-asset divorce is essential to protect the rights of all parties involved. The initial step should be getting a clear picture of your finances, including bank accounts and investments; this understanding will serve as the foundation for legal negotiations to secure an equitable distribution of marital assets.Â
Strategizing before beginning the process can prepare you for what may come and set you up for success throughout every step of the divorce proceedings. If you own a business with your spouse, additional services such as business valuation help ensure a fair outcome that is financially beneficial for both sides. For prenuptial agreements involving more complex monthly payments or profit-sharing arrangements, contacting experienced professionals like forensic accountants may be necessary to uncover any illegal attempts to hide or transfer money away from shared accounts.Â
Contact our lawyers today if you are going through a high-asset divorce
The stakes are incredibly high during a high-asset divorce, so it is essential to trust your legal representation to succeed. At Mahoney Richmond Thurston, PLLC, we have the skills and expertise to guide you through the process and provide you with the best outcome possible. With decades of experience handling these cases, our lawyers understand all angles of a high-asset divorce, allowing us to craft solutions that cater to your individual needs.
 To ensure you are making informed decisions, contact us today for a consultation.
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