What Gets Divided in a High-Asset Divorce in Virginia?

Divorcing with significant assets can feel overwhelming. How will everything you’ve worked hard for be divided? What’s considered fair, and what’s at risk? If you’re facing a high-asset divorce, especially a contentious one, you’re likely feeling uncertain and stressed about what comes next.

At Mahoney Richmond Thurston, PLLC, we understand how important it is to protect what matters most to you. We’re here to explain how property division works in Virginia and help you understand which assets may be up for division. Let us help you navigate this challenging time with confidence and clarity.

How Asset Division Works in Virginia

Virginia is an equitable distribution state, meaning that marital property is divided in a way the court considers fair and just rather than being split strictly 50/50. This approach allows the court to divide assets between spouses based on various factors, such as the financial contributions of each spouse, the duration of the marriage, and each party’s future financial needs. According to Virginia law, marital property typically includes any assets acquired during the marriage or any assets that are titled to both spouses.

Common Assets Divided in High Asset Divorces

High-asset divorces typically deal with an array of valuable and diverse properties. Here are examples of assets that often come under consideration:

Real Estate

• The marital home
• Vacation properties
• Additional investments, including rental properties and undeveloped land

Financial Investments

• Stocks, bonds, and mutual funds
• Cryptocurrency holdings
• High-yield savings and bank accounts

Businesses and Professional Practices

• Family-owned enterprises
• Partnerships or LLCs
• Medical or law practices

Retirement and Investment Accounts

• 401(k)s
• Pensions
• IRAs
• Profit-sharing plans

Collectibles and Luxury Items

• Artwork
• Jewelry
• Antiques and collectibles
• High-value vehicles (e.g., cars, yachts, RVs, and planes)

Intellectual Property

• Royalties from books, music, or patents
• Income from trademarks or copyrights

Miscellaneous

• Life insurance policies with cash value
• Trust funds or inherited wealth
• Deferred compensation

What Won’t Be Divided in a High Asset Divorce

Certain assets are typically considered separate property and are not subject to division during a high-asset divorce. These may include:

• Assets owned before the marriage
• Inheritances or gifts explicitly given to one spouse
• Property acquired after the separation date
• Assets allocated to either party in a prenuptial agreement 

It’s important to note that even if an asset is considered separate property, it can still become subject to division if it is commingled with marital assets. For example, if funds from an inheritance were used to purchase a marital home, those funds may now be considered marital property and subject to division.

How to Protect What’s Yours

To ensure your assets are protected during a high-asset divorce, it’s crucial to work with an attorney who can advocate for your best interests. Here are some steps you can take to safeguard your assets:

• Keep detailed financial records and documentation of all assets owned before and during the marriage.
• Obtain professional appraisals of any valuable items to accurately determine their worth.
• Be open and transparent about all assets and income during the divorce process.
• Consider going through with a collaborative divorce, which can help reduce costs and preserve confidentiality.

Secure the Representation You Deserve

Navigating a high-asset divorce in Virginia can be challenging, but having a clear understanding of property division and the right legal support can make all the difference. At Mahoney Richmond Thurston, PLLC, our dedicated attorneys bring years of experience in managing complex divorce cases and safeguarding our clients’ financial interests. Reach out to us today to schedule a consultation and take the first step toward protecting what matters most to you.