Virginia Property Division – High Net Worth Divorce
There are many reasons why divorcing spouses might find it difficult to resolve property division issues. Often enough, the main reason is that there is quite a great deal of property to fight over. Other reasons can include identifying particular assets as marital property, valuation problems for closely held or family business assets, or the enforcement of the terms of a premarital agreement.
Whatever the specifics of your property division problem, the attorneys of Cravens & Noll can advise you of your legal rights while working toward a practical resolution of the issues through negotiation when possible or litigation when necessary. Contact our divorce attorneys in Richmond for an initial consultation about your options.
Dividing Marital Assets
Property acquired or assets earned over the course of a marriage are subject to division. While not an exhaustive list, the following is subject to division if acquired after marriage:
- Equity in a home
- Proceeds or income from a business
- Retirement funds
- Money from an inheritance
- Stocks, bonds, investments
- Real estate property
What the Court considers in Dividing Marital Property
As an equitable distribution jurisdiction, Virginia gives its family court judges very broad discretion in dividing marital property between divorcing spouses. The objective is not to achieve a strictly equal division of property between the parties, but to divide the assets and liabilities of the marriage fairly between them in light of many factors: the contributions of each spouse to the marital estate, the contributions of each toward child care and housekeeping, the ability of each to live comfortably on his or her own income, and other considerations.
Determining Marital Assets and Property Subject to Division
At Cravens & Noll, we work with you to develop a good sense of your objectives and concerns about the property division process, and we can help protect your interests while discovery and negotiations are ongoing. Our lawyers will review your spouse’s financial statements and make sure that all assets and income are properly disclosed. If your spouse is the active principle in a family business, we can take steps to make sure that the profits are protected and those operations are not manipulated to depress asset values. If necessary, we can also use private investigators or forensic accountants to locate and identify hidden assets or fraudulently transferred property.
In military divorces, we can evaluate your rights not only with respect to pensions, but also the very substantial benefits available in long-term military marriages under the Former Spouse Protection Act (FSPA).
Very often, it is advisable to consider complex property division issues in connection with the resolution of spousal support claims. From a tax perspective, it will often make sense to make concessions on property division in exchange for a better alimony settlement—or the other way around, depending on your specific situation.
Contact Divorce Lawyers at Cravens & Noll Today
Whether your property division problems involve investment properties and stock options, the valuation of family business assets or the recovery of your payments on your spouse’s old student loans, our detailed knowledge of Virginia divorce law can help protect and advance your interests. Contact us at either of our offices in Chesterfield or Henrico for an initial consultation about your property division concerns.