Just as no two marriages are the same, each divorce is as unique as the couple going through it. However, the majority of divorces have one thing in common: they can be quite expensive. Even if the reasons for divorcing are amicable, separating and dividing assets may not be, especially for spouses with high net-worths. The following information may be helpful for those in Virginia who are facing a high-asset divorce.
Most high-asset marriages have several different types of marital property to review. These usually include businesses, real estate, investments, banking accounts, retirement accounts and even debt. Courts will always seek to divide property fairly, but it can get complicated in a high-asset divorce. A few factors that courts take into consideration are the length of the marriage, the amount of property and how much each spouse contributed to acquiring and improving the assets or property.
Retirement savings in particular can be one of the most valuable assets that a person owns. These include 401(k)s, pensions, and individual retirement accounts (IRAs). The courts will treat these types of accounts same as any other assets accrued during the marriage and consider them mutual property to be fairly divided.
It’s no secret that property division during a divorce can be overwhelming and confusing. Rather than pursuing traditional divorce litigation, a high asset divorce could be easier on spouses who choose to through negotiations or mediation. Through mediation, spouses can work on dividing and distributing assets while striving to reach a satisfactory settlement. Those in Virginia who find themselves in this type of situation can ensure protection of their rights and obtain guidance by seeking the services of an experienced and knowledgeable attorney.