Child Custody and Support in High Net Worth Divorces: How to Protect Your Family’s Future

/by

Navigating a high net worth divorce can be a daunting process, especially when it comes to child custody and support. For families with significant financial assets, these issues become even more complex. The decisions made during this time can have lasting impacts on both parents and children.

As you prepare for your high net worth divorce, it’s crucial to consider both your best interests and what is best for your children. We’re here to support you as you consider your next steps. Call Pence Law Firm at 304-345-7250 to set up a time to meet our family law team.

Child Custody in High Net Worth Divorces

In any divorce, child custody is a crucial concern.Bbut in high net worth divorces, the stakes can be even higher. Courts aim to prioritize the best interests of the child when deciding custody arrangements. They consider several factors such as the child’s emotional well-being, the parents’ lifestyles, and their ability to provide a stable environment.

High net worth divorces can make custody decisions more complex. These families often have multiple homes, extensive travel schedules, and numerous extracurricular activities. Parents need to show how their proposed custody arrangements will benefit their children. This might involve demonstrating a stable living situation, a supportive extended family, and access to high-quality education and healthcare.

Remember, custody isn’t just about where the child lives. Legal custody, which includes making important decisions about the child’s education, healthcare, and other significant matters, is equally important. This may be more challenging in families where one parent has long been the primary caregiver and the other has largely taken a hands-off approach to important parenting decisions.

Financial Implications of Child Support in Wealthy Families

Child support in high net worth divorces often involves larger amounts to reflect the family’s affluent lifestyle. Courts look at various income sources like salaries, bonuses, investment earnings, and other assets. They aim to ensure the child continues to benefit from a similar standard of living post-divorce.

When determining support, courts consider the child’s needs, including education, healthcare, and extracurricular activities, which can be more expensive in wealthy families. If one parent has a significantly higher income, the other might receive more support to ensure the child enjoys a consistent lifestyle.

The Role of Prenuptial and Postnuptial Agreements

One key misunderstanding that often comes up in these discussions is the role of a prenuptial agreement. While you can make many important decisions regarding how a divorce may be handled, a prenuptial agreement cannot override what is best for the children of that marriage. Basically, child custody and child support are issues regarding the child’s rights—not the parents’ rights. For that reason, those decisions cannot be made in a prenuptial agreement. They must be approved by the court.

Importance of Expert Legal and Financial Advice

Divorces involving significant assets can be especially complicated, making expert advice essential. A family law attorney who understands high net worth cases can guide you through the legal challenges. Ensuring your rights and interests are safeguarded. These professionals are well-versed in handling the unique aspects of wealthy divorces, such as multiple properties, business interests, and complex financial portfolios.

In addition to legal counsel, consulting a financial advisor is crucial. They can help you understand how your divorce will impact your finances, including child support obligations and asset division. Financial advisors can provide a clear picture of your current financial standing and help you plan for future stability. Ensuring that your children’s needs are met without causing undue financial strain.

A collaborative approach between your attorney and financial advisor can offer a comprehensive strategy for managing both legal and financial aspects of your divorce. This teamwork can demystify the process and empower you to make well-informed decisions. Knowing you have a team of experts on your side can provide peace of mind during this challenging time, allowing you to focus on your children and their well-being.

Choose Pence Law Firm for Your Charleston Divorce

The sooner you seek legal advice during a divorce, the more time you have to process your options and make the best decisions for your future. Let’s start by sitting down and talking about your next steps—just call 304-345-7250 or contact us online.

The Role of a Forensic Accountant in a High Net-Worth Divorce

/by

Divorce is a challenging and emotionally charged process, especially in high-net-worth cases where significant assets are involved. One critical player in navigating this complex landscape is the forensic accountant. A forensic accountant specializes in investigating financial records and transactions, helping to ensure a fair division of assets.

Wondering if you need a forensic accountant for your Charleston divorce? The team at Pence Law Firm will help you understand your options and advocate for you throughout this entire process. Call us at 304-345-7250 to set up a consultation with our team now.

Understanding Forensic Accounting in Divorce

Forensic accounting is a unique field that combines accounting expertise with investigative skills. In the context of a high net-worth divorce, a forensic accountant is crucial for examining financial records to uncover the true financial status of the couple. They dig into various documents like tax returns, bank statements, and business accounts to trace the flow of money. Their job is to identify any discrepancies or hidden details that might affect the division of assets.

Identifying Hidden Assets and Income

One of the critical tasks a forensic accountant undertakes in a high-net-worth divorce is identifying hidden assets and income. In some cases, one spouse might try to hide financial resources to avoid a fair division. Forensic accountants use various techniques to uncover these concealed elements. They analyze spending patterns, scrutinize financial statements for inconsistencies, and investigate possible offshore accounts or undisclosed investments. By revealing hidden assets, forensic accountants provide a clearer picture of the couple’s financial situation.

Valuation of Complex Assets

High net worth divorces often involve complicated assets that need expert evaluation. These assets might include businesses, real estate properties, art collections, or investment portfolios. A forensic accountant has the necessary skills to determine the accurate value of these assets. They follow industry standards and use various valuation methods to establish what these assets are worth at the time of the divorce. When they are not able to provide fair valuations, they often have contacts within the industry who can provide fair and accurate valuations.

Providing Expert Testimony in Court

In some high-net-worth divorce cases, disagreements about finances can escalate to the courtroom. When this happens, a forensic accountant can step in as an expert witness. Their role in court is to present their findings clearly and objectively. Forensic accountants explain complex financial details in a way that judges and lawyers can easily understand. This might involve breaking down intricate financial transactions, pointing out discrepancies, or showing how they traced hidden assets. Their expert testimony provides a solid foundation for financial arguments, making it easier for the court to grasp the full financial picture.

Assisting in Settlement Negotiations

During a high asset divorce, reaching a fair settlement can often be challenging due to the complexity and value of the assets involved. This is where a forensic accountant becomes indispensable. They bring clarity to the negotiation table by providing detailed and accurate financial reports. These reports cover everything from asset valuations to income assessments, giving both parties a clear picture of their financial standing.

With this solid financial information in hand, the forensic accountant helps their client and their client’s attorney negotiate more effectively. Their expertise ensures that all financial aspects are considered, making it easier to reach an agreement that is fair and just. They can identify potential areas of dispute and offer solutions based on factual data, which can help prevent misunderstandings and conflicts.

The presence of a forensic accountant can also add a level of trust and credibility to the negotiations. Their objective and detailed analysis helps to ensure that neither party feels shortchanged. By providing a transparent financial overview, they can help both sides feel more confident about the settlement process. This is particularly beneficial, as the division of assets in a high-net-worth divorce generally takes significantly longer than it does in a standard divorce.

Prepare for Your Divorce with Pence Law Firm

The team at Pence Law Firm is here to help you through this challenging period in your life. Prepare for your next chapter in life now by calling us at 304-345-7250 or sending us a message online.

What Year of Marriage is Most Common for a Divorce?

/by

Divorce can be a difficult topic for many couples—no one plans their wedding with the thought of divorce on their minds. It often comes with a mix of emotions, uncertainty, and legal complexities. Understanding when divorce is most likely to occur can provide insights into marital dynamics and help couples navigate their relationships more effectively. Specific years in marriage typically see a spike in divorce rates.

Whether you’re grappling with the difficulty of the early years of marriage or you’ve put decades of work in and you’re ready to call it quits, having the right legal team by your side is essential. Reach out to Pence Law Firm at 304-345-7250 to discuss your options as you consider divorce.

Understanding the Divorce Timeline

To understand when divorces are most common, it’s helpful to look at the typical timeline of a marriage. Marriages go through several phases, from the excitement of the honeymoon period to the reality of long-term commitment. Research shows that many divorces happen between the third and seventh years of marriage. This period can be challenging as couples move past the initial excitement and face everyday life together. Recognizing this timeline allows couples to seek extra support during these critical years.

The Seven-Year Itch: Myth or Reality?

The idea of the “seven-year itch” suggests that many couples face significant challenges around their seventh anniversary. Though it might sound like just a popular cliché, studies actually show that divorce rates do increase during this time. Various reasons can contribute to this, including shifts in personal goals, changes in life priorities, and unmet expectations.

By the seventh year, couples may experience financial pressures, challenges in raising children, or a decline in emotional closeness. Recognizing that this period can be pivotal is crucial. As you approach specific challenges in marriage—having children, caring for aging parents, or making career shifts—recognizing the risk for unhappiness on both sides may allow you to be proactive in protecting and strengthening your relationship.

Other Critical Years for Divorce

While the seventh year is often the focus, other critical periods in marriage also see higher divorce rates. Research highlights the early years of marriage as an additional challenging time. This may come as a surprise; the early years are technically the honeymoon period of a marriage, but they often bring massive challenges. 

Couples who did not live together prior to marriage may experience clashes in their living arrangements and expectations, as well as a sudden increase in the amount of time they spend together. Couples who marry as a way of attempting to fix a struggling relationship may face divorce once it becomes apparent that marriage doesn’t repair a floundering partnership.

These years emphasize the importance of continuous effort in a marriage. Without active nurturing, couples may find themselves drifting apart. Understanding these patterns can encourage couples to be proactive in addressing potential problems before they become insurmountable.

Common Reasons for Divorce at Different Stages

Couples often face different challenges at various stages of their marriage, which can sometimes lead to divorce. In the early years, around the three-year mark, communication breakdowns are a common issue. Financial stress also frequently arises, as couples adjust to managing money together. Differing values and expectations that weren’t apparent during the dating phase can also become sources of tension.

By the seventh year, issues often shift to include parenting challenges and a decline in intimacy. Some couples find that their partner isn’t meeting their expectations, leading to frustration and disappointment. Changes in personal goals or career pressures can also contribute to the strain.

As couples approach their tenth anniversary, they may encounter new types of difficulties. Feelings of dissatisfaction or a desire for personal growth become more common. Partners might start to feel like they’re growing apart, especially if they’ve neglected their relationship amid life’s other demands. Recognizing these reasons can help couples address them before they lead to the decision to divorce.

Considering Divorce? Let’s Talk.

Whether you’re certain that divorce is the path forward for you or you are just weighing your options, Pence Law Firm can guide you through your options to help you make the right choice for you. Reach out online or call 304-345-7250 to set up a time to talk.

Navigating the Challenges of a Gray Divorce

/by

Going through a divorce can be a difficult and emotional process at any stage of life. However, when couples decide to part ways later in life, it presents its own set of unique challenges. This phenomenon is known as a gray divorce, and it has become increasingly common in recent years.

If you find yourself facing divorce at an older age, make sure you have the right guidance and legal representation. Let’s talk. Call Pence Law Firm at 304-345-7250 to set up a time to meet with our divorce team.

What is Gray Divorce?

Gray divorce refers to the separation or divorce of individuals who are generally in their 50s, 60s, or even older. Often, these are couples who have spent decades together, building a life side by side. The reasons behind such a decision to part ways later in life can vary widely, including feelings of disconnect after children leave home, differences that have grown over the years, or finding themselves wanting different things out of life after retirement.

Unlike divorces that occur earlier in life, gray divorces carry unique challenges due to the long-term intertwining of life, finances, and family dynamics. For many, it’s not just about ending a marriage; it’s about redefining one’s life in the later years. The term gray divorce captures not just the age of those involved but also the complex nature of the lives they have built together.

The Unique Challenges of Gray Divorce

Embarking on a gray divorce means working through obstacles that younger couples rarely face. One major hurdle is the division of retirement benefits. After years of contributing to these funds, determining who is entitled to what can be complex. Social Security benefits also come into play, requiring careful consideration to ensure both parties can maintain their standard of living.

Another poignant challenge is health care. As we age, our health care needs often increase, making access to adequate medical coverage paramount. The question of who will bear the cost of health insurance or long-term care can create significant stress.

Then there’s the emotional landscape to traverse. Gray divorce can unearth deep-seated emotions tied to identity, companionship, and the future. Older adults may worry about spending their golden years alone or fear entering the dating scene after decades.

Lastly, the dynamic within the family can shift dramatically. Adult children may struggle to understand or accept their parents’ decisions, and the redistribution of family heirlooms can make this challenging time even more painful.

Financial Implications and Asset Division

Understanding the financial implications and dividing assets equitably becomes a cornerstone of the process. For couples who’ve spent years, perhaps decades, weaving their financial lives together, untangling their financial needs can be time-consuming. Assets like retirement accounts, property, and investments need to be examined closely. This stage might involve complex decisions about how to split savings accounts, who keeps the family home, and how investments are divided to support both individuals’ futures.

Navigating Social and Family Dynamics

Navigating social and family dynamics during a gray divorce requires delicate handling and an open heart. As individuals embark on this transition, friendships, and family ties that were once steady may experience shifts. It’s not uncommon for shared social circles to feel the strain, leading to changes in relationships and possibly resulting in the need to forge new connections.

Communication is crucial in managing these changes, especially when it comes to adult children. It’s important to approach these conversations with honesty, acknowledging the complexity of emotions involved for everyone. Ensuring that dialogue remains open can help ease the transition, allowing family members to express their feelings and concerns in a safe space. This process is not about assigning blame but rather about moving forward with respect and understanding for each individual’s experience.

Adapting to the new social landscape post-divorce can also open doors to new opportunities. Engaging in community activities, joining clubs, or taking up hobbies that interest you can pave the way for meeting new people who share similar interests. These steps can not only enrich your social life but also assist in building a support network that’s vital during this significant life change.

Explore Your Next Steps with Pence Law Firm

Divorce can be painful, but it can also open the door to the next stage in your life. Make sure you walk away with what you need to start over. Contact us online or call us at 304-345-7250 to discuss your Charleston divorce.

Challenges for Divorces with Special Needs Children

/by

Divorce can be a challenging process for any family, but when special needs children are involved, the complexities can be even greater. Parents who are navigating a divorce while caring for a child with special needs may face unique legal, emotional, and financial challenges.

If you’re facing divorce while caring for special needs children, it is crucial that you know what to expect. Let’s discuss your concerns. Call Pence Law Firm at 304-345-7250 to discuss your options with our family law team.

Understanding Custody and Support Needs in This Situation

Navigating divorce when you have a child with special needs adds a layer of complexity to custody and support discussions. The focus must always remain on what’s best for the child, taking into account their unique requirements and routines. Crafting a custody plan demands thoughtfulness – it’s about more than just where the child will live. It involves considering the logistics of medical appointments, therapy sessions, and other specific needs your child might have. Both parents need to be integral in the decision-making process, ensuring they are on the same page when it comes to their child’s care and overall well-being.

In these circumstances, flexibility and communication between parents are paramount. An agreement that outlines not only the day-to-day care but also long-term planning for the child’s health and educational needs can provide a stable foundation during this transition period. It’s about creating an environment where your child feels supported and can thrive, despite the changes happening around them.

Legal Considerations for Special Needs Children

When dealing with a divorce that includes a special needs child, the legal landscape becomes more intricate. Parents must grapple with decisions regarding who will make key healthcare choices and how to ensure ongoing financial support for their child’s unique care needs—particularly if the child will need care long after reaching adulthood.

Additionally, navigating the maze of government aid and how it might be affected by your divorce is another area where legal advice is invaluable. These discussions allow you both to meet your child’s current needs and plan for their future ones.

Navigating Emotional and Psychological Challenges

Going through a divorce is tough on everyone in the family, and when there are special needs children involved, the emotional rollercoaster can be even more intense. Parents might find themselves wrestling with a mix of heavy feelings, including guilt for the changes their child must face and worry about how to ensure the best possible future for them. It’s crucial to remember that caring for your own emotional and mental health is not selfish—it’s necessary.

Seeking support from friends, family, or professionals can make a big difference. Talking to a therapist or joining a support group can provide a safe space to express feelings and fears, and to receive advice from those who understand what you’re going through. Finding ways to relax and recharge, whether it’s through hobbies, exercise, or simply taking a moment for yourself, can help manage stress.

Financial Planning for the Future

When parents go through a divorce and have a special needs child, thinking about money matters becomes more crucial than ever. It comes down to making sure your child is well cared for, today and in the years to come. This means coming up with a plan that covers their ongoing care, medical expenses, and any other needs they may have as they grow. One way to tackle this is by setting up a special needs trust. This is a smart move because it ensures that money set aside for your child won’t interfere with their eligibility for government benefits down the road.

Additionally, sitting down with a financial planner who knows the ropes of special needs planning can be eye-opening. They can guide you in crafting a financial strategy that not only meets your child’s immediate needs but also secures their future. This does require cooperation and collaboration during a difficult time, but if you are both committed to what is best for your child, it isn’t impossible.

Prepare for Your Divorce with Pence Law Firm

As you begin to prepare for your pending divorce, make sure you have a legal team you can trust. Set up a time to meet with Pence Law Firm now by reaching out online or calling us at 304-345-7250.

Dividing a Variable Annuity in a West Virginia Divorce Settlement

/by

When going through a West Virginia divorce, dividing assets can be a complex and challenging part of the process. One particular asset that may need to be divided is a variable annuity. In this blog post, we will discuss what variable annuities are, how they are valued, and the steps involved in dividing them during a divorce settlement.

Understanding Variable Annuities and Their Value

Variable annuities are a type of retirement savings plan that acts like a personal investment tool. They are so common that they are part of many Americans’ retirement portfolios now. When you get a variable annuity, the insurance company agrees to make regular payments to you based on a predetermined schedule. You either make one payment to the company or a series of payments. What you ultimately receive depends on how well your investment choices do. Most variable annuities invest in money market instruments, stocks, and bonds. On top of the monthly payments they pay out, variable annuities also offer a death benefit.

Because of their ability to fund your retirement on an ongoing basis and provide for your beneficiary, variable annuities can be highly sought-after assets during a divorce.

Asset Division in West Virginia

When a couple decides to go their separate ways in West Virginia, the law requires that everything they own together must be divided fairly. This doesn’t always mean splitting things exactly down the middle, but rather, deciding on a division that is just and reasonable. Assets that were gained during the time they were married are usually considered marital property and include everything from houses and cars to savings accounts and retirement accounts.

Numerous factors come into play. These include how long the couple was married, the financial condition of each person after the divorce, and how much each person contributed to the marriage. This approach aims to ensure that both individuals can move forward on somewhat equal financial footing.

Valuing and Dividing a Variable Annuity in Divorce

In a divorce, figuring out the worth of a variable annuity and how to split it between both parties is a crucial step. First off, it’s essential to find out the current market value of the annuity. This step might sound simple, but the fluctuating value of a variable annuity can complicate it. Furthermore, you also have to consider fees, tax implications, and the potential of the fund to perform better or worse in the future.

After knowing what it’s worth, the next challenge is deciding how to fairly divide it. Courts have a couple of ways to do this. Sometimes, they might give the annuity to one spouse entirely, balancing this by giving the other spouse different assets of equal value. In other cases, the variable annuity is divided in an equitable way and the party receiving part of it will need to roll their share of it into a new retirement account.

Tax Implications to Consider

It is crucial to divide a variable annuity as part of your divorce agreement to avoid unnecessary financial penalties and tax consequences. For example, if a couple divides a variable annuity outside of their divorce as an under-the-table agreement, they will likely be hit with a 10% withdrawal penalty and have to pay income taxes on the amount withdrawn. But if the transfer is done via a qualified domestic relations order, the couple can avoid these consequences.

There may be tax implications to consider in the future, and both parties should be aware of their responsibilities and rights when they accept a retirement account as part of a divorce. You should know about any ongoing fees or taxes you need to pay. This is why we often recommend working closely with a qualified financial planner as part of your divorce; you don’t want to lose part of your wealth to avoidable fees and penalties.

Contact Pence Law Firm Today to Start Your Claim

Preparing for divorce in Charleston? The team at Pence Law Firm is here for you. Give us a call at 304-345-7250 or get in touch with us online to set up a consultation. We’re here to learn more about what you’re looking for in your divorce and what you want life to look like moving forward.

How Do I Divorce My Military Spouse Who Is Stationed Overseas?

/by

Going through a divorce is never easy, and when your spouse is serving in the military and stationed overseas, the process can become even more complex. Military divorce involves unique legal considerations, and navigating the intricacies of international laws and military regulations can be overwhelming.

It’s important to work with an attorney with experience in this type of divorce. The team at Pence Law Firm can help. Call us at 304-345-7250 to get started.

Understanding Military Divorce Basics

A number of factors make military divorce more complicated than a divorce between two civilians. This means things like where they’re stationed, how often they move, and military perks like health care and housing money can all be affected. Knowing the laws regulating military divorce is key. They decide everything from how you split up assets like pensions to figuring out support payments.

Jurisdiction and Where to File

Choosing the right place to file for divorce is a critical first move when your spouse is in the military and stationed overseas. You generally have three options: the state where you currently live, the state where your spouse is a legal resident, or the state where your spouse is stationed. Each state has its own divorce laws, so picking the right jurisdiction is more than just a matter of geography; it can affect the outcome of your divorce. If your spouse is overseas, they aren’t a resident of that area, so you would file where you or they are currently a legal resident. In West Virginia, you can file a fault or no-fault divorce, which may further affect important decisions made during your divorce.

Serving Divorce Papers to an Overseas Spouse

Serving divorce papers to a spouse stationed overseas can be a challenge. The process gets a bit tricky due to the Servicemembers Civil Relief Act, which protects military members from being unfairly taken to court while they’re on active duty. Because of this, you’ll need to follow specific steps to ensure your spouse receives the papers legally and properly. 

This often involves using international service methods that comply with both U.S. and foreign country regulations. Additionally, you might have to engage with military legal assistance offices to navigate these waters. The key is to ensure the paperwork is handled correctly to avoid any delays or legal issues. You want to strike a balance between respecting your spouse’s current work situation and location, and your own goal to end the marriage and avoid unnecessary delays.

Navigating Military Regulations

One aspect of military divorce that can muddy the waters of your divorce is the number of regulations your spouse must follow. For example, most states—although this does not include West Virginia—do not “punish” one spouse for being unfaithful. However, adultery is illegal in the military, and if you are filing for divorce due to adultery, that could affect your spouse’s military career. Additionally, they are still expected to provide financial support when they are overseas. If they have used their time overseas to avoid supporting you and have left you struggling to pay the bills, that will also affect how the military handles your divorce.

Child Custody and Support Considerations

This is another topic that can complicate a military divorce. When your spouse is overseas, you obviously can’t split physical custody of your child. Furthermore, you may not even know what the future of your custody agreement looks like since predicting the military’s next move is nearly impossible. Even if your spouse is not able to claim parenting time, though, they are still required to provide financial support to your child—and, depending on the details of your marriage, they may also have to financially support you via spousal support. Your Charleston divorce attorney can help you understand what your current custody situation may look like and how it may change in the future as your ex’s military career evolves.

Choose Pence Law Firm for Your Complex Military Divorce

Choosing divorce can be a very stressful decision, but having the right legal team by your side can help alleviate your stress. Let’s talk more about your legal options. Just call Pence Law Firm at 304-345-7250 or send us a message online to set up a consultation.

Navigating the Division of Rare and Valuable Collectibles in High Asset Divorces

/by

Divorce is undoubtedly one of the hardest things you’ll go through, and when valuable assets are involved, it can become even more complex. One of the key aspects of a divorce settlement is the division of assets, including any rare and valuable collectibles that you and your spouse may have accumulated over the years.

Unfortunately, this process can get sticky quickly, especially if both parties have a meaningful connection to the assets in question. We can help. Call Pence Law Firm at 304-345-7250 to set up a time to meet with our Charleston divorce team.

The General Approach to the Division of Assets

In a divorce, splitting up what you own with your spouse is a big part of the process, and it’s all about being fair to both sides. This isn’t just about who gets the house or the savings account. Antiques and collectibles are considered assets too. The goal here is to make sure everything is split in a way that’s even and right, taking into account what each person has put into the marriage. That doesn’t just mean what each party has contributed financially to the marriage; it also refers to non-financial contributions.

Valuing Your Collectibles

Figuring out how much your rare and valuable collectibles are worth is a critical step in making sure they’re divided fairly when you’re going through a divorce. The worth of these items isn’t always clear-cut because it can change based on how much people want them, their condition, and their history or background. 

To get a true sense of what your collectibles are worth, it’s smart to bring in experts like appraisers. These professionals have the skills and knowledge to give you a reliable estimate of your items’ value. This is generally harder and more time-consuming than valuing something like a home, vehicle, or retirement account, which are considered fairly standard assets. Be prepared to bring in an appraiser with expertise in your type of collection.

Negotiating the Division of Collectibles

When it’s time to talk about who gets what from your collection of rare and valuable items, keeping a cool head is crucial. This stage can stir up strong feelings, especially if both you and your spouse cherish the same pieces. Going into these talks ready to find a middle ground can make a big difference.

Start by listing all the collectibles and their estimated values, which you’ve already figured out with the help of experts. This list will be your guide. Then, discuss each item openly, considering both your emotional attachments and their financial worth. It might help to decide on some trade-offs, especially if one party is more connected to the collectibles than the other.

If one party doesn’t want to keep the collectibles at all, you may be able to negotiate a situation in which other assets are used to offset the value of the collectibles.

Factors That May Complicate the Division of Your Collection

Splitting up a collection of rare and valuable items during a divorce isn’t always straightforward. For example, what happens if the collection is worth more intact than it is split apart? This isn’t always the case and depends entirely on the specifics of your collection and what collectors value. But if your collection will take a hit by being split up, it may make more sense to fight to keep it intact.

You may also face wildly different valuations, especially if both parties bring in their own appraisers. When this happens, it can be hard to figure out where the truth lies. You may choose a number in the middle of the two, bring in a third appraiser with more expertise and educational background, or look for reasons to explain the discrepancies in the proposed values.

Regardless, having an experienced divorce attorney is crucial throughout this process. Look for one with experience in high-asset divorces, including those with unique collectibles and antiques.

Prepare for Divorce with Pence Law Firm

At Pence Law Firm, our Charleston family law team is committed to helping clients like you prepare for a fresh start after divorce. Take the first step now by contacting us online or calling us at 304-345-7250 to set up a consultation.

Protecting Your Venture Capital Interests in High Asset Divorces

/by

High-asset divorces come with a variety of unexpected challenges and hurdles that other couples don’t have to handle. Generally, the more money a couple has, the harder it is to split up their assets when they divorce. While a couple of standard means may have retirement accounts, a couple of bank accounts, and a family home to split up, high net-worth couples often have diverse, complex portfolios that are incredibly difficult to value and split up in a fair way. This is especially true when a couple has venture capital interests.

Interested in protecting your venture capital interests in a Charleston divorce? We can help. Call Pence Law Firm at 304-345-7250 to set up a consultation with our team right away.

How Venture Capital Interests Are Treated in Divorce

Depending on when you acquired your venture capital interests, they may be considered separate or marital property in West Virginia. People invest in startups and businesses when they believe in their long-term potential, and once your investments come to fruition, you may enjoy significant financial benefits. However, the time at which you made your investments and when you pulled your returns from your investments may determine how they are split up.

To determine this, pull all of the documentation you have for your investments. You’ll want documentation on where the investment money came from, when you transferred the investment funds, under whose name the transfer was made, and when you expect to collect your returns. Your attorney can use this to help you determine if you will be able to keep your venture capital interests separate or if they will be treated as marital property.

Legal Considerations

In West Virginia, assets that are acquired prior to a marriage or after a couple has separated are generally considered separate property. This is the best outcome for you since separate assets do not have to be divided during divorce. However, if you invested in venture capital funds during a marriage, used marital funds to make your investments, or used the returns to benefit your family, it’s likely that your venture capital interests will be considered marital property.

It’s also important to look at the role that you both played in your venture capital interests. For example, if both parties researched potential investment opportunities, put their names on major purchases, and presented themselves as a united front to business owners, it would be hard for either party to claim that their venture capital investments were their sole property.

However, even if one party was exclusively responsible for handling the business side of the marriage, that doesn’t mean that their venture capital interests would be considered separate property. Even if one party does not make financial contributions to marital assets, their non-financial contributions are enough to warrant a fair division of shared property.

Protecting Your Interests

If you have a significant amount of money invested in venture capital interests, it’s likely that you’re highly motivated to keep those investments to yourself as you prepare for life as a single person. This is why we recommend talking to a Charleston divorce attorney as early as possible in the process. If you’re driven by the value of your venture capital interests, odds are good that your ex-spouse is also interested in getting their fair share of them. By bringing in an attorney early, you can get realistic and practical guidance regarding how likely you are to keep your venture capital investments separate and what you possibly stand to lose during negotiations.

Perhaps you are willing to make other sacrifices during a divorce to keep your venture capital interests separate. For example, maybe you are willing to give up your fair share of the marital home or investment accounts to support a fair division of assets. You can discuss these options and other potential strategies with your lawyer.

Explore Your Legal Options with Pence Law Firm

When you’re ready to move forward with your divorce, it’s time to talk to the high-asset divorce team at Pence Law Firm. We understand that you face unique challenges and that you need experienced legal representation throughout this process. Get started now by calling us at 304-345-7250 or sending us a message online.

Can I Move Out of the Area with My Child After a West Virginia Divorce?

/by

Divorce brings significant changes in every area of life, and for many, relocation is a necessary transition. But when relocation occurs after a divorce, you have to go through additional legal steps to ensure that you can move with your child. As is the case with any court case that involves children, West Virginia courts put the child’s best interests first and foremost. This may affect whether or not you are permitted to move.

Considering a big move after a divorce? Make sure you protect yourself and cover your bases before making the big move. Call Pence Law Firm at 304-345-7250 to set up a consultation now.

Limitations When Moving

After a divorce, keeping your child’s life as routine and predictable as possible is likely one of your top priorities. Still, sometimes relocation is the best move for your future—and when it is, you’ll need to be familiar with state laws and limitations.

Under state law, a parent who is governed by a parenting plan must provide advance notice of any intended move. This involves filing a verified petition with the court and having that petition served upon the other parent at least 90 days prior to the anticipated relocation. The summons must be served no later than 60 days prior to the move. If you want to file when the relocation is less than 90 days away, be prepared to show that the 90-day requirement is impracticable in your specific situation.

The Child’s Best Interests

The court will always put the child’s best interests first when determining whether or not relocation is the best option for them. As a parent who wants to relocate, the burden of proof is on you; you will need to demonstrate that your moving plans are in good faith and that you genuinely believe that the move will be in the best interests of the child. You must also be able to show that there are no other alternatives available to you.

The court considers relocation to be for a legitimate purpose if it is to:

  • Be close to immediate family members
  • Better meet the child’s health needs
  • Protect the child’s safety or the safety of a family member
  • To pursue an important employment or educational opportunity
  • To be with the parent’s spouse or significant other with whom the parent has lived for at least a year

Steps Required to Move

When you draft your verified petition, you will need to include a variety of information. Your petition should include:

  • The intended relocation date
  • The address of the new residence
  • Why you plan on relocating
  • How custodial responsibility would be changed if the proposed move was permitted
  • A request for a court hearing

Remember that the court will be looking for proof that your petition was made in good faith, so provide all requested information and be clear in your reasoning.

Upon receipt of your petition, the court will schedule a hearing no less than 30 days ahead of the intended move. Both parents will have a chance to make their case to the court, and the court will likely allow the relocation if it is in the child’s best interests and if there are no other options available to the parent requesting relocation.

Creating a New Parenting Plan

If the relocation means that the current parenting plan will no longer be practical, the court date will also involve creating a new parenting plan that allows the non-custodial parent time with the child. This is something you may wish to discuss with your co-parent ahead of the court date, particularly if they are open to the move and are not planning on fighting you. 

The court may want the child to return to the other parent every other weekend, once per weekend, or less frequently, depending on how far away they will be moving. The non-custodial parent may get the opportunity to make up some of their parenting time during summer vacations, holiday breaks, and other long stretches of time without school.

Explore Your Legal Options with Pence Law Firm

If you want to relocate with your child in West Virginia, it’s important to plan ahead and discuss your next steps with the team at Pence Law Firm. We can help you understand the challenges you may face and prepare a compelling case. Give us a call at 304-345-7250 or reach out online to set up a time to talk.