Beckley, WV High Asset Divorce Lawyers

Are you facing a high-asset divorce in Beckley, WV? Dealing with a divorce is never easy, and when significant assets are involved, the process can become even more complicated. While people expect money to make everything easier, divorce is one area where money can actually make things worse for you. While you may have many important decisions to make, you can feel confident about this process when you choose Pence Law Firm. Call us at 304-345-7250 to set up a time to meet with our experienced high-net-worth divorce team.

What is a High Asset Divorce?

While there’s no official definition of a high-asset divorce, many people consider a divorce to be “high asset” if a couple has over $1 million in assets to divide. This could be split across real estate, cash on hand, investments, businesses, and passive income streams. When a divorce involves these types of assets, it’s much more than just deciding who gets the house or car. It requires diving deep into the details of everything owned, figuring out how much it’s all worth, and then making fair decisions about who gets what.

This kind of divorce can get very complex because there’s more on the line, and often, both people involved want to make sure they get their fair share of the assets. It’s a process that demands a lot of attention and expertise to ensure everything is handled correctly and fairly.

Why High Asset Divorces Are So Complicated

Navigating through a high-net-worth divorce is notably more complex due to the sheer volume and variety of valuable assets involved. Unlike simpler divorces, where couples might only need to decide who keeps the retirement accounts and family home, high-asset divorces require detailed scrutiny over a wide array of assets. These can range from multiple properties, substantial bank accounts, and investment portfolios, to business interests, all of which demand precise valuation and fair division.

Additionally, income sources complicate high-asset divorces. While a standard divorce is more likely to involve a couple with one or two standard hourly or annual salaries, high-net-worth couples are more likely to have multiple streams of income. This may include executive income, which is extremely hard to divide in a fair and equitable way—particularly since this income tends to fluctuate from year to year. When a couple’s income is also tied to secured assets, such as rental properties, splitting up those assets and the work that goes along with them is its own separate battle.

Key Considerations in High Asset Divorces

When navigating through a high-net-worth divorce, there are several critical elements that demand careful thought and legal know-how. First off, accurately valuing and dividing assets is paramount. This includes everything from your family home to investment properties, stocks, businesses, and income streams. Each asset’s true worth needs to be established to ensure an equitable division.

Then, there’s the business side of things. If you or your spouse own a business, determining its value and deciding how it fits into the divorce settlement is complex. This aspect can get quite complicated, especially if the business’s success is closely tied to one person’s efforts or one spouse’s side of the family.

Retirement accounts and investments also come into play. These financial resources, meant for future security, need to be divided in a way that’s fair, considering the contributions each partner has made. This does not just refer to financial contributions but to non-financial sacrifices as well.

Tax consequences are another area that can’t be overlooked. The way assets are divided can have significant tax implications for both parties, affecting your financial health post-divorce. If you are walking away from a divorce with sizable assets, you’ll want to ensure that you’re prepared for your tax burden in the coming years.

What About Prenuptial Agreements?

Due to everything that’s at stake in a high-net-worth divorce, it’s not uncommon for couples to have prenuptial agreements in place prior to marriage. This can save a significant amount of time and streamline the entire divorce process. A proper prenuptial agreement will outline how separate and marital assets are to be divided. However, a prenuptial agreement cannot specify how custody is to be divided or waive one party’s right to child support. These issues are decided based on the best interests of the child and cannot be decided in a prenup.

Child Custody and Support

In general, the topics of child custody and support are the same in high-asset divorces as they are in other types of divorces in Beckley. Still, couples may face challenges that don’t often come up in other divorces. If one party is the breadwinner and spends most of their time working, they may be unable or unwilling to split custody 50/50. Some divorcing couples decide to keep the familial roles the same, allowing one spouse to focus on their career and allowing the other to be the primary parent. 

In this case, it’s important to ensure that the primary caregiver is properly compensated via child support and spousal support to maintain their children’s standard of living. In other situations, couples work toward an equitable division of parenting time that protects both parents’ relationship with their children. Everything depends on what both parents want and what is best for their children.

How Pence Law Firm Can Help You

At our law firm, our team of skilled Beckley high-asset divorce attorneys brings deep knowledge and experience to your case. We understand the issues impacting divorces with substantial assets at stake, and we are committed to navigating these complexities to secure your future. Our expertise in valuing assets, negotiating fair settlements, and addressing legal and financial concerns makes us your ideal partner during this taxing period.

Discuss Your Divorce Needs with Pence Law Firm

Wherever you are in the divorce process, let’s sit down and decide your next steps. With a roadmap and a comprehensive plan, you can approach Beckley, WV divorce with minimal stress and anxiety. Just contact us online or call us at 304-345-7250 to set up a time to meet.