Focused On Advocacy, Honesty And Commitment To Our Clients

What should a high-asset divorce lawyer know?

On Behalf of | Apr 27, 2023 | High-Asset Divorce

Divorce isn’t an easy process in the state of West Virginia. This is much more so the case when you are wealthy and have a lot of assets at stake. The question of which spouse gets which asset is typically a point of contention.

No-fault divorce

West Virginia is a no-fault divorce state when it comes to divorce, so the reason for the divorce is irrelevant to the court. In all cases, the court will try to divide the property in an equitable manner. However, this rarely means that the assets will be divided 50/50. Typically, the court will account for each spouse’s earning potential, contributions to the marriage and family and what other assets they’ll be receiving.

If you wish to retain 100 percent of a specific asset, it must not be classified as marital property. A divorce attorney could help you to clarify the nature of your assets in court.

Finding the right attorney

There can be a lot at stake with high-asset divorce. Finding the right lawyer may be able to help you retain as many of your assets as possible. Look for a lawyer with experience in the following:

  • Appraising real estate, vehicles, ships and other high-value assets
  • Finding assets hidden by spouses
  • Forensic accounting
  • Valuating businesses
  • Spousal support, child support and related issues
  • Stock options, employee benefits and deferred compensation
  • Pensions, trusts and retirement plans
  • International assets like foreign bank accounts and investments
  • The tax impact of asset division on spouses

Overall, there is a lot to consider in a high-asset divorce case. How assets are divided between divorcing spouses can be an extremely complex matter.