Dividing Real Estate in a High-Asset Divorce in Arlington, VA
Getting divorced is typically more involved than simply signing a document. Property division can overly complicate the process. If you have no idea what to expect when it comes to dividing real estate in a high-asset divorce in Arlington, VA, hiring a skilled high-asset divorce lawyer can prove to be incredibly helpful.
Choose Taylor Huguley Powers PLLC to Handle Your Arlington High-Asset Divorce Case
Trying to understand how to divide real estate in a high-asset divorce in Arlington, VA, can leave you feeling isolated and overwhelmed. With the help of a high-asset divorce lawyer, however, you can get answers and the support you need.
At Taylor Huguley Powers PLLC, we have over 100 years of combined experience navigating the complex world of family law, as well as guiding clients just like you every step of the way. While the prospect of a high-asset divorce may feel overwhelming, it does not need to be. Come and discover how Taylor Huguley Powers PLLC can help you build and present your case, as well as build a future that better suits the needs of your family.
Dividing Real Estate in a High-Asset Divorce in Arlington, VA
In 2023, the Old Dominion State had a divorce rate of 2.7 per 1,000 residents. This is considered on the higher end of divorce numbers when ranked alongside other states. While high-asset divorce cases may look like standard ones at first, they are typically far more complex.
Arlington’s higher-end real estate market reflects this reality in neighborhoods like Chain Bridge Forest and Country Club Hills, where the median household income is $250,000, and the average single-family home value in Arlington is $895,000. For many families, property division of this amount can be extremely difficult. High-asset divorces often introduce specific complications, such as the examples listed below:
- Accurate valuation: When it comes to high-value homes, real estate portfolios, and/or vacation properties, a professional and formal appraisal is required as a way of determining the true equity value before proceeding to the property division stage.
- Investment properties and business assets: A deep forensic analysis must be performed to determine what commercial real estate, family business-related property, and/or multi-family units are considered marital property and which are not.
- Tracing separate assets: If you or your spouse used pre-marital funds to purchase or renovate a home, it is vital that the funds behind this past investment be traced in an effort to prevent the property from being classified as marital property alone.
Different Options for Divorced Couples
When it comes to sorting out the division of a primary residence, those getting divorced in Arlington, Virginia, typically have three different options, which are listed below:
- You can temporarily co-own the property: This is a common choice for families with children, often leading to the divorcing couple putting off the sale of the house until the children reach a certain age.
- You can sell the property and split the proceeds: In high-value markets, it is very common for a divorcing couple to sell their house and then, once the liens and mortgage are paid off, they can divide the remaining net proceeds.
- You or your spouse can buy the other out: The final option is for one spouse to refinance the mortgage under their name alone, then pay the other spouse their share of the property’s equity. This payment can be made in cash or by offsetting other marital assets, like stock options or retirement.
Hire a High-Asset Divorce Lawyer with Experience in Arlington Property Division Cases
The process of high-asset property division can prove to be emotional and incredibly complex. If you want to avoid added stress and confusion, hire a high-asset divorce lawyer. High-asset property division cases are notoriously complex and sometimes require the additional assistance of the Virginia court system. When this occurs in Arlington, cases are handled by the Arlington Circuit Court (17th Judicial Circuit).
Fortunately, with the help of a well-respected high-asset divorce lawyer from Taylor Huguley Powers PLLC, you get the representation you need. We offer support with scheduling, preparations, paperwork, and presenting your case to the court. Our team is prepared with the right resources, knowledge, and legal skills to handle your case effectively.
FAQs
How Long Will My High-Asset Property Division Process Take in Virginia?
In Virginia, it is common for the amount of time needed to finalize a high-asset property division case to vary depending on the unique influence of case-specific variables. Some factors that can impact the timeframe of a divorce include the complexity of the case, the number of assets, and whether you have legal representation. Other variables include the individuals’ willingness to cooperate, scheduling, and the need for court involvement.
When Getting Divorced, Does Virginia Enforce a 50/50 Property Division Process?
Some states automatically enforce an equal property division process; Virginia is not one of them. Instead, the Old Dominion State follows the equitable distribution model, meaning that, instead of cutting the property in half, the court aims to divide the marital assets and debts fairly. This is typically determined by evaluating case-specific factors, such as earning capability, the standard of living that was previously established, whether or not there are kids, and who has custody of said kids.
How Much Does It Cost to Hire a High-Asset Divorce Lawyer in Virginia?
Similar to the amount of time needed to complete a divorce case in Virginia, the cost of a high-asset divorce lawyer can vary. Some examples of factors that tend to impact the overall cost include the level of complexity that your case presents and who you choose to represent your case. The degree of involvement of your attorney, such as the amount of time your case needs to be completed, can impact legal costs.
What Assets Are Untouchable in a High-Asset Divorce in Arlington, Virginia?
As is the case with most states, Virginia does not treat separate property as divisible property during a high-asset divorce, making it, in a sense, untouchable for the party who did not own it prior to the marriage, inherit it, or possess the rights to it before or after signing a prenuptial or post-nuptial agreement. In accordance with Virginia Code § 20-107.3, all community property can still be divided between the parties. Only separate property must remain separate.
Connect with an Arlington Family Lawyer Who Gets Results
The legal team at Taylor Huguley Powers PLLC is prepared with the resources you need to successfully navigate your high-asset divorce case. Connect with us and schedule a meeting to discover how we can assist you with your high-asset divorce case.
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