Fairfax High-Asset Divorce Lawyer

Fairfax High-Asset Divorce Attorney

Getting a divorce is rarely a simple process, but it can grow increasingly complex with the involvement of high assets. Instead of getting caught up in the overwhelming reality of your property division divorce proceedings, hiring a Fairfax high-asset divorce lawyer can protect your rights, desired outcomes, and assets from unfair distribution practices.

Virginia Divorce Statistics

According to the CDC, roughly 673,989 marriages ended in divorce during the year 2022 in the United States. The following year, Virginia had a divorce rate of 2.7 per 1,000 residents. If you are going through a divorce, hiring a skilled family law attorney can be a valuable decision.

Fault Divorce vs. No-Fault

Virginia has specific laws about divorce and property division, starting with categorizing it as either a no-fault or a fault divorce. The actions of each spouse may factor into this categorization, as well as whether or not both parties want a divorce. Here is a simple breakdown of how they differ from one another:

• Fault-based divorce: When one party feels wronged by the other, they may choose to pursue a fault divorce. This can include accusations of infidelity, abuse, and desertion. This type of divorce requires that you provide evidence to prove the specific grounds you are claiming for divorce.
• No-fault divorce: With no-fault divorce cases, the only grounds for divorce are that both parties wish to end their marriage. You do not need to present evidence of any problematic actions that have led to this decision.

Asset Division in Virginia

While some states take a 50/50 approach to property division, Virginia law implements equitable distribution instead. Simply put, this means that all marital property is divided fairly but not necessarily equally. Length of the marriage, each spouse’s earning potential, and future financial needs can all be factors in the court’s decision.

Marital vs. Separate Property

Marital property is any assets, income, and/or debts that were acquired by either spouse during their marriage. While there are exceptions, especially in relation to prenuptial and post-nuptial documentation, marital property may generally be divided equitably in the event of a divorce.

Separate property describes assets that one spouse owned before the marriage, or that were acquired during the marriage through a separate gift or inheritance. This property may be exempt from property division, as it belongs to one spouse alone. Seek a knowledgeable Fairfax high-asset divorce attorney if you have questions regarding this matter.

The Division of Debts

In the state of Virginia, debts are typically divided based on whether they are considered marital or separate. Marital debts—those incurred during the marriage for joint benefit—are split equitably between spouses. Courts may consider factors like each spouse’s financial situation, earning capacity, and responsibility for incurring the debt when determining the division.

Factors That May Influence the Division Process

It can be helpful to know in advance how equitable property division may be influenced by the factors of your case and life. It is common for the court to look at your unique situation, as well as that of your spouse, in order to determine how your marital property can be divided fairly. This can be influenced by each spouse’s financial situation, the specific assets involved, and the reason for the divorce.

Should I Hire a High-Asset Divorce Lawyer in Fairfax, Virginia?

A high-asset attorney can assist you in managing complex financial portfolios, ensuring your wealth is protected and optimized during legal proceedings like divorce. Their skills in navigating intricate tax laws, investments, and asset division minimize risks and maximize favorable outcomes. Hiring one ensures your high-value assets are safeguarded with strategies tailored to your situation.

Why Choose Taylor Huguley Powers PLLC?

Taylor Huguley Powers PLLC is a proud woman-owned business that provides attentive service to each of our clients in Fairfax and the surrounding areas. With over 100 years of combined experience, our legal team is prepared to advocate for you in the complex world of high-asset divorce proceedings. We are familiar with the local courts and can guide you through the Fairfax County Circuit Court system.

FAQs

Get More Information Today

At Taylor Huguley Powers PLLC, we have helped many Fairfax clients in similar situations that you are now facing. Contact Taylor Huguley Powers PLLC today to schedule a consultation to understand how we can help you, too.