Great Falls High-Asset Divorce Attorneys

Experienced High-Net-Worth Divorce Lawyers for Clients in Great Falls, VA

When a high-net-worth couple files for divorce, the legal proceedings that follow can be quite complicated. A couple may have vastly different ideas about how to divide up the marital estate, which can drag out the case over several months or even longer than a year. To make sure your best interests are protected in a high-net-worth divorce, get in contact with a Great Falls, Virginia high-asset divorce lawyer who can advocate for you.

When it comes to choosing the right attorney for your divorce, experience is important. At Taylor Huguley Powers PLLC, we have practiced family law across Northern Virginia for decades, and we have handled many complex cases in our firm's history.

When Is Asset Tracing Necessary in a High-Asset Divorce?

Asset tracing becomes necessary in a high-asset divorce when separate property and marital property have been mixed together over the course of a marriage. Under Virginia law, property one spouse owned before the marriage, or received individually through a gift or inheritance, is generally treated as separate. That protection can weaken once the property is combined with marital funds, retitled in both names, or used to buy something new.

A spouse who wants to keep a mixed asset as separate property must show where the money came from. Tracing often involves reviewing years of bank statements, brokerage records, closing documents, and tax returns to follow funds from their original source to the asset as it exists today.

Common situations that call for tracing include an inheritance deposited into a joint account, a premarital home refinanced with marital income, and a brokerage account that received both personal and marital contributions. When the records are incomplete, the claim to separate property may be harder to prove.

Can Fault in the Divorce Affect the Division of High-Value Assets in Virginia?

Fault in a Virginia divorce can affect the division of high-value assets, although it does not automatically shift property from one spouse to the other. Judges in Virginia consider a list of factors when dividing marital property, and the circumstances that led to the end of the marriage are one of them. Courts tend to give fault the most weight when the misconduct had a financial impact on the marital estate.

A spouse who used joint funds for travel, gifts, or a second residence for someone outside the marriage may have that spending counted against their share. Waste of marital assets, sometimes called dissipation, can also come up when one spouse drains accounts, gambles away savings, or hides money while the divorce is pending.

Valuing a Business in a Virginia Divorce

Valuing a business in a Virginia divorce usually requires the help of a qualified appraiser or forensic accountant. A company may be one of the most valuable assets a couple owns, yet its worth is rarely obvious from a balance sheet. Appraisers often rely on one or more of these approaches:

• An income approach, which estimates value based on the earnings the business is expected to produce
• A market approach, which compares the company to similar businesses that have recently been sold
• An asset approach, which adds up what the business owns and subtracts what it owes

The method used can change the final number by a wide margin. Goodwill is another frequent point of dispute. Virginia courts generally treat goodwill tied to the reputation and skills of the individual owner as separate, while goodwill tied to the business itself may be divided as marital property.

Is Litigation Always Necessary in a High-Net-Worth Divorce?

Litigation is not always necessary in a high-net-worth divorce, and many couples resolve their cases through negotiation or mediation instead. Spouses who reach an agreement can put the terms in a written property settlement agreement, which a judge can then incorporate into the final divorce order. Settling outside of court can also keep sensitive financial details out of public court filings. Some cases still require a trial, especially when one spouse hides assets, refuses to share records, or insists on an unrealistic value for a business.

Meet With Our Great Falls, Virginia High-Net-Worth Divorce Lawyers

The outcome of a high-asset divorce can affect your financial security, your business, and the future you planned for your family. At Taylor Huguley Powers PLLC, we prepare each case as if it may go before a judge, giving you a stronger position whether your divorce settles or proceeds to trial. Contact our Great Falls, VA high-net-worth divorce attorneys or call 703-879-6500 to set up a consultation today.