High-asset divorces present special issues

On Behalf of | Dec 22, 2020 | Family Law |

No matter a couple’s financial situation, a divorce can be a complicated and stressful process.

Any divorce with minor children involved will mean the couple will have to work out their differences regarding custody, parenting time and child support.

Also, a couple of any means may have issues about spousal support and dividing up their property and debts.

To some extent, high net-worth couples in the Arlington area have to deal with the same laws as those of more modest means.

However, depending on the amount of money and type of property involved, actually dividing the assets may require some special knowledge and attention to detail.

Government and other job-related benefits may have divorce implications

Many people in Northern Virginia are higher-ranking officers both in the military and in the civil service who have served for years. As a result, they may be entitled to a large pension or other payout from a retirement plan.

Most of the time, a person’s ex-spouse will have the right to ask for a part of this plan. Dividing such plans may require the assistance of a financial expert who can put an accurate value on the pension. Moreover, actually dividing the plan will require the judge to issue a separate order to the party responsible for managing the plan.

In both the public and private sector, a person’s retirement plan and other job benefits can also have an effect on child support and alimony payments.

Many assets are hard to value and divide

Couples with a high net worth are also more likely to own investment real estate and other privately-held investments, all which may require some additional work both to value and to divide.

They may also own collections of hard-to-value property, like exotic and other vehicles, coins or other collectibles and the like. A person may need to hire an appraiser to value these items.