Recognizing that it is time to separate is a very big decision that will have ramifications throughout your life. Even if you are both in agreement on the process and division of assets, it is critical to have proper legal representation. Our Fairfax high-net-worth divorce attorney is available to discuss your case with you. Owning a wide array of assets is likely to complicate the divorce proceedings. You should take the time now to consult with an experienced high-net-worth divorce attorney to ensure your wishes and goals are met.
At the Law Office of Afsana Chowdhury, we work with clients that have a high net worth as well as more challenging legal situations. Our goal is to ensure exceptional legal representation no matter what you are facing. We encourage you to reach out to us immediately if you have questions about the process or are ready to take the next steps.
Set up a consultation to discuss your case with our Fairfax high-net-worth divorce attorney today.
What Makes a Divorce a High Asset Divorce?
Traditionally, a high-net-worth divorce is one in which assets of $1 million or more need to be divided. If you have more than $1 million in assets, you should have legal representation that can provide you with careful planning to divide that property according to the law and the best interests of those involved.
Often, people do not seek out support from a high-net-worth attorney unless they have several millions of dollars of worth. However, we encourage you to contact us even if your net worth is below that mark. Our goal is to ensure you always have exceptional support throughout this process. We work with clients with a wide range of net worth values and can support you throughout the legal challenges you may face.
The Unique Challenges and Scenarios of a High-Net-Worth Divorce vs. a Typical Divorce
It may seem that a divorce is a divorce, and there’s nothing different, no matter the value of the assets involved. However, there are a few challenges that typically arise when it comes to high-net-worth divorces that require the careful attention of a very experienced attorney.
The same rules apply in a high-net-worth divorce as in any other divorce in terms of identifying all jointly and individually owned assets, valuing the assets, and determining whether the assets are categorized as separate, marital, or hybrid property. However, high-net-worth divorces often involve multiple complex assets such as businesses, investment real estate, stock options, and incentive plans that cannot be divided like a simple bank savings account.
The division of these more complex assets requires the skills of an experienced high-net-worth divorce attorney who is proficient at the following:
- Accurately valuing the asset as of the appropriate date, that is, at the time of separation, its current value, or a value at some other strategic date.
- Tracing the separate versus marital shares of the asset in accordance with Virginia laws and understanding what is a legitimate transaction and what is a marital waste.
- Following the asset’s rules for division. For example, the division of some assets such as retirement accounts requires court orders while others require a letter of intent. And to further complicate matters, some institutions have their own rules requiring forms and additional hoops to jump through in addition to the court rules.
Most people with wealth have numerous types of assets with various classifications. Typically, the more classifications of assets, the more complicated the process is., This takes more time to evaluate and manage the splitting of those assets.
Additionally, with more wealth often comes more complicated finances, which makes it more challenging to apply the concepts of divorce law in Virginia to those holdings. For example, high-value items, such as jewelry collections, may only be accurately assessed in terms of value at the time of the sale, which is not necessarily desirable.
At the Law Office of Afsana Chowdhury, we will advise you on all of your legal rights and options. Our team will handle this more intense and complicated legal proceeding for you, providing you with exceptional attention to detail.
How Long Will a High-Net-Worth Divorce Take?
Many factors play a role in this process. It does take longer for Fairfax high-net-worth divorce attorneys to work through the legal process when more complicated assets are involved. There are often more decisions to be made by the parties involved as well. If sales must occur or the division of financial investments must pass through multiple hands, the process can take longer. This could be a year or longer, depending on the situation. But working with the right attorney can ensure favorable results in a shorter time frame.
Why a High-Net-Worth Client Needs a Divorce Attorney
Beyond any doubt, when a divorce like this occurs, the results are significant and often far-reaching. It ultimately determines how you will spend your future. Having a Fairfax high-net-worth divorce attorney by your side is paramount to protecting your rights and minimizing any financial loss you may incur through this process.
With the help of a trusted, experienced attorney, you can be sure your wishes, goals, and expectations will be met throughout the divorce process, as much as is allowable under the law. More so, our experienced team will help you handle the process as quickly as possible so you can move on with your future. Without this type of experience, delays, mistakes, and costly oversights can occur.
Contact the Law Office of Afsana Chowdhury to Work with Our Fairfax High-Net-Worth Divorce Attorney
At the Law Office of Afsana Chowdhury, we encourage you to set up a consultation with us immediately. Let us work closely with you to determine the best way to divide assets and to ensure the legal proceedings go as smoothly as possible. Our team is highly experienced in high-net-worth divorces throughout Fairfax and can provide you with the support you need.
Our experience and compassion are second to none. Your first step is to call our office at 703-382-5504 to set up a consultation to tell us more about your situation. We’re here for you so you can ensure the best possible outcome in your divorce.