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Why does the right attorney matter for a high asset divorce?

 Posted on January 23,2023 in Family Law

You're clearly headed for a divorce, and you know you need representation – but you may not realize the advantages of choosing an attorney who has successfully handled high asset cases in the past.

Divorce is rarely a simple, easy process – and that process gets even more complex when there's a lot to lose. Here's where experience can make all the difference:

When determining what counts as marital property

Both Maryland and Virginia are equitable distribution states, which means that the court focuses on dividing the marital property fairly, not equally. However, you can't even start to divide the marital estate until you've defined it – and that isn't always easy.

Prenuptial and postnuptial agreements may come into play, and couples may have inadvertently commingled their private funds, so you need someone who is experienced to help you have realistic financial expectations as you move forward.

While determining the value of various assets that can be divided

You also need someone who can help you better understand the choices you have so that you make sound financial decisions – and that starts with understanding the true value of different assets both before and after taxes.

For example, a high asset couple may have plenty of investments, but dividing up the brokerage accounts and the real estate based on an assumed value could lead to very unfair results. Attorneys experienced in these matters know that it may take a financial advisor to fully understand how tax gains and losses will ultimately affect an asset's bottom line.

When it comes to locating foreign and hidden assets

You may suspect that your spouse is holding back some of their assets, especially if they have overseas investments, numerous businesses and an interest in cryptocurrency – but how do you prove it?

High asset divorce attorneys know that you can often follow financial clues in everything from tax returns to credit card statements to uncover the truth. They also know to factor in a lot of assets that can easily be overlooked, such as club memberships and frequent flyer miles.

When your life feels like it has been turned upside down because of an impending divorce, it's wisest to put your trust in someone with experience.

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