Virginia Beach High Asset Divorce Attorney
In any divorce, assets are a concern. This is especially true in a high asset divorce. There are worries about what you will keep or lose, but even if that isn’t a concern, complicated legal obligations can make simply dividing the assets difficult.
The team at The Law Offices of Daniel J. Miller is here, ready to help with your divorce. Both parties must be protected, but the division of assets must also remain reasonable. We can help sift through the complexities of a large estate, assisting you in making the split fit the need.
Reach out to us online today about your high asset divorce in Virginia Beach. You can use our contact form to schedule a free, no-risk consultation.
How Are Assets Distributed in a Virginia Divorce?
The state uses an equitable distribution model. This means the court listens to both sides’ arguments for why they should keep property. It then determines who is most deserving of the property, attempting to keep the split fair.
The state will consider many aspects of the marriage. It may look at the length of the marriage, for instance. Simply by being together for a long time, each party may be entitled to a split that’s more equal (50/50) and less equitable.
When it comes to specific pieces of property, such as a home or a car, however, the court tends to view contribution to and primary use of that asset.
Contribution to an Asset
Imagine a marriage with one worker and one stay-at-home parent. Even in a marriage with a large estate, you can assume that the stay-at-home parent manages the home as well as the children. They may oversee its overall condition or help spearhead remodeling projects. Because of their great contribution to the home’s value, they could be entitled to it after the divorce.
Contribution can also affect intellectual property. One spouse may have done most of the work on the project, but if the other makes any contribution, they may be able to claim partial ownership. If they can make a case that they helped the IP become successful, they may be able to collect royalties on that property.
Imagine the stay-at-home parent’s relationship with the family minivan. They use it for school drop-offs and pick-ups. They take the kids to and from the grocery store, and they keep track of maintenance, oil changes, and so on. It’s fair to say that this van belongs to them, and they may be able to keep it in the divorce.
Our team can help you build a strong argument for entitlement to property. We know how to prove that something should remain with its rightful owner, even in a high asset divorce.
Separate Property in a Marriage
Marital property belongs to both spouses, and it generally includes any property purchased during the marriage. Separate property belongs to just one spouse, and it should be simple for them the keep it after the divorce.
Separate property usually includes:
- Anything you owned before the marriage
- Gifts you received from people outside the marriage
- Inheritances that were granted to you alone
Once again, however, a spouse’s contribution can muddy the waters. Separate property can become “commingled.” If, for instance, you owned your home before the marriage, your spouse may still have partial claim to it. In a lengthy marriage, the spouse will come to know this place as their home, and they will have certainly contributed to it in some way.
Inheritance can become commingled the same way. If you inherited land, for instance, and you and your spouse built property on that land, you will become co-owners.
Let our firm help you untangle commingled property in your divorce. Doing so can be legally confusing, so you need an experienced team like ours on your side.
The Law Offices of Daniel J. Miller is here to help with your Virginia Beach high asset divorce. For more information, call us at (757) 267-4949 or contact us online.
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