Virginia High Asset Divorce Lawyer
Divorces bring up a number of complications both emotionally and financially. Emotionally you are losing a spouse and possibly dividing custody of children. If you are undergoing a high asset divorce you will be concerned about how to split up numerous properties and the potential impact of spousal and child support.
When you have spent a large part of your life or your family has worked hard to create wealth that they want to pass on, you should be careful about asset division in your divorce.
A Virginia high asset divorce lawyer can provide better information about your particular situation with your higher wealth level in mind. Talk to a qualified divorce attorney today.
Legal Requirements for Divorce
To file for a divorce in Virginia, at least one of the spouses had to have resided in the state for a minimum of six months. Unlike many other states, Virginia only recognizes fault-based divorce that states a specific ground for divorce. However, the grounds can be based on a specific allegation of wrongdoing or based on separation.
For couples without children, there is a minimum of six months separation that is required to obtain a separation based divorce.
For couples with children, the minimum separation period is one year before filing for divorce. During this period, a person has to create and sign a settlement agreement that states how they will divide any property and assets in the marriage. For a high asset individual, this is the time to involve a Virginia high asset divorce lawyer who can accurately represent wants and rights.
Other Reasons for Divorce
There are other grounds that do not have a minimum waiting period but instead use a specific reason for the divorce, such as:
- Adultery
- Extreme cruelty (the divorce must be filed within one year of the incident)
- Abandonment by a spouse
If one spouse has a felony conviction with a minimum of a one-year sentence, then following release, the couple does not cohabitate again.
Virginia Divorce Process
A Virginia high asset divorce lawyer will first need to file a bill of complaint which includes the grounds for divorce. This complaint must be served on the other person and they can choose to voluntarily accept it or waive the requirement by filing an answer. Otherwise, a person can have the sheriff’s department serve the other party or hire a process server.
If a person was served with a divorce complaint, a lawyer can answer this complaint on their behalf and submit their own requests for the divorce. For example, if this is a high asset situation a person can ask that any financial accounts be severed as soon as possible.
Temporary Orders
Since divorce can take a while, especially when there are considerable assets involved, the court may issue temporary orders for issues such as spousal support, child support, child custody, and visitation. One of the most important aspects of a divorce, especially in a high asset situation, will be discovery. This is when both sides have the opportunity to examine the other person’s financial holdings that may impact issues of support.
One of the most important aspects of a divorce, especially in a high asset situation, will be discovery. This is when both sides have the opportunity to examine the other person’s financial holdings that may impact issues of support. As for children, there is another separate area for custody in order to move these issues along faster.
Finally, there will be several dates set aside to hear the issues between the parties. Most likely when dealing with a high asset situation, a person will have a contested divorce that will be heard by a Commissioner in Chancery. If, however, a person and the other side (with individual lawyers) can come to an agreement, they can resolve the divorce faster through an open hearing or disposition.
How a Virginia High Asset Divorce Attorney Can Help
Whether you want to protect your assets or make sure you are fairly compensated for your contribution to the family then you should speak to a Virginia high asset divorce lawyer as quickly as you can.
