Getting divorced is never easy. No matter a couple’s circumstances, detangling one’s life from a partner is complicated, difficult, and requires experienced legal support. Many people cite divorce as being one of the most stressful times in their lives.
When you and your spouse have a significant amount of assets, your legal process falls under the category of a “high net worth divorce.” Though no divorce is easy, a high net worth divorce can be especially complicated on a logistical level. When you have lots of assets, a high income, or a similar situation, there is more to consider during the divorce process. This is why the law separates high net worth individuals concerning divorce proceedings.
If your family has a significant amount of assets, you need a divorce attorney who has your best interests in mind. What’s more, your representation should have specific experience in these types of high net worth divorces. Skills from standard divorce proceedings do not necessarily translate.
Fortunately, our team at Erica Lord Law Group has the experience and resources you need to navigate your divorce case.
When it comes to high net worth divorce lawyers, no firm in the Charleston area has more experience than our team at Erica Lord Law Group. We have over two decades of experience and understand the unique challenges and concerns of high net worth families facing divorce. Our experience in this area allows us to give you the best possible representation during your divorce proceedings.
We are ruthless in our pursuit of equity and fairness in divorce. If your spouse tries to take more than their share or hide assets, we will use the full extent of the law to make sure that they do not succeed. With Erica Lord Law Group on your side, you can relax with the assurance that you are getting all that you are owed in your Charleston high net worth divorce.
Simply stated, a high net worth divorce occurs when a couple who has high-value assets gets divorced. These assets can come in the form of:
Generally, if you are considered wealthy, your divorce will likely be considered a high net worth divorce.
Though many attorneys have experience with divorce, not all of them have experience with high net worth divorces. These separations are unique and require significant attention to detail. It is easy to miss or undervalue assets which can lead to unfair divorce settlements for the couple.
In all divorces, it is key to ensure that each partner gets an equal share of the assets in their settlement. In some cases, each partner simply receives ownership over certain assets that equal half of the couple’s entire asset value. For example, one spouse may get the home, first car, and stocks while the other gets the vacation home, second car, and trust fund. If these assets are equal, then the divorce can proceed.
In other situations, assets may need to be sold to split things equally. For example, a couple may need to sell their boat and split the profits rather than assigning the vessel to one partner or the other.
An attorney can help with these logistics, which are often complicated. It is important for a legal authority to oversee the negotiations to ensure that they are fair and legal. It is easy for one member of a couple to be taken advantage of without legal representation present.
All attorneys charge differently for their services, so the cost will depend on your specific attorney. Often, divorce attorneys charge an hourly rate, so the cost may depend upon how long your divorce process takes. Some attorneys may charge more for a Charleston high net worth divorce, as the situation requires more expertise and training than an average divorce. The average West Virginia attorney’s fees equal about $15,000, but many charge more or less than this.
West Virginia is considered a hybrid state for divorce, meaning that a spouse can list a reason for the divorce or file a no-fault divorce. In fault divorces, possible grounds for divorce include:
If you are filing for a no-fault divorce, you have to prove to the court that you have irreconcilable differences and that the marriage cannot be repaired. If you cannot prove this, then you will need to use one of the other reasons for divorce.
Ultimately, a judge decides how assets are divided. However, your attorneys can negotiate and argue on your behalf. West Virginia is not a community property state, which means that your assets are not automatically divided 50/50 by the court. Instead, the court determines what is fair based on several factors. Your attorney’s job is to advocate for you during this process so that you get the largest amount of assets possible in your situation.
Joint custody occurs when two parents get divorced. In this setup, each parent has equal custody over their child or children. This means that the child or children will live with both parents, spending an equal amount of time with each. There are many different setups for joint custody, and the arrangement depends on the family’s unique needs and schedules.
The team at Erica Lord Law Group is here to help you with any part of your high asset divorce. For more information on how we can support you and your family during this transitional time, please contact Erica Lord Law Group online today.