18 Jun 2014
When people with high-net worth decide to get divorced, complicated issues related to the division of property often come into play. Unfortunately, the division of assets tends to bring out the worst in some people, and attempts to come to an amicable agreement often break down. When this occurs, the parties rely on the judgment of the court to distribute in an equitable manner based on the circumstances and in compliance with the applicable law. Sometimes, an unscrupulous party to a divorce will attempt to hide assets from the other spouse or the court in an attempt to keep them from being part of any settlement agreement or court-ordered division of property. With so much on the line, it is important that anyone who suspects their spouse of hiding assets discuss their situation with an experienced Virginia High Asset divorce lawyer as soon as possible. The assistance of an attorney can often uncover the existence of hidden assets, and ensure that you receive your fair share of the marital property.
Uncovering Hidden Assets
High-net worth individuals often have sophisticated asset management structures designed to protect their assets and minimize their tax liabilities. These could include trusts, family owned businesses, off-shore accounts, or deferred compensation accounts. Not only does the existence of these entities and legal relationships greatly complicate the division of assets, but it also provides the parties with to a divorce an opportunity to obfuscate or hide assets. As a result, it is extremely important for high-net worth individuals who are going through a divorce to retain an attorney who not only understands family law, but also understands the sophisticated financial management techniques that high asset individuals employ to manage those assets.
A skilled attorney will use the discovery process in order to determine whether your spouse is attempting to conceal assets. Discovery involves a formal legal process through which the parties to litigation can request information relevant to the issues being litigated. Some of the methods they may employ include:
- Demanding the inspection physical assets
- Compelling the production of documents
In addition, if you have wealth and are planning to marry, you should always contact a skilled family law attorney to discuss a premarital agreement in order to potentially avoid any property division issues in the case of divorce.
Contact a Virginia Divorce Attorney for help
No matter how much property you may have, you should always have an experienced family lawyer on your side. If you are facing divorce, call the Law office of Raymond B. Benzinger today.