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.
Facing divorce can be extraordinarily stressful and emotionally trying. Not only is your life completely changing, but you may worry about losing your children, your home, your possessions, and more. Luckily, you do not have to go through the divorce process by yourself. Experienced Virginia divorce attorney Raymond B. Benzinger can walk you through every step of the divorce process to take the some of the stress off of you, so that you may focus on the things that are most important—your kids and your well-being.
There are other reasons why you should have an attorney, including the following:
- Your spouse will likely hire an attorney. If your spouse has a lawyer to fight on his or her behalf, you should never try to negotiate on your own. Negotiating is often a specialty in the legal profession, and a lawyer is always working to get the best possible outcome for their client—your spouse—often at your expense. An attorney knows how to negotiate with other attorneys and will stand up for your rights and interests.
- You may make mistakes. Every divorce court has its own procedures with different deadlines for different forms and filings. An attorney will be familiar with the rules and laws in your area, so you do not have to worry about making a costly error.
- There are complicated and emotional issues in the divorce. People often do not think with a clear head when it comes to matters involving their children, home, or money. An attorney can give you an objective opinion and point out issues that you may not have recognized on your own.
- To reduce stress. Divorce is stressful enough as it is, and having a lawyer handling your affairs will simply take some of the stress off of you.
Contact a Virginia divorce lawyer today
Though there are always situations in which couples handle their divorce on their own without complications, these instances are rare and most divorcing couples encounter roadblocks caused from inability to agree on certain terms or because they are not familiar with the law. For this reason, it is always a good idea to consult with an experienced and dedicated Virginia family law lawyer to discuss your case. Do not hesitate to contact the office of Raymond B. Benzinger at (703) 312-0410 for assistance today.