Northern Virginia has a very large wealthy population, making high asset divorces a common occurrence. However, divorcing a rich spouse in Northern Virginia can be more complex than a more customary divorce. It’s important to understand the array of issues that may arise and how to protect yourself from separation through post-divorce issues.
Paying for Divorce
Many times, one person is holding all the assets in his/her name, including the money. If there are marital funds, even if solely titled in your spouse’s name, your attorney can file a motion for the advancement of attorney and expert witness fees.
Property Division
If you are divorcing an affluent spouse in Virginia, you likely have a wide range of assets that need to be divided. Virginia recognizes three categories of property which impacts if and how it is going to be divided in a divorce.
First is marital property.
This is property that is acquired during the marriage. This is presumed marital unless the other party can show that it is separate such as an inheritance. This type of property will be divided between the spouses in a divorce.
Second is separate property.
This is property that one spouse acquired before the wedding, was given as an inheritance or gift before or during the marriage, or acquired during the marriage with the separate assets of only one spouse. Unless the separate property is commingled with marital property, this is not considered marital property to be distributed in the divorce. Note: Income from separate assets will be considered for both child and spousal support.
Lastly, we have part marital and separate property, or what we call hybrid property.
A typical hybrid property is retirement. If you spouse had retirement prior to the marriage and then continued to contribute to the retirement during the marriage, this is a hybrid property. Likewise, if a house is purchased prior to the marriage, but a portion of the mortgage is paid down during the marriage or improvements are made during the marriage, it will be considered hybrid property. In this case, the marital portion of the property can be an asset to split in the divorce.
Many people confuse themselves thinking that if the asset is titled solely in their name, it is their separate property. However, Virginia is not a title state, and your spouse may have acquired assets during the marriage and it is all marital to be divided.
Equitable Division of Property
Virginia requires that marital property be equitably divided in a divorce. It’s important to note that equitably does not necessarily mean equally. There are many factors to consider, including the monetary and nonmonetary contributions to the marriage, the acquisition and maintenance of the asset, among other things. Virginia Code Section 20-107.3 is the statute the Court must rely upon when equitably dividing property. High asset divorces may include the following property:
- Collectibles and antiques
- Retirement accounts
- Artwork
- Furs and jewelry
- Marital home
- Automobiles, boats, trucks, RVs, and airplanes
- Vacation homes and other real estate
- Intellectual property
- Foreign tax shelters
- Stocks and bonds
- Bank accounts
- Trusts and trust income
- Life insurance policies
- Businesses
- Stock options
Child Support Considerations
Virginia has child support guidelines based on sole custody or shared custody. Shared custody for child support is considered having the child 90 days or more in one year. The guidelines provide for the number of children in a marriage, the income of both parents, health insurance costs and work-related daycare.
If your family income exceeds $35,000 per month, the child support guidelines may not determine the amount of support to be paid. Additionally, there may be additional needs of the children to consider due to their standard of living. These expenses include things like tuition for private school, childcare or nanny expenses, college expenses, and expenses for hobbies, camps, or sports.
Spousal Support
Alimony, or spousal support, is often a significant issue when divorcing a rich spouse in Virginia. There are many factors that go into determining whether spousal support will be awarded, how much the payment will be, and how long the spouse is entitled to that support. Virginia Code Section 20-107.1 details what the court must consider when awarding spousal support.
Divorcing a Rich Spouse in Northern Virginia
If you are considering divorcing a well-off spouse, you need a highly skilled family law divorce attorney to protect your interests and legal rights. To learn more, please contact Cook, Craig, & Francuzenko.
