People who are going through a divorce are usually focused on the primary assets, such as the marital home. They might not think about some of the other assets that must be divided. These include things like the household appliances, special collections and similar assets. People who have retirement accounts or a family business will have to determine how to handle those, which can be complex undertakings.
Deciding what you’re going to do with a business may require that you think about the future of the company. If you and your ex both played important roles in the business, those may need to continue if you’re going to keep the company running. This means that you need to set clear standards for the role of each party. The alternatives are to close the business or to sell it.
If you aren’t involved in the regular running of the business, you also need to find out about the valuation of the company. Sometimes, the spouse who runs the company might make it seem like it isn’t as profitable as it really is. This is known as sudden income deficit syndrome. Adding a forensic accountant to your divorce team may help you unearth this issue.
Finally, you or your ex may have retirement accounts. Dividing these requires that you consider the value of the accounts. The court will then issue a qualified domestic relations order (QDRO) that the plan administrator will use to move the assets to the appropriate party without either person having to incur a penalty.
Working with someone who is familiar with high-asset divorces and who is willing to stand up for your best interests is imperative in these cases. Your goal is to have the best fresh start possible when your marriage ends.
Do You Find Yourself Considering A High Asset Divorce In Virginia?
If you are find your self in the middle of a divorce or are considering a divorce with high assets at stake you need to speak with an experienced divorce attorney as soon as possible. Please contact us online or call our Fairfax, Virginia law office at 703.277.2811 to schedule your free consultation.