The theme of "more money, more problems" rings true in many aspects of life, but it couldn't be more true during a divorce situation. Disagreements about distributing assets, including money, is the center of many a divorce, but people who have high net worth have more to squabble over and may have more to lose if things go awry for them during their divorce proceedings. Knowing how to approach a high-asset divorce will help individuals in Virginia to make sure that they receive their fair share of assets before moving on with their lives.
Venture capital funds and other common assets that wealthy individuals possess often are complicated and, therefore, harder to divide in a divorce. In fact, if two married individuals have a company together, it can be challenging to figure out how many shares of the company stock each person ends up with when they dissolve their marriage. A judge might simply order that one spouse pay the other spouse a stipulated sum of money over time.
However, this would not work if the company ended up going bankrupt, for example. It also wouldn't result in an equal settlement if the business were to unexpectedly take off financially. A financial planner can help the parties to ensure that all of their assets, including those that are disclosed and divided in as fair as a manner as possible.
If a judge in Virginia has to get involved in a divorce proceeding involving assets with high values, the court will strive to divide the assets in a fair but not necessarily equal manner. When distributing assets, the court will consider the contributions of both individuals to the acquisition of this property during the marriage. The couple certainly may opt to negotiate a settlement outside of court, which may enable them to maintain control over the situation and possibly reach a mutually agreeable outcome without the intervention of a divorce court.
Source: financial-planning.com, "Divorce Planning for High-Net-Worth Divorce", Andrew Pavia, March 24, 2014