High Net Worth Divorce in Northern Virginia
There is no denying that going through a divorce is an emotional difficult process. This is even true even in the simplest of divorce cases in terms of disagreements and legal issues. The reason some cases seem simpler than other generally has to do with how much or how little a couple has. If the parties do not have any children of the marriage or any significant assets, there is not much to argue over, and that means there may be less litigation. On the other hand, if the parties are among the many higher net worth families in the Northern Virginia area in places like McLean, Tysons Corner, and Reston just name a few, there may be a lot more to fight over during the divorce process. While this is not the way anyone would like things to be, it is sometimes what the situation realistically looks like.
It should be noted that there are basically two main reasons people hesitate to get a divorce and chose to remain in unhappy marriage. In some cases, one or both spouses would like to get a divorce, but they decide to stay together for the sake of the children. In reality, many studies have shown that children are often do emotional better following their parents getting divorced, than children who live in a home with unhappy parents, but this reasoning still persists. The other reason people sometimes choose to stay in what they know to be a failed marriage is that they are afraid they cannot afford to get divorced.
What is interesting about this second assumption is that is it often held by both people have very little assets and by spouses who have a relatively high net worth. In the case of those with few assets, they feel they cannot afford to live separate and apart as required in many cases pursuant to the Code of Virginia § 20-91. On the other hand, those who are contemplating a high net worth divorce are often worried they will lose everything in a divorce. While we have all heard stories of this happening in the media, if you consult with an experienced divorce attorney in Northern, Virginia who regularly handles cases involving parties with a high net worth, this doesn’t have to be the case.
The first thing to note is that many cases are able to be resolved via a mutually agreeable settlement where a trial or extensive litigation can be avoided. While the court has a variety of factors that can be used in setting an alimony award or fashioning an equitable distribution of property, the court will generally defer to the parties wishes if they have reached an understanding and executed a property settlement agreement (PSA).
The family law attorneys at DiPietro Family Law Group have years of experience handling domestic relations cases in jurisdictions across Northern Virginia, Washington, DC and Maryland. Contact us to schedule a consultation today at (703) 370-5555.