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High asset divorce: Declaring all assets in a divorce

On Behalf of | Apr 19, 2021 | Divorce |

Couples who have a high net worth may have assets that aren’t in the forefronts of their minds. These are the types of assets that perhaps one spouse in Virginia may suspect the other is hiding. Hiding assets never benefits anyone in the long run and they will need to be accounted for at some point during the divorce process — especially in a high asset divorce.

Restricted stocks

When it comes to these types of assets, there are four heavy hitters: Stocks, pensions, cryptocurrency and military benefits. It might help a couple to understand how these can figure into a divorce and what they mean. For instance, those who work in finance or banking might have restricted stocks as a part of their portfolios. For the non-earning spouse, it could mean his or her spouse could have amassed some of these stocks during the marriage. It is best to consult an attorney in this case.

Pensions, military benefits and cryptocurrency

It is vital to know if any company pension plans exist and what was earned during the marriage so it can be accounted for and divided. When it comes to military benefits, a 20-20-20 rule is in effect: The spouse who served must have done so for at least 20 years, the couple had to have been married for 20 or more years, and the marriage and military services had to have overlapped for 20 or more years. Cryptocurrency like Bitcoin can be hard to trace. If one spouse isn’t forthcoming about this type of investment, a professional may need to be involved.

There is much to consider in a high asset divorce and these kinds of assets might be high on the list. These types of assets should be tracked. But in the event hidden assets are suspected, getting independent legal advice from a Virginia attorney may be the first step in uncovering them.