When you say, “I Do,” you don’t expect that your marriage will ever come to an end. Unfortunately, many couples find themselves in a situation where they want to get divorced. North Carolina is a state that requires couples to divide marital property in an equitable manner. If you have been married for some time or if you are wealthy, you likely have accumulated a large number of assets. This can make divorce more complicated. An experienced divorce attorney will assist you in seeking a fair divorce settlement.
What is a High-Net-Worth Divorce?
Generally, a high-net-worth divorce is one in which a couple has more than one million dollars in assets. Many people think that only celebrities fall under the category of a high-net-worth divorce, but that is not true. Many couples have property and assets that total well over a million dollars. A high-net-worth divorce is more complicated because of the large number of assets that are often dispersed over a variety of sources. A skilled divorce attorney is essential in dealing with the many complex issues associated with those who have a high net worth.
Why are High-Net-Divorces More Complex?
A high-net-worth divorce is inherently more complex for a number of reasons. Couples should take inventory of their assets and debts in order to allow for a fair and reasonable distribution in a divorce. Some of the reasons that a high-net-worth divorce is more complex include:
A couple who has a combined high net worth is likely to own a large number of assets. These assets may include a wide variety of investments, property, businesses, homes, and more. They may have a voluminous amount of assets that are dispersed among many different types of property.
Additional Rules and Laws
Different types of assets may be governed by different rules and laws. For example, you may own property or businesses that fall under different laws. When you own a business with your spouse, the distribution of assets will become more complex. You will need to know the laws that govern the type of assets that you have before you can divide them equally.
A couple may own property in different cities, states, or countries. The laws can become quite complex when dealing with these variations. Your attorney will need to review the laws that apply to your property when determining how to divide your assets in an equitable manner.
Couples who have a large number of assets may have acquired them over a long period of time, sometimes over generations. When more people are involved in the assets, the logistics of distributing them can be more difficult. In addition, many times, business ownership may be involved, which has particular rules that you must follow.
Tips for a High-Net-Worth Divorce
A high-net-worth divorce can take longer than a typical divorce because of the number of assets that you must review. It is important to locate all of your marital assets, which can be a challenging task. You must also be able to understand whether assets were acquired before or after you married.
Both parties must disclose their finances with a financial affidavit. However, it can be challenging to locate assets when the other party tries to hide them. You will need to gather as much information as possible about your accounts before you begin the divorce process. Remember that you cannot always rely on what your partner told you but instead must have proof. It is best to know your finances before you separate.
A high-net-worth divorce can be more challenging, but it can be easier with help from a qualified divorce attorney. Your lawyer will guide the process and help make sure that your settlement is fair. To get answers to your questions and to begin the process, contact us at Arnold & Smith, PLLC, at (704) 370-2828 for a consultation.
The family law practice group at Arnold & Smith, PLLC includes four Board-Certified Family Law specialists and one Child Welfare Law specialist, as well as several attorneys with many years of family law experience that are committed to providing a powerful voice to individuals facing the often-tumultuous issues in this area of law. The range of issues our family law clients may be facing include pre- and post-nuptial agreements; separation agreements; post-separation support; child support (both temporary and permanent); absolute divorce; divorce from bed and board; military divorce; equitable distribution of assets; child custody (both temporary and permanent); retirement benefits and divorce; alimony and spousal support; adoption; and emancipation. Because this area of the law is usually emotionally charged and complicated, the family law attorneys at Arnold & Smith, PLLC act with the utmost dedication to ensure that each client understands his or her options, and then act to achieve the best result possible for that client’s particular situation.
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