Divorce is never easy, even when it is the right choice for you. When a couple has a high net worth, splitting up their property and money becomes much more complicated. These divorces often require professionals like appraisers and accountants to accurately determine the value of both party’s assets. An experienced Gastonia high-asset divorce lawyer will know how to navigate these issues and get the best reasonable outcome for their client. Your dedicated divorce attorney will negotiate on your behalf and help you understand what to expect through the process.
The more assets a couple has, the less straightforward those assets tend to be. Determining the value of stocks, businesses, rental properties, vacation homes, jewelry, art, antiques, and other assets can be difficult, and these assets cannot always be neatly divided. A Gastonia high-asset divorce attorney could help navigate the complexities of property division in these cases. High-net-worth couples often need to hire professionals like appraisers and forensic accountants to assess their property and make sure that everything has been disclosed. This can slow down the process and require more back-and-forth communication between the divorcing spouses.
Greater wealth also means more opportunity for a disparity in wealth and earnings between the spouses. For example, if one spouse owns a highly profitable business and the other leaves their lower-paying job to be a stay-at-home parent, there could be a massive difference in income. If all of the couple’s marital assets were purchased with one spouse’s income, dividing them equally might or might not feel fair depending on how they viewed finances during the marriage. This can turn into a major conflict during divorce proceedings.
North Carolina General Statute Section 50-20 establishes the default rules for splitting up assets during a divorce. Generally, assets that each person brought into the marriage and inheritances are considered separate property, and anything earned during the marriage is marital property. Marital property is divided equally unless doing this would not be equitable.
Wealthier couples are more likely to have signed a prenuptial agreement. If the couple has a valid prenup, their assets would be split based on that agreement instead of state law. A high-asset divorce lawyer in Gastonia could review the terms of a prenuptial agreement and ensure it is enforced properly during the divorce. Child custody and child support payments cannot be covered in a prenuptial agreement, so the couple will need to decide this during the divorce. North Carolina has a basic formula for child support payments, but it does not apply when the parents’ combined monthly income is more than $40,000. Courts will also consider the child’s standard of living before the divorce. This means child support payments can be substantial for the wealthier spouse even if there is a prenup that agrees that the lower-earning spouse would not receive spousal support.
More assets can make divorce even more complicated. In addition to the challenging emotions and natural worries about the future that come with any divorce, higher-net-worth couples might need complex financial analysis to divide their property fairly. A Gastonia high-asset divorce lawyer will be familiar with these issues and prepared to guide you through the process and get the best possible outcome. Schedule a consultation with the Law Offices of Regina M. Taylor today.
