How Do High Asset Divorces Differ from Traditional Divorces in North Carolina?
At Waple & Houk, PLLC, our Charlotte family law attorney knows that every North Carolina divorce is unique. Whether it is a military divorce, where particular circumstances may apply to the proceedings, a contested divorce, where the primary conflict lies in child custody disputes, or an uncontested divorce, where both spouses agree to all the dissolution’s terms, no two marriages or divorces are the same.
This is especially true for another type of North Carolina divorce: High-asset divorce.
High-asset divorces in North Carolina differ from traditional divorces primarily due to their complex financial issues. They require guidance from a family law attorney with the experience and resources necessary to assess each case with a deeper knowledge of the marital holdings, including more than standard valuations of the couple’s shared home, bank accounts, and debts.
Sometimes, we encounter cases where one spouse may not know their total assets since they do not handle the day-to-day finances or have control of statements or other documentation that would make them aware of their net worth.
Here, we discuss some critical distinctions between high-asset and traditional divorces.
How Can a High-Asset Divorce Lawyer in North Carolina Help Outline Our Property?
In high-asset divorces, the valuation of assets becomes more complex, as substantial assets may include businesses, real estate, investments, and other high-value properties.
Determining the accurate value of these assets is crucial for equitable distribution, and it may require our attorney to partner with experts to ensure proper valuation.
Those experts may include, but are not limited to:
- Asset Valuation Consultants.
- Forensic Accountants.
- Investment Professionals.
- Tax Law Specialists.
Asset included in these critical valuations may consist of:
- Business Valuation
If one or both spouses own businesses, determining the value of the business interests becomes a significant aspect of high-asset divorces.
- Complex Investments
Couples with substantial wealth may have complex investment portfolios, including stocks, bonds, real estate, and other financial instruments. Dividing these investments requires careful consideration of tax implications and future returns.
- Tax Implications
High-asset divorces often involve complex tax considerations. Understanding the tax implications of asset division and other financial matters is crucial to avoiding unexpected tax burdens.
- Hidden Assets
In high-asset divorces, one spouse may attempt to conceal assets more often. Uncovering hidden assets may require forensic accounting or financial investigations to ensure a fair distribution.
- Property Division
North Carolina follows the principle of equitable distribution, meaning that marital property is divided fairly, though not necessarily equally. High-asset divorces may involve a more intricate process of determining what constitutes marital property and how to distribute it fairly.
- Spousal Support (Alimony)
Alimony considerations in high-asset divorces can be more substantial. The court may need to decide on the duration and amount of alimony payments, considering the lifestyle to which both spouses are accustomed.
- Child Custody and Support
While high-asset divorces focus heavily on financial matters, child custody and support issues may still be relevant. Determining custody arrangements and calculating child support in a manner that reflects the family’s financial situation is essential.
- Pre- and Postnuptial Agreements
High-net-worth couples are more likely to have pre- or postnuptial agreements in place. These agreements can significantly influence the divorce terms, outlining how assets will be divided and potentially simplifying the process.
If you are concerned about how your marital assets will play a role in your North Carolina divorce, contact our Charlotte divorce attorney today by phone at (704)-954-8697 or schedule a free consultation online to ensure your legal rights, options, and financial future are protected from the start of your case.