Divorce is always a struggle, but it gets especially complicated with the addition of larger assets. Money is always the main topic of discussion when it comes to divorce settlements, especially when deciding who retains what property after the final verdict. For some, the process of asset division is simple, and long, drawn-out court cases can be avoided. On the other hand, lengthy deliberations over who gets which assets do happen, especially in high net worth divorce cases. Fortunately, the legal team at Parsons Law, PA, is well-equipped to handle your high net worth divorce. We are proud to provide the community of Asheville with competent, expert legal services.
A divorce is the legal dissolution of your marriage and separation from your spouse. The approval of your divorce will entail several legal obligations, such as child custody arrangements, child support obligations, and alimony obligations, among others. High net worth divorces are divorce proceedings that concern higher valued assets when compared to other divorces. A high-asset divorce often involves:
North Carolina is not a community property state, meaning that any shared assets are divided based on the judges’ discretion. The court will aim to split everything equitably to the greatest extent possible. In a high net divorce, both spouses will need the help of an experienced attorney to retain their share of larger assets like stocks, business valuations, and expensive pieces of property. The value of these assets can impact final stipulations on arrangements regarding child support, child custody, and spousal support.
All forms of property can be divided in a divorce. However, in most divorce cases in Asheville, North Carolina, equitable distribution law implies a 50/50 division, which means that each spouse gets half the estate. If you have protected your rights before the judgment, that distribution may occur before or after a formal divorce order is issued. There are three types of property recognized by state law.
Separate property can include any property that is:
Marital property includes items that were obtained by both parties during the marriage as well as debts incurred during that time. Marriage property also includes all retirement and pension benefits accrued between your marriage date and separation date. A gift from one spouse to the other during the marriage is considered marital property, unless the spouse specifically declares that it is meant to be separate property at the time.
Divisible property is defined as:
Divisible property is given a value at your trial, which in many situations might be based on years-old purchases. This is different than marital property, which is evaluated at the moment of separation and is often divided equally. Divorce property division, identification, and assessment are difficult procedures. For high-net-worth divorces, identifying which assets fall into these categories is crucial for maintaining ownership over your more extensive and valuable assets.
A: The average fee range for divorce attorneys in North Carolina is $9,700 to $11,700. These fees are often far lower in uncontested divorce cases. The price of your case depends heavily on the time it takes to come to a settlement, meaning that highly contested cases lasting longer periods will cost more money.
A: High net worth, or “high asset,” divorces can be complicated to negotiate. This kind of divorce is frequently characterized by significant marital assets, high earnings, family enterprises, and substantial assets that accrue or are worth large sums of money. These complicated disputes could include lengthy and meticulous property division negotiations, requiring a great deal of legal expertise and asset planning when creating a settlement.
A: In an uncontested divorce, you do not necessarily need a lawyer to argue your case, although having one is helpful for navigating the legal process. However, in a contested divorce, having legal support is crucial for a successful outcome. An attorney can be especially helpful in high-net-worth divorces. Having a lawyer to aid you with negotiations regarding topics such as asset division can ensure that you get control over your desired property.
A: Those involved in a divorce lawsuit do not typically benefit from one party filing first, and it does not matter who the filing party is. North Carolina is a no-fault divorce state. State divorce laws require that a couple live separately and apart for a full year, with the intention of staying that way, before filing for divorce.
Going into divorce proceedings already has a hefty price tag, but when it comes to a high net worth divorce, retaining your most treasured assets is crucial for your financial stability. Having a higher income should not mean that your biggest assets should be awarded to your spouse, and dividing these assets requires a high level of scrutiny from your legal team. At Parsons Law, PA, our skilled team of high-asset divorce attorneys can help with your case and make sure that you hold on to the assets you treasure the most. For more information, visit our website and contact us today.
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