Notable Considerations for High Net Worth Divorces in North Carolina
If you are approaching a high net worth divorce in Mooresville, there are a number of considerations you need to take into account. First of all, it is important to understand that your divorce will not be the same compared to that of a couple with fewer assets. The reason is obvious: there is simply more to think about in your divorce. Couples who are less affluent may not even own a single piece of property or their own car. On the other hand, wealthy couples may have an extensive real estate portfolio, numerous investments, and extremely expensive personal property to divide between them.
With so much property to distribute, high net worth divorces can be complex affairs. However, they do not always need to be stressful or frustrating. Rely on a skilled, qualified divorce lawyer in Mooresville, and you can wrap up your divorce in a short period of time. These legal professionals are experienced with a range of potential issues that may arise over the course of your divorce, and they know how to handle them in a straightforward, efficient manner. With a legal expert at your side, you can avoid many common mistakes and issues involved with high net worth divorces.Hiding Assets
When high-value assets are on the line, many spouses choose to conceal them rather than lose them through equitable distribution. This is obviously an ill-advised move, as spouses face serious legal consequences for attempting to conceal assets from their spouses. If a spouse is caught doing this, they may face jail time or fines. In addition, they will lose all credibility in the eyes of the Iredell County Court. They may even lose their attorney, as few lawyers will be willing to work with a deceptive spouse.
Despite the potential consequences, many spouses choose to hide assets anyway. While most of these efforts will end in failure, some individuals may be able to get away with it. One simple but effective method is to simply stow cash away in a safety deposit box. If you think your spouse is concealing assets, you should act quickly. Hire a forensic accountant who can track down the assets and make sure that they are fairly distributed. Your divorce attorney can also help with certain aspects of this problem.Dealing With Commingled Assets
A “commingled asset” is separate property that has been mixed with marital property over the course of the marriage. As a general rule, you should avoid commingling assets whenever possible. However, spouses often make this mistake, especially when they are dealing with large amounts of wealth spread across many investments. If you have commingled assets, you will need to approach the situation with a precise, calculated strategy. Financial experts may be required “unravel” and separate commingled assets.
A classic example of a commingled asset is inheritance money that has been used as a down payment for a home. Inheritance is always separate property, and it is not eligible for equitable distribution. However, all property that you have accumulated during your marriage is marital property. If your inheritance money was mixed in with the purchase of a new home, you will need to separate that money from the home. Selling the home may be necessary to liquidate these assets.How Do You Divide Investments?
Couples with high net worth may have invested significant sums in stocks, dividends, and similar financial products. If these investments were made during the marriage, they are marital property and subject to equitable distribution. However, North Carolina courts will typically try to make sure that both spouses have a stable investment property after the divorce is finalized. In other words, it is not fair if one spouse has a portfolio with very risky investments, while another spouse has a portfolio filled with very stable investments. While these portfolios may be equal in terms of monetary value, a division of this nature would not be “equitable.” Understanding the difference between “fair” and “equitable” is important when approaching divorces in North Carolina.Reach Out to a Qualified Divorce Attorney Today
If you are searching Iredell County for a divorce attorney who can handle the unique demands of your high net worth divorce, look no further than Arnold & Smith, PLLC today. We have a wealth of experience with high net worth divorces, and we know how to overcome many of the potential issues and hurdles that may arise during the proceedings. Whether you want to keep hold of your assets or you want to walk away with your fair share, you can depend on Arnold & Smith, PLLC to help you move on.