Salisbury High Net Worth Divorce Lawyer

The Law Offices of Aimee E. Cain Salisbury High Net Worth Divorce Attorney

Divorce is never a completely easy process. However, some circumstances can make the legal aspects of a divorce even more intricate. If you or your partner are a business owner and have a high annual income or other highly valued assets, such as properties and investments, it’s in your interest to consult with a Salisbury high net worth divorce lawyer.

Laws Regarding Property Division in North Carolina

In North Carolina, state law recognizes marital property and an equitable division of assets. Marital property includes any debts, income, and other assets that either spouse obtained during the marriage.

All property that each individual may have had in their possession prior to the marriage’s start is considered separate property and is not subject to division. Divisible property is what is acquired between the couple’s union and the finalization of their divorce; property that is collected between the separation and the divorce may also be subject to division in some cases.

Division proceedings don’t always entail each person getting an equal half of every property item. The ultimate goal of property division is to allocate properties to each spouse so that, in the end, they each individually have property that is equitable in value. Some assets may be split evenly or unevenly, or some property may be fully awarded to one spouse in order to reach a fair division.

Differences of High-Net-Worth Divorces

For divorcing spouses in Salisbury, where one or both individuals have one or more high-asset properties or sources of income, the property division process may be more challenging than for other couples. Relatively simple divorces, where the couple was not married for long, or there is otherwise a minimal amount of marital property, typically are resolved quickly and with minimal legal costs. Whether or not there are children who require support and a custody order can also impact the specifics of a divorce.

As high-net-worth divorces commonly include complex assets such as a personal business with regular profits, which increases its value due to prospective gain, it can be time-consuming and difficult to evaluate the relevant properties properly. Additionally, some properties could actually lose some of their value if liquidated during division and before full development.

Potential high-asset items may include wages from a high-income job, land properties, a company, other business ventures, multiple houses or cars, cryptocurrency accounts, stock holdings, retirement or pension funds, and other long-term investments. Property division for divorces involving these kinds of assets may be determined by a judge after consideration of various factors, or some high-net-worth may choose an alternative dispute resolution.

Factors that May Extend a High Asset Divorce and How to Avoid Them

As with every divorce, it’s important to choose how the proceedings are conducted carefully. If you and your partner are not on good terms or have difficulty efficiently communicating with one another, going to court for your divorce process may be the most advantageous approach.

If you two are fairly civil, it could save on time and costs to choose an alternative resolution procedure such as mediation or a collaborative divorce; these more participatory, out-of-court methods can additionally prevent arguments or other negative reactions compared to leaving the division up to the judge’s discretion.

Hiring a divorce attorney experienced in dealing with high-net-worth divorces is essential to the process. Even if you and your spouse are cordial with one another, you should not begin this process without a lawyer or attempt to handle property division while representing yourself. Not only would this be overwhelming for you, but it can also be risky and may lead to issues down the line if certain assets aren’t properly evaluated and you’re left at a disadvantage.

Finally, it’s crucial that both spouses approach the division of assets with complete honesty, the ability to compromise, and, most importantly, not withhold any hidden assets. Trying to behave in a misleading or secretive manner during financial disclosure is against North Carolina state law and can result in being held in contempt of court as well as criminal punishment. Complete and accurate financial records are necessary to divide property up in an equitable way.

FAQs

Q: How Much Does a Divorce Lawyer Cost in NC?

A: The cost of a divorce lawyer in NC can vary depending on location, attorney experience, and how complicated or simple the case is. On average, divorce attorneys charge an hourly rate between $200 and $400. Depending on how long the legal proceedings take, total expenses for a family lawyer may range from $9,000 to $12,000 on average.

Q: What Is a Wife Entitled to in a Divorce in North Carolina?

A: In Salisbury, North Carolina, the wife is generally entitled to half of all assets. The North Carolina state presumes that a 50/50 property division is fair, but some circumstances are handled differently to ensure a fair, balanced division. Each spouse is entitled to receive half of all marital assets, properties, and debts acquired during the course of a marriage, and sometimes divisible property (obtained between separation and divorce) is included as well.

Q: How Much Is an Absolute Divorce in NC?

A: On average, an absolute divorce or simple divorce in North Carolina may be less expensive. This is because, in an absolute divorce, the person filing for the divorce is asking for a divorce only and not requesting a division of marital assets or spousal support.

Q: How Long Does a Divorce Take in NC?

A: The overall divorce process can take a long time to finalize due to the various areas that require addressing. For complex divorce cases, such as those that are high-net-worth, there can be a large number of assets and other financial questions that need extensive time and care to resolve thoroughly. An experienced divorce attorney can give you an estimate of how long your situation may take after reviewing the details.

Seek Qualified and Experienced Legal Assistance for Your High-Net-Worth Divorce

Talk with a skilled family law attorney at The Law Offices of Aimee E. Cain today to begin your case.