Asheville High Net Worth Divorce Attorney

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.

What Is the Difference Between Traditional Divorce and High Net Worth Divorce?

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:

• One or both spouses working as executives, professionals, or business owners.
• A household income that exceeds $300,000 annually.
• A significant quantity of real estate property and assets that need to be divided.

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.

What Kinds of Property are Divided in a High Net Worth Divorce?

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

Separate property can include any property that is:

• Owned before the marriage by either spouse.
• Acquired during the marriage by one spouse through an inheritance or gift from a third party.
• Acquired after the official separation date, including any post-separation earnings and accrued income from separate property.
• Acquired in exchange for separate property.

Marital Property

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

Divisible property is defined as:

• Post-separation decreases and increases in the value of marital property.
• Property acquired after the date of separation due to either spouse’s marital efforts before the separation date.
• Passive income that is collected from marital property and received after the separation.
• Any post-separation increases in shared debt.

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.