Getting divorced can be an intimidating experience, whatever your financial situation. However, for those individuals with substantial or complex assets and property, the property division process can become costly and complicated. Working with a skilled high-net-worth divorce attorney is crucial if you have a high income or own complex assets.
Discuss Your Case With a New Bern High-Net-Worth Divorce Attorney
Speaking with an experienced high-net-worth divorce attorney as early in the process as possible will allow you and your attorney to advocate for the best outcome possible. At Greene Wilson Crow & Smith, our high-net-worth divorce attorneys will provide you with effective and proactive advice tailored to your unique needs. To learn more about our high-net-worth divorce services, contact Greene Wilson Crow & Smith today to schedule your initial consultation.
What Makes High-Net-Worth Divorces Unique?
High-net-worth divorces are often complicated because they involve shared bank accounts, investments, business assets, real estate, and other high-value assets. Divorces that involve significant financial assets may have complex issues that require a more in-depth legal or financial analysis to determine the nature and extent of the assets.
Additionally, an in-depth analysis may be needed to determine the properties’ income and ensure that both parties to the divorce are treated fairly. if your divorce involves any of the following matters, it’s wise to consult with a law firm that has the skill, resources, and experience to handle high-net-worth divorce cases:
- A substantial inheritance
- Unique or unusual assets like race cars, art, memorabilia, or collectibles
- Significant income from self-employment
- A family-owned business
- Co-ownership of a business between the spouses
- Executive pay packages, stock options, or other high-value benefits
- Multiple real estate properties
- A prenuptial or postnuptial agreement
At Greene Wilson Crow & Smith, our high-net-worth divorce attorneys provide legal services tailored to each client’s individual needs. We understand that every high-net-worth divorce is unique and will require a unique legal strategy. Our law firm has the assets and professional network necessary to work with skilled financial and business experts. We will utilize these professionals to ensure that your financial affairs are clearly understood, so your assets will be handled and divided correctly.
Property Division
In many cases, the more assets involved in a divorce, the more complicated the divorce. Many high-net-worth divorces have involved two spouses who share business assets, investments, retirement accounts, and more. Valuing all of the assets involved is a critical first step to negotiating a divorce settlement. Careful preparation and accounting are essential elements to avoid unnecessary disputes that can lengthen the high-net-worth divorce process.
When large assets are involved, accounting and valuation aren’t simple tasks, but they are tasks the experienced divorce attorneys at Greene Wilson Crow & Smith have extensive experience handling. Our divorce attorneys have successfully handled complex, high-net-worth divorce cases involving all of the following types of complex assets:
- Qualified Domestic Relations Orders
- Separate property holdings
- Gifts in inheritance
- Divisible property
- IRS, profit-sharing plans, and stock options
- Investments
- Partnerships
- Closely-held businesses such as LLCs and S and C corporations
- Family businesses
- 401(k)s, 403(b)s, pensions, and other defined-contribution plans
At Greene Wilson Crow & Smith, we work closely with clients to negotiate complex property division agreements. These agreements should protect our clients’ assets and minimize their potential tax liabilities. We frequently work with CPAs and tax attorneys to assist in high-net-worth cases. In all aspects of our legal representation, we provide discretion for our clients. Whether we are involved in negotiation, arbitration, mediation, collaborative law, or divorce litigation, we maintain the highest standards of confidentiality and professionalism.
The Tax Implications
The assets involved in your divorce may affect other issues within your divorce. Suppose you and your spouse own multiple real estate properties that have appreciated over time. Disposing of these assets during a divorce and splitting the proceeds could trigger significant capital gains taxes. If you haven’t experienced a capital loss to offset these gains within that financial year, you could be paying long-term capital gains tax on your share of the proceeds. One of the skilled high-net-worth divorce attorneys at Greene Wilson Crow & Smith can help you fairly divide your property, avoiding unnecessary taxes and penalties.
Spousal and Child Support in High-Net-Worth Divorce
Under North Carolina Law, courts calculate child support using a state-designated formula. The formula determines how much support the parent with custody needs to raise a child based on the mother and father’s incomes. The formula also considers the percentage of time the child spends with each parent, child care expenses, and other child-rearing expenses. If the combined gross income of both parents is over $25,000 per month, the court will consider the case to be a “nonguideline” child support matter.
The representation of a skilled attorney is even more critical in a nonguideline child support case as the judge will have significant discretion. One of our attorneys can help you determine what the child support payment should be. Working with an attorney to determine your income is especially important if you receive income from flow-through entities like an S corporation.
Likewise, alimony or spousal support determinations can be difficult in high-net-worth divorces. The spouse seeking alimony will need to show that he or she is financially capable of supporting his or her financial needs. The spouse seeking alimony will also need to show that the other spouse is financially capable of paying alimony—disputes over spousal support are common in high-net-worth divorces.
How Is Money Split In A Divorce In NC?
In North Carolina, marital property is divided equitably, not necessarily equally, during divorce. This means each spouse is entitled to a fair share of assets and debts acquired during the marriage, considering factors like income, contributions, and individual needs. So, the split may not be a clean 50/50, but each spouse should walk away with what’s fair.
Contact a New Bern High-Net-Worth Divorce Attorney Today
If you are a high-net-worth individual considering divorce, the experienced high-net-worth divorce attorneys at Greene Wilson Crow & Smith are here to help. One of our experienced divorce attorneys will carefully consider how your assets and debts should be separated, helping you overcome the challenges involved with dividing your high net-worth assets. We offer our clients dedicated legal advocacy and sophisticated handling of all of the issues involved in a high-net divorce. Contact Greene Wilson Crow & Smith today to schedule your initial consultation.
Greene Wilson Crow & Smith, PA helps residents of NC with high net worth divorce claims including those located in New Bern, Pamlico County, and Craven County.