Facing Divorce With a High Net Worth Divorce Lawyer
Divorce is a time-consuming affair. It takes up your attention and your money, leaving you emotionally, mentally and even physically exhausted.
Your problems only become more complex as your assets climb, too. When you’re married, it’s normal to intertwine your assets with your partner’s. Of course, when divorce comes along, you’re now in a situation where you have to detangle these assets. The more assets you have and the higher their worth, the more contentious the process of asset division becomes.
As a Greenville resident in South Carolina facing divorce, having the help of a high net worth divorce lawyer can make a world of difference. We at Turner Family Law are ready to help you navigate the complex legalities of high net worth asset division in your divorce, ensuring that you see a fair outcome.
What Is a High Net Worth Divorce?
A high net worth divorce attorney specializes in handling divorce that involves numerous assets. Your divorce falls under this category if you and your partner have at least $1 million in assets combined.
Your asset portfolio may look different compared to your peers as well. High net worth couples typically have to deal with:
- Stocks and bonds
- Pensions
- Business investments
- Real estate
- Shared businesses
- Retirement accounts
Negotiating the arrangement of these assets can take a lot of time and effort, especially if the divorce is contentious.
If you and your spouse both want to keep the same assets, it will likely take more than simple negotiation and one-on-one discussion to sort the matter out.
What Property Is Up for Division?
In addition to the items listed above, every piece of property — both property that you own personally and joint property that you and your partner own together — is subject to division.
For most couples, this can include assets like:
- A personal home or homes
- Shared bank accounts
- Vehicles
- Household items like appliances and furniture
Some items are exempt from division, though. These “nonmarital assets” include anything that you owned before the marriage, along with inherited or gifted property.
The caveat is that if you place a gift or inheritance in a shared or joint account that you and your spouse own together, it becomes marital property regardless of its origin.
South Carolina as an Equitable Division State
As stated by the South Carolina Bar, South Carolina law divides property equitably rather than equally. This means it’s divided in a way that the judge believes is fair, rather than being an exact 50/50 distribution of assets.
The Family Court Judge will hear both sides of the case and review all evidence. They then make a decision about the most fair and equitable way to divide property and assets, taking into account various factors like household contributions.
Having a high asset divorce attorney on hand can help you argue your case and present evidence that can get you the maximum amount of assets possible.
How Is Equitable Division Decided?
The Family Court Judge will look into a number of factors when making this decision. These can include:
- Sweat equity, i.e. household contributions
- The length of the marriage
- Your age when you got married
- The current income of each spouse
- The earning potential of each spouse
- Monetary and non-monetary contributions
Prenuptial agreements do take precedence over state laws, which is why it’s important for even newlywed couples to consider getting a prenuptial agreement.
However, if you’re one of the many couples that don’t have a prenuptial agreement in place, the outcome of your court case will vary. It’s a decision that’s highly dependent on your unique circumstances, after all.
Note that even in equitable divorce states, most courts default to a roughly 50/50 split. This is less common in high asset divorces, though.
Is there a property division formula?
The existence of a single specific formula for dividing property is a surprisingly well-circulated rumor, and one that’s ultimately untrue. Since the court looks at so many unique and individual aspects of a marriage and divorce, no two divorce cases look the same, even if the people involved are in similar circumstances.
Are there shortcuts to dividing assets?
Unfortunately not, especially when you have high-worth assets to manage. You can, however, leave the worst of the work in the hands of people who do this for a living. A high net worth divorce lawyer can help you gather evidence and build your case.
You can also hire a forensic accountant to track down all of your assets and ensure you aren’t missing a single one.
They’ll comb over the paperwork and follow the paper trail on your behalf so you can focus your energy and time on other parts of the divorce. They can even find hidden assets, if that’s a concern.
Handling Debts in Divorce
Of course, it isn’t just your assets that you share in a marriage. You share your debts, too — and when you leave a marriage, you may end up taking a share of those debts with you.
This can include:
- Any bill paid with a jointly owned credit card
- Medical debt
- Property debt
- Unpaid bills under jointly owned accounts
With high assets, you may also end up looking into complex debts such as business loans, property loans and more.
These are complex matters that require a delicate understanding of property law in South Carolina. Turner Family Law will help walk you through debt division, breaking down each complicated piece into something digestible.
Have a High Net Worth Divorce Lawyer on Your Team
As you can see, asset division is a complex process often fraught with high emotions. If you have many assets to contend with, you could find yourself facing an even bigger, more complicated, longer asset division process.
This is why you should leave handling asset division to a high net worth divorce lawyer.
At Turner Family Law, we’ll take care of the hard parts of asset division for you. We’ll help you comb through each and every asset you own, document assets precisely, and fight on your side in a contentious situation.
Set aside your concerns about an unfair asset division with us. Reach out to us today, and focus your time, energy and attention on getting through this difficult period of your life instead.
