If you are a high-net individual, you may have a lot on the line upon filing for divorce. That is, your high-value assets and income mean this will be a more complex process than a standard divorce, and it will require a special level of care. Continue reading to learn what you should do to prepare for your high net worth divorce and how an experienced Chesterfield divorce lawyer at Cockrell Law Firm, P.C. can navigate you through the process.
What is considered a high net worth divorce in South Carolina?
The guidelines for determining a high net worth divorce are relatively simple. Essentially, according to South Carolina law, if you or your spouse own $1 million or more in net liquid assets, then you will be involved in a high net worth divorce.
What issues are at hand in a high net worth divorce?
High net worth divorces are quite similar to regular divorces, as both handle issues of child support, child custody, and alimony, among others. However, the key distinguisher is that high net worth divorces are far more complicated when it comes to property division since there is much more at stake.
The state of South Carolina divides property in a divorce based on equitable distribution laws. This means that marital property is to be divided in a fair and equitable way. Everything else, such as assets owned prior to the marriage or which were acquired through a gift or inheritance, will not be subject to these laws. However, in high net worth divorces, such division is complicated by complex assets and financial interests, including but not limited to the following:
- Business ownership interests.
- Investment properties, vacation homes, and rental properties.
- Investments, such as stocks, bonds, and debentures.
- Deferred income, such as stock options.
- Retirement assets, such as 401(k)s and pensions.
- Antiques, artwork, and collectibles.
- Expensive cars, memorabilia, and jewelry.
If you require assistance with wading through these assets, do not hesitate in reaching out to one of the skilled South Carolina lawyers today. We will consult with business valuation experts, accountants, and appraisers on your behalf to value your complex assets.
How do I avoid complications in a high net worth divorce?
If you are not yet married, a precautionary measure that may be in your best interest is drafting a prenuptial agreement with your future spouse. As a high net individual, this document will allow you to outline what property belongs to which spouse, along with certain terms for a potential future divorce, such as alimony or spousal support.
CONTACT OUR EXPERIENCED SOUTH CAROLINA FIRM
For competent and trustworthy legal counsel involving criminal law, personal injury law, divorce & separation, and family law, contact The Cockrell Law Firm, P.C. today to schedule your free initial consultation.