Divorce can pose substantial challenges as couples attempt to divide their property fairly. When the spouses have a high net-worth, the process can be even more complex.
When divorce cases involve significant property interests, valuing and dividing marital assets often requires the assistance of expert witnesses. Fortunately, our Anderson high-asset divorce lawyer has the resources and connections to hire the right expert for your case. Let Attorney Greg Steele help protect your financial future.
How is Property Divided in Anderson?
When a couple divorces, a judge must divide their property equitably, although not necessarily equally. In determining a fair property distribution, local family courts may consider numerous factors under South Carolina Code of Laws §20-3-620, including:
- The length of the marriage
- Each spouse’s income, earning potential, and opportunity to acquire assets in the future
- Either spouse’s need to gain additional training or education to increase their earning potential
- Whether either spouse will receive alimony as part of the marital award
- The value of each spouse’s retirement benefits
- The tax consequences of the property division
- Either party’s marital misconduct
A capable attorney could explain how this property division process might play out in a divorce case involving valuable assets.
Unique Property Interests for High Net-Worth Couples
Like many couples, high net-worth spouses often struggle to divide their personal property, like cars, furniture, or real properties. When parties have accumulated substantial wealth, many different types of property may need to be valued and divided between them, such as:
- Publicly and privately held businesses
- Commercial real estate
- Vested and unvested stock options
- Intellectual property
- Trusts and trust income
- Foreign investment accounts
- Antiques and rare collections, such as wine, coins, or art
A well-versed divorce attorney can help a high net-worth spouse identify all property interests and include them on the required Financial Declaration form for submission to an Anderson court.
Valuation Issues in High-Asset Divorce Cases
Valuing assets can be one of the most difficult aspects of a divorce involving significant property. Because both parties have substantial interest in the assets they shared during their marriage, each spouse is motivated to retain as much as possible after divorce. If a piece of property is subject to division, each spouse may value it differently.
Asset valuation may also be complicated when the property’s value is subjective. For example, an art collection might be worth substantially more to one spouse than the other. A skilled Anderson high-asset divorce attorney can work with qualified appraisers, accountants, and financial advisors to ensure that a spouse receives their fair share of the couple’s marital estate.
Get Help from a Dedicated Anderson High-Asset Divorce Attorney
If you and your spouse accumulated considerable assets during your marriage or brought significant wealth into the marriage, do not risk going to court without someone to advocate for your rights. A knowledgeable Anderson high-asset divorce lawyer could help identify all marital and non-marital property interests and ensure they are accurately valued and equitably divided. Call today to speak with Attorney Greg Steele about the specific facts of your case.