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What are some things to consider in a high-asset divorce?

On Behalf of | Aug 26, 2022 | Divorce

If you are facing a high-asset divorce in North Carolina, your head may be spinning with questions and thoughts about the divorce process.

Here are some things to think about to help you minimize stress as you move toward the next chapter of your life.

1. Understand property division laws

North Carolina is an equitable distribution state, meaning anything acquired during the union is subject to a fair division with your spouse. The factors used to determine what is fair include things like each partner’s contributions, financial needs and earning potential.

2. Organize your assets

Organizing your assets before property division is a helpful way to promote a smooth high-asset divorce. You should be as transparent and truthful about your assets as possible. You should also take note of all of the assets you know your partner has to encourage accountability. If either you or your spouse owns a business or other high-value asset, you will probably need to arrange for a valuation before the property can be accurately divided.

3. Be patient

A high-asset divorce is a thorough process. Exercising a healthy level of patience during the asset exploration and valuation process can make the experience less stressful for everyone involved.

4. Stay private

While it may be tempting to do so, airing all of your grievances with your spouse on social media or among mutual friends and acquaintances will not strengthen your case. In some cases, it may further complicate proceedings. Public divorces can get messy quickly, so do what you can to maintain a reasonable level of privacy during this process.

Understanding the ins and outs of a high-asset divorce can help you move smoothly through the process.