Sumter High Asset Divorce Lawyer & Law Firm

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Sumter High Asset Divorce Attorney

A high-asset divorce is defined as when two individuals decide to end their marriage and have complicated financial considerations that go beyond what is seen in a traditional divorce. When significant assets are involved in a divorce, such as businesses, real estate properties, retirement accounts, and other investments, a careful evaluation is needed to ensure everything is split fairly. Hiring a Sumter high asset divorce lawyer can help ensure this happens.

At Kinney Law Firm, we understand the unique legal complexities that come with high-asset divorces. Due to our rich experience in this space, we are well-connected with a number of financial experts, forensic accountants, and other professionals to help us ensure all marital assets are identified and divided fairly under South Carolina’s equitable distribution laws. With our experience on your side, you can feel confident no assets will be left to chance. If you’re looking for help with changes to your family situation, an local family lawyer in Sumter can guide you through the legal steps and make the process easier to understand. With our knowledge of family law, we can guide you through the process with confidence.

Best Sumter High Asset Divorce Lawyer

What Can I Expect During a High Asset Divorce?

High-asset divorces have much higher financial stakes at risk than a standard divorce. The process requires careful planning and legal experience to ensure a fair and compliant outcome in the end. The following is an overview of what you can expect during this process and what key factors will influence your final divorce settlement.

Comprehensive Financial Disclosure

One of the first steps in a high-asset divorce is to identify all financial assets that exist from both parties that are subjected to property division. Each spouse is required to provide an inventory of their assets, income sources, debts, and liabilities to prioritize transparency. This will typically include:

Bank accounts, such as one’s checking, savings, and any offshore accounts.
Real estate holdings, including one’s primary residence, vacation home, or any other rental properties in their portfolio.
Business interests, such as ownership stakes, intellectual property, and partnerships.
All stocks, bonds, mutual funds, cryptocurrency, and other relevant investments.
Everyone’s retirement accounts, including their 401(k), pension, and IRA accounts.
Any luxury assets purchased during the marriage, such as art, jewelry, and vehicles.

If either individual fails to disclose any items on this list that were acquired during the marriage, they risk facing serious penalties. It could result in them losing even more in the final settlement as punishment for unethical behavior.

Valuation of Assets

Once all assets have been disclosed, they must be accurately valued to understand how much each item is worth. This is an important part of the process to ensure the court feels comfortable splitting the marital estate in accordance with South Carolina’s equitable distribution laws. The valuation process includes:

Real estate appraisals will help determine the fair market value of a home.
Business valuations will assess ownership interests, revenue, and future earning potential.
Investment analysis will help the court understand how much each stock, retirement fund, and brokerage account is worth.
Personal property appraisals may also be necessary for high-value collectibles, artwork, or any other luxury goods.

Division of Property and Assets

Under equitable distribution law, marital assets are divided fairly. This does not always mean that everything is split down the middle. There are several factors that help to determine exactly where this split will occur. They include:

The contributions of each spouse financially and non-financially to the marriage
The length of the marriage
Each spouse’s future earning potential
Custody arrangements and their impact on each spouse’s financial stability
Agreements that were in place, such as a prenuptial or postnuptial contract

Tax Implications

In high-asset divorces, it’s important to be aware of the significant tax implications that become necessary when splitting items. Some key tax considerations to keep in mind include:

Capital gains taxes after selling any real estate properties or key investments
Tax treatment of spousal support payments
Retirement account division and early withdrawal penalties
Ownership transfer of businesses and potential tax liabilities

If you’re navigating a high-asset divorce with international elements, understanding the unique legal considerations in such cases can be crucial for a smoother process.

FAQs About High Asset Divorce Law in Sumter,SC

How Much Does a Divorce Lawyer Cost in South Carolina?

The total cost of a divorce lawyer in South Carolina is highly dependent on how complicated a case is. In addition, if you hire a lawyer in South Carolina with years of experience in this space in a highly populated area, they are more likely to charge a premium for access to their knowledge in a more competitive setting. If your divorce is contested, you can expect to pay more in legal fees due to the extra time and effort that will need to go into resolving these outstanding issues.

What Assets Cannot Be Touched in a High-Asset Divorce?

All separate property is generally not subjected to division as part of the high-asset divorce process. This typically includes assets that were acquired before the two individuals were officially married. This can include inheritances received by one spouse, an individual gift given by someone they know, or any funds that were kept in a separate bank account that were never commingled with marital finances. An attorney can help determine what is separate property.

Who Has to Leave the House in a Divorce in South Carolina?

Factors that determine who will be able to stay in a marital home during a divorce depend on several factors, such as who legally owns the home, what other financial circumstances are at play, and if any children are involved. If the home is jointly owned by both individuals, both spouses technically have a right to stay. In contentious cases, one spouse may request a court order to have the other one move out, especially if there are allegations of neglect or abuse.

Can a Spouse Get Half of Everything in a Divorce?

It is not necessarily true that a spouse will simply get half of everything in a divorce, especially in an equitable distribution state like South Carolina. While there are some cases that might result in a near-equal split, other cases might see one spouse receiving a larger share of the assets. This could be due to a difference in how much each spouse independently earns, career sacrifices made during the marriage, or to account for responsibilities for children.