Asheville High Asset Divorce Lawyer

Are you looking for a high asset divorce lawyer in Asheville, NC?

At The McKinney Law Group Family & Divorce Lawyers, we are high asset divorce lawyers with nearly 20 years of experience guiding clients through complex matters.

If your divorce involves a business, several properties, or large retirement accounts, an Asheville, NC high asset divorce lawyer can make sure each asset is identified and valued before it is divided. At The McKinney Law Group Family & Divorce Lawyers, we have handled marital and family law matters for nearly two decades, including contested and collaborative divorces. Schedule a consultation with us to review your assets and learn how North Carolina law applies to them.

High Asset Divorce Lawyer Asheville, NC

A high asset divorce lawyer represents a spouse in a divorce where the marital estate is large or difficult to value. An Asheville high asset divorce attorney identifies every asset and determines whether it is marital or separate property. The attorney then establishes the value of each asset, often with help from appraisers and accountants.

The median value of an owner-occupied home in Asheville is $440,000, according to U.S. Census Bureau estimates. In a high asset divorce, the home is often only one of several significant assets. A high net worth divorce can also involve business interests, investment accounts, and deferred compensation.

Types of High Asset Divorce Cases We Handle in Asheville, NC

High asset divorces differ based on the kind of property involved. Each type of asset has its own valuation method and its own tax consequences. Our high asset divorce attorneys regularly handle cases that involve the following.

• Business interests. A business that was started or expanded during the marriage is usually marital property, at least in part. A business valuation establishes what the company is worth. We then negotiate a buyout or another arrangement that allows the business to keep operating.
• Real estate. A high asset divorce often includes a marital home, rental properties, or undeveloped land. Each property needs a current appraisal. The local real estate market affects whether it makes more sense to sell a property or for one spouse to keep it.
• Retirement accounts and pensions. The portion of a retirement account earned during the marriage is subject to division. Dividing an employer plan usually requires a qualified domestic relations order. We prepare the order so that the transfer does not cause avoidable taxes or penalties.
• Executive compensation. Stock options, restricted stock, and deferred bonuses are often earned during the marriage but paid later. We determine what portion is marital and how it can be divided once it is paid.
• Investment portfolios and digital assets. Brokerage accounts and cryptocurrency can change in value between the separation and the final division. We document the account values and consider the tax cost of selling or transferring each holding.
• Hidden or undisclosed assets. A spouse who controls the finances can understate income or move money before the divorce. We use financial discovery to trace accounts and transfers. When the records are complex, we work with a forensic accountant.
• Inherited and separate property. An inheritance or a gift to one spouse is generally separate property. It can become partly marital if it is mixed with joint funds. We gather the records needed to trace it.
• Alimony. Support in a high-income marriage depends on each spouse’s income and expenses and on the standard of living during the marriage. We prepare the financial evidence for a support claim or for the defense to one.
• Prenuptial agreements. A valid prenuptial agreement can decide how property and support are handled in a divorce. We enforce these agreements for clients, and we challenge agreements that were not properly made.

Why Choose The McKinney Law Group Family & Divorce Lawyers as my High Asset Divorce Lawyer in Asheville, NC?

Nearly Two Decades of Marital and Family Law Practice

Damien McKinney is the founder of The McKinney Law Group Family & Divorce Lawyers. He was admitted to the bar in 2006 and has focused his practice on marital and family law. As a divorce lawyer in Asheville, NC, he handles contested, uncontested, and collaborative divorces, including cases with complex property.

He holds a law degree from Stetson University College of Law and a psychology degree from Florida State University. He is licensed in North Carolina and Florida. Super Lawyers named him a Rising Star beginning in 2012 and awarded him its Distinction of Excellence in 2016.

A Negotiation-First Approach to Dividing Property

We try to resolve property disputes through negotiation and settlement when that protects our client’s interests. A negotiated agreement gives both spouses more control over who keeps each asset. It also limits the financial information that is presented in open court. When settlement is not possible, we take the case to trial. An Asheville high asset divorce lawyer who is prepared for trial is in a stronger position to negotiate. We have helped clients resolve their divorces both ways.

Understanding High Asset Divorce Cases

Grounds for Divorce and Property Division in North Carolina

North Carolina grants a divorce after the spouses have lived separate and apart for the required period. Neither spouse has to prove fault. Property is divided through a process called equitable distribution. The court first classifies each asset as marital, separate, or divisible property. It then values the marital and divisible property and divides it between the spouses. An equal division is the starting point, but the court can order an unequal division when the facts support it. Spouses can also settle property division themselves in a written separation agreement, which avoids a court decision.

A claim for equitable distribution must be filed before the divorce judgment is entered. A spouse who misses that deadline can lose the right to ask the court to divide the property.

What Is The High Asset Divorce Case Timeline?

A high asset divorce takes longer than a divorce with few assets because the property must be documented and valued. The main stages are listed below.

1. Separation. The spouses begin living apart. The date of separation is used to identify the marital property.
2. Financial disclosure. Both spouses exchange records of their income, assets, and debts.
3. Valuation. Appraisers and accountants value the businesses, real estate, and other assets.
4. Negotiation and mediation. Many cases are resolved at this stage through a written settlement agreement.
5. Trial. If the spouses do not settle, a district court judge decides the remaining issues.
6. Final orders. The court enters the divorce judgment and any orders needed to transfer property or divide retirement accounts.

What Are Important Aspects of a High Asset Divorce Case?

The following issues have a large effect on the outcome of a high asset divorce.

• Classification. Whether an asset is marital or separate determines whether it is divided at all.
• Valuation. The value assigned to a business or a property determines how much each spouse receives. Spouses often hire separate appraisers. A difference between the two appraisals is resolved through negotiation or by the judge.
• Taxes. Two assets with the same value can be worth different amounts after taxes. The tax consequences of each transfer should be calculated before an agreement is signed.
• Liquidity. A spouse who keeps a business or a home may need cash or financing to pay the other spouse’s share.

What Should You Bring to Your High Asset Divorce Consultation?

Financial records make the first meeting with a high asset divorce attorney more productive. Bring the records you can find. We can obtain the rest later.

• Personal and business tax returns for the last several years
• Recent statements for bank, investment, and retirement accounts
• Deeds, mortgage statements, and any recent appraisals
• Business financial statements and ownership documents
• Any prenuptial or postnuptial agreement

At the consultation, we review your records and ask about your goals. We then explain how your property would be classified and which issues will require the most work. We also tell you if a claim you want to pursue is unlikely to succeed.

Asheville Family Court and Local Resources

Divorce and property cases filed in Asheville are heard in Buncombe County District Court. The following resources are useful during a high asset divorce in Asheville.

• The Buncombe County Courthouse is where divorce complaints and equitable distribution claims are filed.
• Buncombe County’s local domestic court rules include the financial affidavits and equitable distribution inventory forms used in property cases.
• The Clerk of Superior Court maintains court files and provides copies of orders and judgments.
• North Carolina’s court system publishes divorce and marriage guidance that covers separation, divorce, and property division.

Reach Out to The McKinney Law Group Family & Divorce Lawyers to Schedule a Consultation

Speak with a high asset divorce attorney in Asheville, NC before you sign a separation agreement or divide any property. At the consultation, we review your financial records and explain your options for dividing property and addressing support. Contact us to schedule a consultation about your divorce and the property involved.