Columbia High Asset Divorce Lawyer

Columbia High Asset Divorce Attorney

There are unique challenges present in high-asset divorces, and both spouses are looking to safeguard their wealth and protect their families. These complicated cases can involve high-cost support awards, hidden assets, complex asset valuation, and other issues. A Columbia high-asset divorce lawyer can help you protect your finances and secure a favorable outcome to your divorce.

The Law Office of Charles T. Brooks III has spent nearly 30 years in family law, supporting families looking to protect their futures.

The median income of married-couple families in Columbia is $140,150. This median does not represent all couples living in Columbia, such as 2.5% of workers in the city who are self-employed in their own incorporated business. At the Law Office of Charles T. Brooks III, we understand how to navigate complex issues in high-asset divorce cases, including property division, family support, and prenuptial agreements.

There are five family law judges serving the 5th Judicial Circuit, which includes Columbia. The Richland County Courthouse is on 1701 Main Street, #205. Our firm has experience with local courts in Columbia.

High-Asset Divorce Cases and Prenuptial Agreements

High-net-worth marriages are more likely to include prenuptial agreements that come into play during a divorce. These agreements can determine the division of assets and debts in a divorce, potentially avoiding the usual requirements for the division of property. These agreements can be very useful for high-asset divorce cases, as they can speed up the process of property division and make each individual’s rights and responsibilities clearer.

However, prenuptial agreements can also be unfair or even illegal. The agreement may not be legally binding because it was signed under duress or if either party failed to disclose their financial assets. Additionally, if the agreement is unreasonably unfair to one spouse, the court may not enforce the agreement. This can further complicate the divorce process.

How Do High-Asset Divorces Change Property Division?

Property division laws in Columbia remain the same for high-asset couples, but the processes of division can be more complicated due to the complexity of assets. Like any divorce, property is categorized as either:

1. Marital property, or community property, which includes the assets and debts gained during a marriage
2. Separate property, which includes assets and debts from before the marriage or after separation

In property division, separate assets are not divided, while marital property is. All property must be accurately valued. Spouses can divide property outside of court, or the court will divide it equitably. In a high-asset divorce, it is often beneficial to divide property outside of court. Couples have more control over their property and can maintain more privacy.

The classification of assets as separate or marital, the valuation of assets, and the negotiation of division take time. It can take even longer in high-asset divorces where there are complex assets, such as investments or successful businesses. Property division often requires additional professionals like forensic accountants, asset valuators, and other financial experts. When you hire a high-asset divorce lawyer, they have access to numerous resources and professionals.

Hidden Assets in Divorce

When one or both spouses have substantial assets, hidden assets are more likely. Either party may want to hold onto specific assets or protect their own financial wealth. Hiding separate or marital assets can affect the fairness of the division of assets. If you suspect your spouse is hiding assets, it is important to work with an attorney who understands the complexity of these cases and how to most effectively investigate and uncover those assets.

Child Support and Alimony in High-Asset Divorces

Support, either for a child or a spouse, is affected by the income of both spouses.

Child support in high-asset cases must consider extraordinary costs on top of the usual expenses of caring for a child. This includes:

• Expensive sports or other extracurriculars
• Childcare employment costs
• Costs of a private school
• Expensive college costs
• Luxury vacations

These extraordinary costs will likely be considered when calculating appropriate child support.

Alimony can also be impacted by one or both spouses having high-value assets. Support is more likely when there is a significant difference between the wealth of spouses and there is an established high standard of living in the marriage.

When you work with an attorney, they can help advocate for fair support that protects your wealth while also caring for your family.

FAQs About Columbia, SC High Asset Divorce Laws

How Much Does a South Carolina Divorce Lawyer Cost for High-Asset Couples?

The cost of a high-asset divorce lawyer in South Carolina will depend, although it is likely to be higher than the cost of a lawyer for the average divorce. This is because more resources are required to evaluate, categorize, and divide assets. The average cost of a family lawyer in South Carolina is $273 per hour, but costs can vary. High-asset divorces are also likely to take longer to resolve, increasing the costs over time.

What Assets Cannot Be Touched in Divorce?

In a divorce, your separate assets are usually not up for division, although this can vary state-to-state. Separate property includes assets and debts you obtained before you were married and after the date of separation. Certain assets secured during your marriage may also be considered separate property, including gifts given or inheritance granted only to you.

How Are Assets Split in Divorce in South Carolina?

In South Carolina, the court divides assets and debts in a divorce based on equitable distribution. Spouses are assumed to have equal claim to their marital assets, and the court reviews several factors about their wealth and marriage to determine a fair division of marital assets. These factors include the value of each spouse’s separate property, child custody arrangements, the income of each spouse, the tax consequences of property division, and the health of each spouse.

How Much Does a High Net Worth Divorce Cost?

A high-net-worth divorce will likely be more costly than other divorces. Some costs to consider include:

• Filing fees
• Court costs, especially if it is handled in litigation
• Forensic accountant fees
• Attorney fees
• Professional valuator costs
• Mediator costs

High-net-worth divorces are more likely to require multiple professionals to value assets, uncover hidden assets, and fairly divide property.

Contact a Dedicated High-Asset Divorce Attorney

You can secure experienced and knowledgeable legal representation at the Law Office of Charles T. Brooks III today. Contact our firm today if you are facing a high-asset divorce in Columbia and need to safeguard your future