If you are approaching a high-net-worth divorce in North Carolina, you may be particularly wary about working with lawyers. With so much wealth on the line, you might want to choose only the most qualified, experienced divorce lawyers in the Tar Heel State. However, experience and qualifications might not be enough for your unique needs. You may be considering whether to work with a lawyer who has specific knowledge of high-net-worth divorces. Do such lawyers even exist? Do you really need to work with a lawyer who has specific experience in this area? How can you find lawyers who understand high-net-worth divorces in North Carolina?
What Makes a High-Net-Worth Divorce Different?There are many factors that make high-net-worth divorces unique. First, these divorces are more likely to involve complex assets. These are generally lucrative, difficult to assess, or difficult to liquidate. A wide range of assets may fall into this general category and then are extremely difficult to deal with in the event of a divorce. High-net-worth individuals are more likely to accumulate these assets than others, and therefore they become more common in high-net-worth divorces.
High-income spouses generally enjoy a relatively high standard of living during their marriages, and this can affect the outcome of divorce in many different ways. First, a spouse who becomes acclimatized to this high standard of living may be entitled to alimony payments that continue this standard of living past divorce. For example, a spouse who enjoys luxury goods, expensive homes, and lavish vacations could successfully argue that they deserve to continue experiencing this lifestyle after divorce.
In addition, children may become accustomed to this high standard of living during the marriage, and this can affect child support and child custody in many ways. For example, a child may be enrolled in an expensive and elite private school. They may engage in expensive hobbies, such as skiing, ice hockey, or horseback riding. This standard of living may need to be maintained after the divorce with high child support payments.
Why Work With a Lawyer Who Understands High-Net-Worth Divorces?It may be a good idea to work with a lawyer who understands the complexities of high-net-worth divorces. These lawyers may be very familiar with common issues and challenges that arise during high-net-wroth divorces, and they can help you overcome them with relative ease.
In contrast, a lawyer who lacks experience with high-net-wroth divorces may struggle to overcome these roadblocks. Why? Because if they lack this experience, they may be encountering high-net-worth-related issues for the very first time.
High-net-worth divorce lawyers may also have networks and connections that assist with resolving complex issues. For example, they may know forensic accountants and other financial professionals who can help with some of the most complex and challenging issues that arise during high-net-worth divorce. These professionals may be particularly helpful in resolving issues related to concealed or commingled assets. Both of these assets are relatively common in high-net-worth divorces.
Is Working With a More Experienced Lawyer More Expensive?A more experienced lawyer is not necessarily more expensive. In fact, more experienced lawyers often save you more money in the long run. For example, a lawyer who has experience with high-net-worth divorces can typically resolve complex issues faster and more efficiently. The fewer hours your lawyer spends trying to figure out a solution to a problem, the fewer legal fees you pay.
You might also benefit from working alongside lawyers who can assist with alternative dispute resolution strategies – such as collaborative law or mediation. These strategies revolve around private negotiations, and they can be resolved much more quickly compared to litigation. With less time spent in court, you can expect to pay fewer legal fees. Collaborative law is especially popular among high-net-worth spouses not only because of its speed and efficiency but also because of its privacy. Those with complex investments and business holdings may not wish to publicize the full extent of their finances.
Find an Experienced Divorce Lawyer in North CarolinaIf you have been searching for a qualified divorce lawyer in North Carolina, look no further than Arnold & Smith, PLLC. We know that high-net-worth divorces can be especially challenging and complex in North Carolina – and we’re here to help. We have considerable experience with these kinds of divorces – and we can guide you toward the financial security you need and deserve. It may be necessary to work with a lawyer who understands these situations rather than someone who deals primarily with “average” divorces. To learn more about our experience and understanding of high-net-worth divorces, be sure to book a consultation today.