In South Carolina, every divorce is different in some way, even if many couples who are getting a divorce face the same issues. However, a high asset divorce case makes it necessary for a careful review and legal representation for both you and your spouse. It helps to be aware of a few practical tips for high asset divorces.
There are issues in a high asset divorce that shouldn’t be ignored whether the split is uncontested or detested.
Is Child Support Different in a South Carolina High Asset Divorce?
There are guidelines that judges and attorneys must use when calculating child support. These guidelines could be of assistance to the South Carolina courts in determining the minimum levels of child support.
However, in a high asset divorce, many times these cases include such things as:
- Expensive hobbies, camps, or lessons
- Employment of an au pair or nanny
- Private school tuition
- College tuition
In many cases, the children of wealthy parents may attend private schools and higher-priced colleges.
Parental obligation generally ends when your child reaches the age of 18. Therefore, a judge cannot usually order you to pay for college. This means college tuition should be addressed in your separation agreement.
What About a South Carolina Prenuptial Agreement?
One of the first steps in a high asset divorce is to determine if there is a prenuptial agreement. A prenuptial agreement is quite common in cases where someone with little money marries into wealth.
Another consideration in terms of a prenuptial agreement is whether or not it is valid and legally binding. In this case, your prenuptial agreement will have to be reviewed.
Additionally, common grounds for setting aside or having a prenuptial agreement declared invalid may include:
- If you were forced to sign it.
- The other person is forced to sign it as a condition of getting married in the first place.
- If you are the one with the substantial assets and didn’t fully disclose all the assets in an attempt to be protective.
What About South Carolina Property Division?
All of your assets and liabilities must be classified and divided in any divorce case. Your property needs to be classified as either marital or separate (non-marital).
- Marital property: All the real and personal property you and your spouse acquired during your marriage and before the date of separation.
- Separate property: All the real and personal property you and your spouse acquired before you were married. Anything acquired by you or your spouse by devise, descent, or gift while you were married is also considered separate property.
Are Business Issues Common and Is Forensic Accounting Necessary in a South Carolina High Asset Divorce?
Some high asset divorces involve businesses. If your high asset divorce involves a business, small family business, or closely held business, an experienced local business evaluator will have to perform an evaluation. Usually, a forensic accountant’s services may also be required.
What About Our South Carolina Property and Investments?
All real estate holdings will have to be analyzed as well as any valuable antiques, airplanes, yachts, expensive jewelry, horses, classic cars, and fine art.
What about Alimony in a South Carolina High Asset Divorce?
In some South Carolina high asset divorces, alimony may not be an issue because both you and your spouse may have high incomes.
However, alimony may be considered when one spouse is dependent upon the supporting spouse. The South Carolina courts may decide on long-term alimony. They will use their discretion when determining the amount, duration, and how alimony will be paid.
The consequences of a high asset divorce are severe and numerous. The Greenville law firm of Bannister, Wyatt & Stalvey, LLC has the experience, skill, and knowledge to assist you in your high asset divorce in South Carolina. Contact us today!
