When most people hear the phrase high asset divorce, they probably think of celebrities and CEOs. Last year, Jeff Bezos, the founder, and CEO of Amazon agreed to a $35 billion divorce settlement with his wife. That is an incredible amount of money and is certainly considered a “high asset” divorce. However, the reality is that a high asset divorce typically deals with amounts much lower than that. In fact, many Greenville divorce cases are considered high asset divorces.
What makes a divorce a “high asset”?
There is no set amount of money or threshold for a divorce to be considered “high asset.” Each divorce case is different. In some cases, a high asset divorce will be defined by one or both spouses earning a high income. However, high asset divorce cases often involve a range of different types of assets. This can include:
- IRAs, 401(k)s, stocks, bonds
- Real estate investments
- Multiple homes (primary and vacation)
- Businesses that need a valuation
- Art, jewelry, other collectibles
- And more
South Carolina follows the “equitable distribution” model, which means that all marital assets must be divided as equally as possible, though this does not necessarily mean a 50/50 split. These cases may require significant assistance from financial and accounting experts.
Other considerations for a high asset divorce
Many high asset divorce cases involve inherited assets and assets acquired prior to the marriage. In these cases, special care will need to be taken to determine whether these are considered separate or marital property.
If there are children involved in a high asset divorce case, you can expect the process to operate differently than a regular divorce. The state’s guidelines for child support may not apply in these cases, and an experienced attorney will help ensure that you are treated fairly when it comes to child support payments.
You may not be Jeff Bezos, Johnny Depp, or Brad Pitt, but that does not mean you will not face substantial issues with your divorce case. High asset divorces are complicated, and you need to turn to a trusted team for help. At the Elliott Frazier Law Firm, you can count on having a Greenville divorce attorney who will fight for your rights throughout your case.