There is no such thing as a simple divorce for the people going through it. That said, some divorces are made more complicated by complex property division issues. In a North Carolina divorce, marital property is presumed to be divided equitably between the spouses. However, there are numerous factors that can make that division more challenging, such as the unique nature of certain assets; confusion about whether certain assets are subject to division; tax considerations; concerns that one partner may have concealed assets; or simply the large size of the marital estate.
Even couples who want an amicable divorce and have the best of intentions can struggle with reaching a fair settlement regarding their marital property. The attorneys of Connell & Gelb have decades of experience working with complex property division in divorce, and are skilled in helping their clients achieve a favorable outcome in these matters.
If one spouse owns an interest in a business or professional practice, or spouses are in business together, that business may be marital property subject to division. Often, what happens in these cases is that the spouse who is more active in the business retains the business in the divorce, with the other spouse receiving an equivalent amount of other marital assets. To achieve a fair result, it is necessary to obtain an accurate valuation of the business - an often complex process.
Valuation of a business involves consideration of tangible assets such as inventory and machinery; intangible assets such as goodwill generated by the business; accounts payable and receivable; other assets and debts; and the company’s anticipated profits. If one spouse keeps the business, future business income may be relevant to the issue of spousal support.
The services of a business valuation expert are almost always required to accurately assess the value of a closely-held business. Connell & Gelb works with respected valuation experts and other financial professionals to ensure that the identified value of a business is as accurate as possible.
Professional practices and other businesses are only some of the assets that can complicate property settlement in divorce. Other complex assets may include:
Any divorce that involves significant or complex assets, has the potential for increased—and costly—conflict. Divorce attorneys experienced in complex property division can mitigate this potential while advocating effectively for their clients.
A divorce involving complicated assets calls for the assistance of attorneys who are experienced in these specific matters and have access to a network of professionals, like business valuation experts and forensic accountants, who can ensure all assets are identified and properly valued. Assembling a knowledgeable team headed by your attorney is an investment in a successful outcome.
Even divorces complicated by property issues are likely to be resolved by settlement. Attorneys Michelle Connell and Wes Gelb are experienced negotiators who are well-equipped to keep settlement discussions on a productive track. However, divorces involving significant assets are more likely to go to trial than more straightforward cases. That is why it is essential in these matters to retain an attorney who is prepared to litigate disputed issues if necessary.
Because most divorces settle, many family law attorneys have little trial experience. Unlike those attorneys, Michelle and Wes are experienced in litigating high net worth divorce matters, with a strong track record at trial. They are well known for their thorough research and meticulous preparation of every case.
To learn more about complex property division in a North Carolina divorce, contact Connell & Gelb to schedule a consultation.
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