Unlike other states in our nation, North Carolina uses equitable distribution to divide property during divorce proceedings. Despite its title though, equitable distribution does not necessarily mean a 50/50 split of property. The "equal" division of a couple's marital and divisible property is determined by the court after looking at the net value of these assets. Suffice it to say, this can sometimes create more contentions because one spouse may feel that the other is getting more than they are.One thing that can help alleviate contentions before they even present themselves is by drafting a prenuptial agreement. As we explained in a previous post, prenups aren't just for celebrities but rather a great legal tool for couples with varying levels of assets. That's because these documents can effectively handle the property division step of a divorce if done properly. Here are a few things you will need to consider though before drafting a prenup:Your personal assets. One of the most … [Read more...]
Archives for July 2015
What celebrity divorces teach us about prenups and high assets
Many people across the nation, including some here in North Carolina, try to avoid reading tabloid stories about celebrity divorces. For some people, the reason is that they prefer not to gossip about other people's lives, oftentimes noting that getting a divorce is a very private thing and not something everyone should know about.Others though avoid reading stories about celebrity divorce because they doubt the particular elements of a celebrity divorce will apply to other situations such as their own. As you can imagine, this is a commonly held belief. But oftentimes, if you break down a celebrity divorce, you can see that they are no different than most high-asset divorces. To illustrate this point, we can look to Ben Affleck and Jennifer Garner who recently filed for divorce after 10 years of marriage. Not unlike other couples in Hollywood, Affleck and Garner signed a premarital agreement that will determine how much either partner will get based on the number of years they have … [Read more...]
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