In the event of a divorce, protecting assets may be one of your top goals. This may be particularly true if you own a business, which could be considered marital property. Fortunately, there are agreements that you and your spouse can put into place before you’re married, or even after you’re married, that can help you protect your assets as well as your business.

The very first step you take – if you are not yet married – should be setting up a prenuptial agreement in advance of your wedding.

How can a prenup help?

A prenuptial agreement can help because it will allow you and your spouse to divide assets in certain ways in advance. For instance, you may specify that any business assets should remain in your name alone. You may also want to indicate how much money or other assets you’re bringing to the marriage, making it easier to retain them.

The hope is that, since you and your spouse are on good terms, you can come up with a fair prenuptial agreement. If you get divorced, you may be on less than amicable terms, but a lot of these difficult financial decisions will have already been made. You’ll get the peace of mind of knowing that your business and your assets are safe no matter how your relationship evolves.

What if you’re already married?

Of course, if you’re already married, then you can’t use a prenuptial agreement. But the good news is that you can usually set up a post-nuptial agreement instead. It offers many of the same opportunities, but you and your spouse can both sign it and agree to the terms, even if you’re already married.

A post-nuptial agreement, like a prenup, can’t be designed to influence you to get divorced and it can’t include anything about child custody rights, but it certainly can help you protect your assets. People sometimes use these agreements if they become business owners after they have married, for example, or if a small business grows dramatically in value and they don’t want to risk losing their interest and investment in it.

All that being said, a divorce with these types of assets on the line can certainly be complicated. It’s very important to understand exactly what legal steps to take and all of the options at your disposal. Seeking legal guidance is a good place to start.

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What to do when you are embroiled in custody litigation and you want your child’s opinion to be considered? In a previous blog post on our website, I discussed the circumstances that might result in a Court allowing a child to testify either in Court or in the Judge’s chambers. As I mentioned in that post, a child normally needs to be at least 10 to 12 years old before that is an option. What does a custody litigant do if they have a child younger than 10 and want the child’s opinions and preferences to be considered? Wake and Durham County Family Courts participate in a program administered by Legal Aid of North Carolina called “The Child’s Advocate.” The Child’s Advocate provides a lawyer to represent the child or children in Court and to express the children’s preferences to the Judge. The Child’s Advocate (TCA) is appointed by a Judge in response to a motion filed by one of the parties’ attorneys, and the TCA generally serves as attorney for the child without cost to the parents. Recently, the Wake County Family Court issued a Memo to attorneys describing some new restrictions that are likely to make it slightly more difficult to secure the appointment of a TCA. Going forward, the TCA will only be appointed in cases where the child is at least 7 years old (the threshold for appointment had previously been 5 years old). Additionally, in order for the Court to approve the request for appointment, the custody case must involve at least one of the following:

1. Allegations or findings of family violence (domestic violence and/or child physical, sexual, or psychological abuse);

2. Substance abuse or mental instability of a parent;

3. Special needs of a child requiring additional investigation and advocacy (mental health, medical, educational, etc.);

4. Child resisting/refusing visitation with a parent;

5. Potential relocation of a parent

6. Child’s gender identity or sexual orientation is a contested issue;

7. An “Other compelling reason” that must be specifically articulated and must satisfy the Court that it rises to the level of importance that would necessitate the involvement of the TCA.

The Wake County Family Court memo explicitly states that a high level of acrimony between the parents is NOT sufficient to warrant the appointment of the TCA, so that is not a factor that will satisfy the miscellaneous “other” factor mentioned above. The Child’s Advocate can be an extremely useful avenue for allowing the Court to consider the preferences of younger children in custody cases. It is important for litigants to understand when and under what circumstances a Court will be willing to consider the involvement of the TCA.

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Divorce is a difficult and emotional process. However, the outcome of the divorce can greatly affect your future financial health, parental rights, and other important decisions. Hiring an experienced divorce lawyer to help manage the process can be invaluable in achieving a favorable result, but it’s critical to find an attorney with whom you are comfortable working.

Below we have compiled 10 questions that parents should ask potential divorce attorneys before deciding on which one will best suit their needs during this daunting time.

1. How long have you been practicing divorce law?

An experienced lawyer can bring invaluable understanding and insight into their client’s legal situation. They will understand the local laws, court processes, and regulations governing your state or country as they relate to divorce proceedings.

Having an experienced lawyer on your side provides valuable peace of mind and could potentially save you both time and money in the long run. They can create strategies so that you get the best outcome based on realistic expectations.

2. What do you charge for your services?

Before signing with a divorce lawyer, it is important to understand what their fees are for representing you.

Ask about their hourly rate, as well as any additional costs that may be incurred.

This includes filing fees, research charges, and the cost of having any special documents printed.

Make sure to inquire about retainer fees and if your legal fees can be paid in installments.

Lastly, find out if the firm offers a flat fee for certain services such as preparation of legal documents or advice on a particular subject.

Asking all these questions up front can help you better understand the financial commitment you’ll be taking on during your divorce proceedings.

3. Do you prefer to negotiate settlements or litigate in court if necessary?

Questions about whether the lawyer has experience with both negotiation and litigation can provide you with valuable insight into their approach as well as their level of expertise in both areas.

4. What kind of experience do you have in cases similar to mine?

Ask them what kind of cases they have worked on that are similar in nature, such as if they have dealt with property division or child custody issues.

You should also inquire if the lawyer has gone all the way through trial and has had favorable results in those kinds of cases.

Ask how long they have been practicing law and how long they have been handling divorce-related matters. This will help you determine if they will be able to provide you with effective legal representation throughout your case.

5. Do you specialize in any specific areas of divorce law?

In some cases, a lawyer may specialize in certain areas of divorce law such as paternity suits, spousal support, or business owners going through a divorce.

6. What is your approach to negotiation and conflict resolution?

This question helps you gain an understanding of how the lawyer typically works through a contested divorce. In other words, it gives you insight into the strategy that will be used to address issues such as child support, custody, spousal support, asset division, and property division.

You want a lawyer who is experienced in dealing with contested cases and has proven success in resolving disputes efficiently and responsibly.

7. Can you provide references from clients who have used your services in the past?

A lawyer’s reputation speaks volumes about their legal skills and experience. Ask them if they can provide references of former clients who have experienced success working with them. This will be beneficial in helping you determine if the lawyer is a good fit for your situation. You will want to look up reviews from people who have used their services in the past.

8. What is your preferred method of communication?

Having an open line of communication with your lawyer is essential when it comes to managing the details of your divorce case. Ask them what methods they prefer for staying in touch and how quickly they typically respond to messages or emails. Additionally, find out if they offer any online services or virtual meeting options that may be helpful during the process.

9. How will you keep me updated on the progress of my case?

It is important to know how your lawyer plans to keep you informed on the status of your divorce proceedings. Ask them what type of updates they provide and how often you can expect to hear from them regarding any changes or new developments. This will help you stay organized and up-to-date throughout the entire process.

10. Do you have any advice on how I can best prepare for our time together?

Have your attorney provide you with advice on how to best prepare for meeting and working with them. Ask what documents they need from you ahead of time, if there are any forms that need to be filled out, or if there is any other information that may be useful. This will help ensure that your meetings with the lawyer are productive and efficient.

Conclusion

By asking these questions, you will be able to make a more informed decision about who to hire as your divorce attorney. An experienced lawyer with knowledge in the specialized area of divorce law will be able to provide you with the best legal representation. Additionally, having a good understanding of their approach, communication style, and successful track record will help you feel more confident during your proceedings.

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For business owners, navigating the dissolution of a marriage is complicated and emotionally charged. You must manage not only your own emotions but also ensure that the interests of your business—and associated assets—are protected.

As a family law firm helping countless clients cope with divorce, we understand these challenges firsthand and are here to provide guidance so you can reach an equitable divorce settlement without sacrificing key elements of your hard work. In this blog post, we’ll discuss strategies for negotiating a successful divorce while safeguarding years of investment in both your marriage and business.

Protect your business from devaluation

When a business owner is involved in a divorce, it’s important to take steps to protect the business from devaluation. This can be done in a number of ways, including ensuring that the business is not used as collateral for any loans or other financial obligations taken on by either spouse during the divorce proceedings.

It’s also important to ensure that neither spouse attempts to damage the other’s relationship with the business or interfere with the other’s ability to run the business.

In North Carolina, you can request a court order to prevent a spouse from devaluing their business. This can include preventing a spouse from selling assets or cutting services without the other’s knowledge. This will ensure that both parties remain in control of their respective business interests and won’t suffer financial losses due to the other’s actions.

Understand the different ways your business will be affected by divorce.

When a couple decides to get a divorce, it can have a ripple effect on their businesses. In many cases, the divorce will mean one spouse is no longer involved in the business. This can lead to changes in management, ownership and even the day-to-day operations of the business.

In some cases, the court may distribute business assets in an equitable manner to both spouses in a divorce settlement.

In other cases, the court may order that one spouse retain ownership of the business and award a sum of money to the other spouse as compensation for their stake in the business. This can be done through a lump-sum payment or ongoing payments over time.

Negotiate a divorce settlement that ensures the business survives

In any divorce, the two parties involved will have to negotiate a settlement that meets their needs. This is especially important when there is a family business involved, as the future of the business needs to be considered. If the divorce is contentious, it can be difficult to come to an agreement that both parties are happy with.

In order for a business to survive a divorce, both parties need to be willing to compromise. The spouse who is not responsible for running the business will likely want to liquidate or sell their interest in the company. The spouse who is responsible for running the business may want to keep it running and try to maintain control of it. In some cases, the two spouses can agree to keep the business running and share control of it.

No matter what arrangement is made, both parties need to be aware of the potential consequences. If one spouse wants to liquidate their interest in the company, but the company doesn’t have the financial position to buy them out, it could lead to financial stress and possibly the dissolution of the business.

It is important for both spouses to have an attorney representing them during these negotiations. An attorney can help guide them through the process and make sure that their interests are protected.

Avoid rash decisions that could jeopardize the business

Divorce can be a complex and emotional process, and if you’re not careful, it can jeopardize the future of your business.

Here are a few things to keep in mind:

1. Don’t make rash decisions. Divorce is a major life change, and it’s important to take your time and make sure you’re making the right decisions. Rushing into things could lead to mistakes that could have serious consequences for your business.

2. Keep things civil. Conflict only damages the business.

3. Consult with an attorney. Divorcing business owners should seek advice. Trying to DIY a divorce when you own complicated assets like a business could be a recipe for disaster.

4. Consider mediation. If you and your ex-spouse can’t agree on anything, mediation may be a good option. Mediation allows both sides to come to an agreement through a neutral third party. This can be helpful in preserving relationships with your ex-spouse and minimizing the damage to your business.

Seek a family law attorney with business experience

When it comes to getting a divorce, having an attorney with business experience can be incredibly helpful. This is because a business-minded attorney will be able to help you through the process in a way that minimizes the financial impact of the divorce. They will also be able to help you protect your assets and make sure that you are treated fairly in the divorce settlement.

Gantt Family Law in Raleigh is a great place to start looking for an experienced family law attorney with business experience in Wake County. Our attorneys have extensive knowledge of North Carolina’s divorce laws and can help you navigate through the complexities of dividing marital property, including a family business. Contact us today to learn more about our services and how we can help you protect your interests in the divorce.

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Every parent fears the thought of not being able to see their children on a regular basis, which is why the potential to lose custody in a divorce can be incredibly daunting.

Despite what one may assume, mothers aren’t always given an automatic win when it comes to court proceedings – often, they’re put at a disadvantage due to stereotypes.

Here, we’ll discuss how a mother can lose her custody battle and how best she can protect herself during her case.

Not having a legal representative

A mother going through a custody battle without the help of an attorney puts her at a distinct disadvantage.

Even though it is possible to win a child custody case without legal representation, there are many potential stumbling blocks in the process.

Having an attorney to advise and guide you through each step of the proceedings can make all the difference.

Since there are numerous aspects to consider in this type of case, such as the best interest of the child and the lifestyle that each parent provides, the assistance of a qualified lawyer will help ensure your arguments are heard clearly and persuasively by the court.

Without an advocate, mothers can easily lose their custody battle if they are ill-prepared for this consequential litigation.

Not following court orders

A mother who is trying to win a custody battle needs to show that they respect any court orders that are put in place. This means following the instructions carefully, being up to date on payments, and taking all requests seriously.

A judge will be looking for evidence of commitment and dedication, so not following directions can make it appear that the parent does not take their responsibilities seriously enough for them to have custody of their child.

By upholding the court’s decisions, a mother can demonstrate to the judge that she is a responsible caregiver and demonstrate her commitment to her role as a parent.

Poor parenting skills

When it comes to the well-being of a child, courts take significant measures to ensure that parents are providing an upstanding and safe environment.

Unfortunately, if it is found that a mother is not attending necessary medical appointments or fulfilling basic educational requirements due to negligence or indifference, this could easily lead to the other parent gaining custody.

In a worst case scenario, it might be possible for a mother to even lose complete custody due to her failure in properly nurturing and caring for her child.

It’s important for all parents going through custody battles to realize that their involvement in their children’s lives and decisions can have far-reaching implications in court.

Financial irresponsibility

Financial irresponsibility is a very real concern when it comes to determining the best interests of a child.

A judge has the responsibility to ensure that any child placed in the custody of their mother will be properly cared for, and part of that scrutiny includes the financial abilities of the parent.

Careless spending, unmanageable debt, or any other poor financial decisions can convince the court that awarding custody would put the child’s health and wellbeing at risk.

For this reason, it’s important for mothers to be mindful of their financial responsibilities if they want to maintain rights to their children in court.

Domestic abuse allegations

The safety of a child should be paramount in any custody decision and a mother is no exception to this. Unfortunately, should there be any accusation of domestic abuse within the home, which can take the form of physical, emotional or sexual danger, then courts will consider the risks posed to a child without hesitation.

All too often it is the mother who unfortunately loses out on custody if it is found that her child was at potential risk due to any activity taking place in their household.

Although heartbreakingly unfair for some parents, this decision is made with the safety and wellbeing of the child being taken into consideration as paramount.

Final Thoughts

Losing a custody battle is not something any parent wants to face, but unfortunately, it is sometimes unavoidable. If you are facing a court case and need advice or legal assistance then be sure to contact a family law attorney who can help guide you through the process.

In Raleigh, North Carolina Gantt Family Law has expertise in a range of family law matters from divorce, child custody and adoption to alimony, prenuptial agreements and more.

If you need help fighting for your parental rights, contact Gantt Family Law today.

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If you’re considering divorce, it’s important to know when to get a lawyer and when you can go it alone. While it’s possible to get divorced without an attorney, the process is often more complicated and time-consuming than you would expect. Here are some situations where it might be a good idea to hire an experienced divorce lawyer:

You Own Assets or Have Debts

When a relationship ends, the process of dividing up assets and debts can be complicated and emotionally charged. If you and your partner own property, investments, businesses or other significant assets, you need a lawyer to help you divide them equitably.

Similarly, if you and your partner have significant debts, such as mortgages or large credit card balances, you’ll need an experienced attorney to help ensure that the debt is divided fairly.

You Have Dependent Children

If you have minor children, it is imperative that you hire a divorce lawyer. A good attorney can help you establish and protect your rights as a parent, ensuring that you are able to get custody or parenting time that allows for the best interests of the children.

Your lawyer can also help you navigate the often complex legal system, making sure that all of the necessary paperwork is filed and that deadlines are met.

In addition, a lawyer can provide invaluable support and advice during what is often a difficult and emotional time.

By hiring a qualified divorce attorney, you can help to ensure that your rights as a parent are protected and that your children are able to maintain as much stability as possible during and after the divorce.

You Need Alimony

Alimony, also known as spousal support, is a financial payment made from one spouse to the other after a divorce. If you are eligible for alimony, an experienced divorce lawyer will be able to negotiate a fair amount with your spouse and make sure that it is included in the final divorce agreement.

While there is no hard and fast rule for how alimony is calculated, there are a number of factors that can be considered, such as the length of the marriage, each spouse’s earning capacity, and whether one spouse sacrificed their career to care for the home and family.

To ensure that you receive a fair settlement, it is important to have an experienced divorce lawyer on your side who can advocate for your rights and help to reach a favorable outcome.

You Have Complex Tax Issues

Divorce can have significant tax implications, and a knowledgeable divorce lawyer can help to make sure that you are not subject to any unexpected tax liabilities. Your lawyer can provide valuable advice on issues such as the division of retirement accounts, capital gains taxes, or other complex financial matters that may arise during a divorce.

By hiring an attorney with extensive experience in dealing with these types of issues, you can ensure that your taxes are handled properly, and that any disputes between you and the IRS are resolved quickly.

You Are in a High-Conflict Divorce

Sometimes, even the most amicable of divorces can become high conflict. If your partner refuses to cooperate or is not willing to negotiate in good faith, an experienced divorce lawyer can help protect your rights and make sure that your best interests are taken into consideration.

Your lawyer can also provide invaluable advice on how to handle the situation, helping you to avoid costly litigation or other contentious legal disputes. Ultimately, a good divorce lawyer will be able to ensure that your rights are protected and that you receive a fair settlement.

No matter what the circumstances of your divorce, it is important to have an experienced attorney on your side who can help protect your rights and guide you through the legal process. A good divorce lawyer will be able to provide valuable advice and support during this difficult time, helping you reach a favorable outcome that meets your needs and protects your best interests. With an experienced lawyer on your side, you can ensure that the process of divorce is as smooth and stress-free as possible.

Your Spouse Already Hired a Divorce Attorney

Being served with divorce paperwork by your spouse’s attorney can be daunting. Seek professional legal counsel immediately.

Family law is complicated and a small error on your forms can cause serious, lifelong consequences.

If your spouse has already hired a lawyer, the clock is ticking.

Gantt Family Law in Raleigh

Our team of experienced attorneys understand that divorce can be an emotionally and financially challenging experience, and we strive to provide compassionate counsel while fighting for our clients’ best interests.

We handle a wide variety of legal matters related to divorce, including spousal support, child support and custody arrangements, division of assets and debts, and pre- and post-marital agreements. Our attorneys are experienced in handling high-conflict cases, as well as those involving complex tax issues or other difficult financial matters.

Schedule a consultation to learn more.

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When two people get married, they make a commitment to each other. However, what happens when one spouse decides to walk away from the marriage? Is the other left with nothing? In today’s blog post, we’ll be discussing spousal support and when it applies in a divorce.

What is spousal support?

Spousal support, also called alimony, is a payment from one ex-spouse to the other. The payments are made to help the receiving spouse maintain their standard of living after a divorce. The amount and duration of spousal support is decided on a case-by-case basis by the court.

How is spousal support determined

In order for the court to even consider awarding spousal support, there must be a showing of need by the receiving spouse. This means that they cannot have enough income or assets to support themselves after the divorce. The paying spouse must also have the ability to pay spousal support.

What factors are considered in the determination of spousal support?

The court will look at a variety of factors when determining whether to award spousal support and how much the payments should be. Some of these factors include:

– The length of the marriage

– The age and health of both spouses

– The earning capacity of both spouses

– The standard of living during the marriage

– The contributions of each spouse to the marriage (including homemaking and child-rearing)

– The financial needs of each spouse

– The ability of each spouse to pay spousal support

– Any tax consequences of spousal support

How long does spousal support last?

In North Carolina, spousal support is typically awarded for a set period of time rather than indefinitely. The length of the award will depend on the couple’s individual circumstances.

Once the award has been made, it can be modified if there is a material change in circumstances. However, it is important to note that spousal support is not intended to be a lifelong “safety net.” Rather, it is meant to provide financial assistance during the transitional period after a divorce. As such, most awards will eventually expire, at which point each spouse will be expected to be self-supporting.

Modifications to spousal support orders

In some cases, spousal support may be modified after the divorce if there is a significant change in circumstances.

For example, if the spouse receiving support experiences a substantial increase in income, they may no longer need or be entitled to spousal support. Alternatively, if the spouse paying support loses their job or experiences a decrease in income, they may petition the court for a downward modification of their spousal support obligation.

If you are seeking a modification to your spousal support order, it is important to consult an experienced family law attorney who can advise you of your rights and help you navigate the legal process.

What Happens If I Don’t Pay Spousal Support?

If you have been ordered to pay spousal support and you fail to do so, there can be serious consequences.

The first step is for your ex-spouse to file a motion with the court that issued the original order.

If the court finds that you have willfully failed to pay support, they can hold you in contempt of court. This means that you could be fined and/or imprisoned.

In addition, the court may order wage garnishment or attach a lien to your property. If you are having difficulty making payments, you should contact your ex-spouse and/or the court as soon as possible to avoid these penalties.

Nervous about Spousal Support in Wake County?

When it comes to divorce, one of the most stressful aspects can be worrying about spousal support. Will you have to pay it? How much will it be? Will you be able to afford it?

If you’re going through a divorce in Wake County, North Carolina, the best thing you can do is talk to an experienced family law attorney.

Richard Gantt has been helping people with their divorces for over 20 years, and he knows the ins and outs of spousal support in North Carolina.

He’ll be able to explain the law to you and help you understand what you can expect. He’ll also work hard to get you the best possible outcome in your divorce, whether that means negotiating a fair settlement or fighting for your rights in court.

If you’re getting divorced in Wake County, don’t go through it alone. Call Gantt Family Law today.

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The date of separation is the date when one or both spouses decide that they will no longer live together as a married couple and they begin living separate and apart with the intention to not resume the marital relationship. Moving to the spare bedroom or the basement does not count as separation.

The separation date can be hard to determine in cases where the spouses separate and then reconcile multiple times before finally deciding to divorce. Generally, the courts will look at the last date of reconciliation as the separation date, but there are some exceptions to this rule.

The legal significance of the separation date is that it marks the beginning of the one-year period that the spouses must be living apart in order to get a divorce. Under North Carolina law, you must be separated for a full year before you can file for divorce. This is true even if both spouses agree to the divorce and sign all of the necessary paperwork.

If you have any questions about separation or divorce in North Carolina, it’s important to speak with an experienced family law attorney who can help protect your rights.

Intent to Divorce

The main element in defining intent is that some action must be taken by one spouse that demonstrates they have tried to leave the marriage. This could be anything from physically moving out of the house to writing an email mentioning your intended divorce. In order for the date of separation to be valid you must show intention to leave the marriage and become physically separated. There is no way around this law.

Date of Separation in Equitable Distribution

The date of separation is very important in equitable distribution, which is the division of property between spouses at the time of divorce. All property that was acquired during the marriage is considered to be marital property and is subject to division. However, any property that was acquired after the separation date is considered to be separate property and is not subject to division.

This can be especially tricky to navigate for business owners. Small business owners in particular can see the values of their businesses fluctuate greatly from year to year. As a result, the date of separation can have a big impact on how much each spouse gets in the divorce.

For example, if a business receives a significant new contract that affects business valuation before the date of separation, the higher value will be included in equitable distribution calculations. If however, the contract comes in after the date of separation it would not be included. It’s easy to see how this can cause disagreements and is just one example of how important it is to have an experienced attorney on your side who can help protect your interests in property division.

How Support Payments Are Affected

Awards of child support and spousal support can also be impacted by the date of separation. Support payments are generally based on the incomes of both spouses at the time of the divorce. Judges have the discretion to back date child and spousal support payments to the date of separation.

We Fight For Your Rights

If you have questions about how your divorce might be affected by the date of separation, it’s important to speak with an experienced attorney who can help ensure that your rights are protected. Gantt Family Law in Raleigh is highly respected and rated 10 out of 10 on Avvo. We have more than 20 years of experience handling complex divorces, property division, and support payments. We’re here to fight for you and ensure that you get the best possible outcome in your divorce.

Call us today to schedule a consultation.

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Divorce is never an easy decision, but when you’re a business owner, it can be especially complicated. We know it hasn’t been easy, and you’ve made countless sacrifices to get where you are today. You’ve spent years – maybe even decades – building a business or professional practice from the ground up. And now that it’s profitable, a divorce could threaten everything you’ve worked so hard for.

If you’re a business owner considering divorce, here are the things you need to know before getting a divorce.

Talk to an attorney before you do anything

As anyone who has gone through a divorce will tell you, it is a difficult and stressful time. There are many decisions to be made and it can be hard to know what is the right thing to do.

If you are considering divorce, it is important to get as much information as possible before taking any action.

NC divorce laws are complex and even simple situations can be very confusing.

For business owners the level of complexity is enormous and you’ll want an attorney by your side with experience representing business owners in divorce proceedings.

Do not move out of your marital home

One of the biggest decisions that divorcing couples must make is who will stay in the family home.

If you choose to leave the house without a good reason, you may be ordered to pay alimony or be unable to collect alimony once the divorce is finalized.

Additionally, you may be unable to return to the home until after a court divides the property according to standard NC divorce laws; a process which can take more than a year.

The best advice is to talk with an attorney before making any decisions about leaving the family home. Unless your spouse is violent, it is generally best to stay in the house until after you have a chance to fully understand your legal rights and options.

Talk to your lawyer before you talk to anyone about extra-marital affairs

In the state of North Carolina, adultery is grounds for divorce. If one spouse files for divorce on the grounds of adultery, and the other spouse admits to the affair, the admitting spouse may be required to pay alimony to the spouse who filed for divorce.

In addition to the fact that adultery is illegal in North Carolina, admission of an affair can have other dire consequences in an NC divorce.

If your spouse is a candidate for alimony, any illicit sexual behavior on your part could end up costing you thousands in additional alimony payments.

Although an alimony claimant is not required to prove the other spouse is at fault in order to be entitled to post separation support or alimony, the alimony statute addresses the concept of marital fault and permits a judge to consider evidence of fault in fixing the amount of alimony to be awarded, if any. As a result, honesty may not be the best policy in this case.

Safeguard your assets

Before you and your spouse begin discussing divorce, it is important to take concrete steps to safeguard your assets.

One of these steps is to take possession of certain assets during separation, especially those assets you wish to be using.

This list could include furniture and vehicles, and other assets that could be liquidated by your spouse, including precious gems and stones, collectibles, cash, and bonds.

Another step to take is to freeze your credit. This will prevent your spouse from opening new lines of credit in your name, and making charges that you will be responsible for after the divorce.

Finally, you should close all joint accounts and remove your name from any accounts that you are not the primary account holder on.

Is your business your most valuable asset?

When it comes to divorce, the division of assets can be a complex and sensitive process. But if your business is your most valuable asset, it’s crucial to have an attorney who understands business valuations and can guide you through the process with skill.

At Gantt Family Law, we have experience representing all types of business owners, from small business owners to multi-state corporations.

We understand the unique challenges that come with valuing a business in a divorce, and we will work diligently to ensure that your interests are protected.

Contact our office today to schedule a consultation.

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In any divorce, the division of assets is a key issue. When it comes to family businesses, that division can be especially complicated. How is the business valued? Who gets what share? These are questions that need to be answered before any settlement can be reached. In this blog post, we’ll take a look at how family businesses are valued in North Carolina divorces and some of the factors that go into that valuation.

Determining the business value

There are a number of different factors that go into valuing a business, which is why the process is typically quite complex.

In order to ensure that both parties have a fair chance at coming to an accurate evaluation, it is common for each side to hire their own independent expert – usually a Certified Business Appraiser or Certified Public Accountant.

These professionals will be responsible for conducting their own analysis and later testifying as to their findings.

It is not uncommon for the parties to disagree on the business’s value, in which case it would be up to the courts to make a final determination. However, due to the wide discretion afforded to them in such cases, it can be difficult to predict what the outcome will be.

Business Valuations in a NC Divorce

There are a variety of standards of value for businesses, the most commonly used being the fair market value.

The fair market value is determined by looking at what a willing buyer would pay for the business and what a willing seller would accept, assuming both parties have reasonable knowledge of the relevant facts and neither party is under any compulsion to sell.

Other standards of value include investment value, intrinsic or fundamental value, liquidation value, and book value.

The appropriate standard of value depends on the specific circumstances of the business being valued. In general, though, the fair market value is the most widely accepted and used standard in North Carolina divorces.

Disagreements on business valuation are common

It’s important to keep in mind that the value of a business can be highly contested in divorce proceedings. The party who is keeping the business will typically argue that the value is low, while the party being “bought out” will contend that the value is much higher.

If the business or business interest existed prior to the marriage, the party keeping the business will likely argue that the business has not gained much value from the date of marriage to the date of separation.

The party being bought out, on the other hand, will maintain that the bulk of the value of the business was gained during the marriage as a direct result of their combined efforts.

Ultimately, it’s important to have a clear understanding of the value of a business before entering into divorce proceedings.

Selecting the date

One of the first steps in valuing a business for divorce purposes is to select a valuation date. This date represents the point in time at which the business assets will be valued.

In some cases, the parties involved in the divorce proceedings will agree on a valuation date. However, if the parties cannot come to an agreement, the judge presiding over the case will choose a valuation date that he or she believes is fair to both sides.

The valuation date can have a significant impact on the value of the business, as it may fluctuate greatly over time. For this reason, it is important that the parties involved in a divorce proceeding are aware of the potential implications of choosing a particular valuation date.

The date of separation is often used as the valuation date for businesses in divorce proceedings. However, this may not always be the most equitable choice.

For instance, if the business interest existed prior to the marriage, the business should be valued as of the date of marriage and as of the date of separation and any appreciation during that period should be considered marital.

The date of the filing of divorce is also not always the most equitable either.

If the business was worth $1 million on the date of separation and only worth $500,000 on the date of the divorce filing due to the active depreciation of the business by the controlling spouse, the court should consider the value on the date of separation.

In order to ensure that businesses are fairly valued in divorce proceedings, it is important to have legal representation with experience representing business owners.

Dividing a business in divorce can get messy

Deciding how to divide a business in a divorce can be a difficult and complicated process. There are many factors to consider, such as the value of the business, the role that each spouse played in its success, and the prospects for its future growth.

Working with a law firm that has a history of representing business owners and dividing business assets can provide clarity. Experienced lawyers will be able to carefully evaluate all of the factors involved and craft a solution that is fair and equitable for both parties.

If you’re a business owner in North Carolina who is considering divorce, schedule a consultation with Gantt Family law today. We can help you understand your options and protect your interests.

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