Considering division of property in divorce, most people think of things like homes, cars, jewelry and other tangible items. However, there are other assets that are just as important in divorce: Virtual assets.
Identifying and valuating all the assets you and your spouse have accumulated during your marriage in Georgia may be a complex process involving a variety of professionals. We at The Siemon Law Firm have answered many questions about how the court may approach the division of marital property based on many factors in your marriage, and the strategies that couples have used to reach a fair settlement.
The challenges of running a business and those of going through a divorce may magnify each other if you and your spouse share ownership of a company. While ideally, you would have prepared for this contingency when you began the business, or before you entered the marriage, the lack of a prenuptial agreement does not necessarily eliminate all hope for a positive outcome.
When we watch others go through divorce, things may seem pretty simple and straightforward. They file for divorce, negotiate the terms and wait for the judge to sign off. Before you know it, they are off on a weekend trip celebrating their split.
"I'm 63 years of age and I can't be living like this," says now talk show host Sharon Osbourne. She is talking about her marriage with well-known rocker Ozzy Osbourne. The couple has been married for more than 30 years and is reportedly at the beginning of a divorce that's already making headlines.
Every divorce in Georgia or elsewhere in the United States includes dynamics that are unique to the couple. However, if your spouse is a foreign national or has dual citizenship, U.S. family law may not be the only legal factor that applies to your situation. At the Siemon Law Firm, we are aware of the importance of identifying the laws in a spouse’s home country to determine the impact they may have on a divorce involving international assets.
For better or worse, money is at the root of all or most of the disputes that arise during a divorce. This can be especially true when the financial stakes are higher than normal. For instance, if you and your soon-to-be ex accumulated significant assets prior to or during marriage, it is likely that many of your discussions will revolve around financial settlements.
For some people in Georgia, dividing the financial and tangible possessions from the marriage during a divorce may be fairly simple. If you have complex assets, though, the process of identifying them all in the discovery phase may be a challenge. Forbes suggests that locating and valuating marital assets may be best accomplished by hiring a forensic accountant, a person who has been trained in the identification and valuation of assets.
Dissolving your marriage in Georgia is a legal matter that may be as stressful financially as ending the relationship has been on your emotions. As you and your spouse go through the process of discovery, you will both need to provide all of your financial documents so the assets and liabilities can be divided equitably. If you have some concerns that your spouse is not providing a full account of these, you may want to hire a financial professional, but there is some information that should be easily accessible to you.
The process of dividing everything up during a divorce may seem complex if you and your spouse have a variety of assets such as tangible items, real estate and retirement accounts. Hiding financial information is illegal, and failing to disclose something could lead to conflict and litigation. When attempting to identify all shared property, Nasdaq suggests that you may also need to list your credit card rewards as marital assets.