Divorce is difficult, no matter how high or low your income may be. However, a high-asset divorce poses particular challenges that are important for you to understand if you are part of a couple with a high net worth and are now facing divorce.
As you look to the future and make decisions pertaining to your pending divorce, ensure you are aware of these three factors in high-asset divorces in Georgia. With the aid of a qualified family law attorney who works with high-asset divorces, you can overcome a difficult time and build for your financial future.
1. Look out for hidden assets
Hidden assets can be one common aspect of a high net worth divorce. This factor pertains mainly to the lower income earner or less financially well-off of the two spouses; however, either spouse could potentially hide assets. Such assets are important to uncover because all assets must be an open and transparent part of the divorce process so that they can be divided as required by law. Sometimes, an attorney will bring a forensic accountant on to your divorce team to investigate and uncover hidden sources of income.
2. Understand property division in Georgia
Each state has its own state laws governing how to divide property in a divorce. In Georgia, most assets and debts acquired during the marriage are considered marital property. Georgia law requires equitable property division. This does not necessarily mean that each partner gets half of the assets. There are many factors that come into play when decisions are being made about property and asset division. Your attorney can help you navigate this process to make sure you get a fair deal and keep any assets that are rightfully yours.
3. Remember conflict can escalate costs
When high-net-worth people face divorce, finances often take center stage. If a couple is not divorcing amicably, conflict over assets and future finances can lead to long, drawn-out legal battles that can quickly drain bank accounts. Ask your attorney about ways you can reduce conflict to help you avoid the situation damaging your asset portfolio.