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Divorce is already known for its lengthy proceedings and the various issues that need to be addressed before it can be finalized. Adding to these issues can further complicate the legal process and result in a stalemate if these additional issues are not resolved carefully. This is especially true when wealth, business, and properties are added to the picture because it can lead to huge financial losses for one party if it is not handled carefully and properly distributed as part of the divorce settlement.
This is where the Atlanta high net worth divorce lawyers of Davis and Associates, Attorneys at Law, LLC come into the picture. We understand the impact and importance of these assets to each party. With us as your legal representative, we will work with you to find the best legal solution that will ensure each party gets a fair share of these assets and all financial responsibilities are distributed fairly between both parties. Our family law firm offers free consultation for anyone looking to find the best steps for their high net worth divorce. We’ll be ready to give you legal support that will help you move confidently during the divorce proceedings.
Contact our Atlanta High Asset Divorce Lawyers today by calling Davis and Associates, Attorneys at Law, LLC at (404) 905-8031 and avail yourself of our Free Consultation.
Georgia on Distribution of Assets During Divorce
In Georgia, the state abides by the “equitable distribution” principle when tackling a divorcing couple’s assets and properties.
Under this principle, assets and properties acquired by either spouse during their marriage must be equitably divided when they divorce. This does not always mean that the properties will be equally divided between parties based on their overall value. Courts will look into the following factors to determine how these properties should be distributed fairly:
- History of past marriage
- Age, health, and employment of each party
- Financial contributions of the spouse to the family
- The financial capability of each party
- Separate properties of each party
- Spousal support is granted to either spouse
- Future financial needs of each party, such as retirement
- Debt
The couple’s reason for divorce will also be considered, such as abandonment, adultery, or domestic violence. There is no clear formula when it comes to how judges can do a fair distribution of assets, since each case is different.
Listing the Assets Involved in a High Net Worth Divorce
Due to Georgia’s position on equitable distribution for assets and properties during divorce proceedings, it is recommended that parties have a clear and complete inventory of all assets and properties owned by either spouse during their marriage.
In high net worth divorces, it often involves a vast array of valuable assets such as:
- Real estate: Includes the family’s main residence, vacation homes, rental properties, and commercial property rentals or investments
- Business interests: Shares or ownership rights in family-owned businesses, private companies, and partnerships.
- Investments: Includes stocks, mutual funds, bonds, ETFs, and other similar investments
- Luxury vehicles: This category includes high-end cars, boats, jets, and yachts.
- Retirement savings: IRAs, 401(k) plans, pensions, and long-term retirement savings
- Intellectual property: Patents, copyrights, trademarks, and income from licensing or royalties from intellectual property use
- Valuable collectibles: Fine art, rare books, jewelry, antiques, and other high-value items
- Trust funds and inheritance: Assets held in a trust or received from an inheritance. It is important to note that these assets are subject to special consideration during divorce proceedings.
- Stock options and deferred income: Employer-provided stock options, RSUs, and deferred income plans.
It is important to note that even if one spouse’s name is written as the owner of the property, so long as it is acquired or earned during their marriage, it is considered marital property. If there are any assets missing from the declared list, they must be located before the assets are divided accordingly.
The Unique Challenges of High Net Worth Divorce in Atlanta
High net worth divorces often go far beyond simply dividing a home and a few accounts. There are also key challenges that will affect the divorce proceedings and these include:
- Business ownership disputes: Both parties have ownership claims over a business and its assets, which can lead to disputes over the business’s future ownership.
- Hidden assets and income sources: One or both parties may be hiding key assets and income sources, or misreporting them, which they do not want to include in the divorce settlement.
- Tax considerations: Identifying the tax consequences of dividing certain assets needs to be done first because it can impact each party’s financial responsibilities after the divorce.
- Complex asset valuation: Certain properties like art, investment portfolios, and businesses can be hard to completely evaluate, which can complicate divisions.
- Prenuptial and postnuptial agreements: Enforcing these agreements can affect the direction of the divorce proceedings.
- Spousal support: High net worth divorce cases often include expensive spousal support, which can be a cause for contention for both parties.
With these factors at play, you need a trusted Atlanta high-asset divorce attorney who can develop a strategy that aligns with your financial goals while protecting your rights. They can also assist in preventing further issues from affecting the proceedings.
Why Choosing the Right Representation Matters
In a high net worth divorce, the stakes are high, and so are the risks. Missteps in negotiations or incomplete financial assessments can cost hundreds of thousands, even millions, of dollars over time.
Our experienced and trusted Atlanta high net worth divorce attorney can assist you in each stage of the legal process and reduce any legal complications that may arise during the proceedings. When we receive your call, we will review your case and determine which legal steps to take to protect you, your children, your reputation, and your assets.
Our divorce attorneys can also help you with:
- Filing your divorce petition with the Superior Court of Fulton County’s Family Division while ensuring you and your spouse meet the minimum criteria for the proceedings to begin
- Conduct a thorough survey of all assets and properties, and get them accurately valued.
- Provide a clear explanation of Georgia’s divorce and family law, especially on equitable distribution of marital assets and properties, business valuation, and more.
- Work with experienced and trustworthy financial experts, appraisers, and accountants to get the appropriate and accurate asset valuation and find any hidden assets.
- Review tax responsibilities and consequences once the properties are divided between the parties.
- Advocate aggressively for the assets or properties you wish to fight for during the negotiations and reach a fair settlement.
- Provide legal strategies to prevent family-owned businesses or practices from being affected by the asset distribution.
- Prepare your legal arguments if a fair settlement is not reached during the proceedings.
With Davis and Associates, Attorneys at Law, LLC as your legal representative during these negotiations, you will be confident in making informed decisions that will protect your future after the divorce. We will also reduce the stress brought by the legal proceedings by making it easier to follow.
Protecting Businesses, Investments, and Property
If the high net worth divorce entails business ownership, investment, and properties, both parties will want a settlement where the value of these assets is not affected. When it comes to their ownership and responsibilities to these assets after the divorce, the discussion will require careful legal planning and negotiations.
Davis and Associates, Attorneys at Law, LLC will look into the nature of the business, its overall value, possible restructuring options, and assets before determining the right course of action. They will also recommend legal options that already take into consideration Georgia’s divorce, business, tax, and property law, which they believe is ideal for your case.
Confidentiality and Discretion
Wealth and public visibility often go hand-in-hand. For many high net worth individuals, such as celebrities or business owners, privacy is as valuable as financial security because being in divorce proceedings can affect their reputation and their brand’s image.
In Georgia, it is generally a rule that divorce records are public records. However, it is possible to protect one’s divorce records by petitioning the court to seal these records. While judges are not obligated to grant this request, they may consider it based on the nature of the divorce. Parties can also consider undergoing a mediated divorce or divorce arbitration since the matter will be resolved outside the court.
Davis and Associates, Attorneys at Law, LLC can discuss these options with you during your initial consultation and help you choose the best option for your situation.
Frequently Asked Questions
1. How is a high net worth divorce different from a typical divorce?
High net worth divorces often involve substantial property, businesses, complex investments, and significant tax considerations. They typically require in-depth financial investigation, asset valuation, and strategic planning to ensure a fair outcome. Parties involved in high net worth divorces may involve celebrities, politicians, and business tycoons.
2. Do all high net worth divorces go to court?
No. Although litigation is often the first option for many divorce cases, high net worth divorces can be resolved outside the court through mediation and negotiation.
3. How can I win a child support modification case?
Since children from high net worth families have a different standard of living, courts in Georgia will use a different approach in determining child support during these divorce cases. It is often the case that the court may use its own metric to decide on these cases.
If the parent who has child support wishes to win a child support modification case under these conditions, they must show that they do not have the same funds to ensure that the child’s standard of living stays the same after the divorce.
4. What’s the first step if I’m considering a high net worth divorce?
If you believe your case is a high net worth divorce, it is recommended that you speak to a qualified Atlanta high asset divorce attorney who can help you prepare your divorce case and recommend the ideal course of action to protect your interests during the proceedings.
5. Should I hire a separate forensic accountant and financial team to help with identifying any hidden assets?
While you are welcome to have a separate team of financial experts and forensic accountants help with identifying any hidden assets, our lawyers are trained to assist you in this part of the proceedings. We are also connected with trusted financial experts to help us in the hunt for these hidden assets.
Schedule Your Free Consultation
It is never easy to deal with divorce, especially if it involves significant assets that have high financial and emotional value and high-profile parties. Our Atlanta high asset divorce attorneys at Davis and Associates, Attorneys at Law, LLC have worked with high-profile couples and couples with high-value assets in their divorce cases for years and have allowed them to get a fair result for their cases.
We will work with you from start to finish, allowing you to understand the negotiation process for your assets and make key decisions that will protect your interests. Your cases will also be carefully reviewed, and your privacy will be protected so you have peace of mind during this challenging period for you and your family.
Avail our free consultation at any time to discuss your concerns with our divorce lawyers and see what options are available to you.
Contact our Atlanta High Asset Divorce Lawyers today by calling Davis and Associates, Attorneys at Law, LLC at (404) 905-8031 and avail yourself of our Free Consultation.
