High net worth divorces involve couples whose property has a high monetary value. These types of divorces proceed under the same legal principles and procedures but are more complicated given the nature and extent of the property to be divided. High-asset divorces are often facilitated by prenuptial or postnuptial agreements when they are applicable and have been lawfully made, but even in these situations, the terms and conditions can be successfully challenged.
Having a resourceful, experienced high net worth divorce lawyer in Georgia is critical to a fair divorce. At Shakhan & Wilkerson Law, our high-asset divorce attorney will review your documents, property, and claims, and explain your legal options. Throughout the process, we uphold your rights and interests. Contact us today at 404-999-9529 to learn more about high net worth divorces in Georgia and how we can help you.
Defining a High Net Worth Divorce in Georgia
Most divorces are contentious matters, with parties disputing who should get what. For couples that have assets worth a large amount of money, it can be even more complicated and litigious. These divorces are considered to be of high net worth, and the issues that must be handled in them are often far more complicated than a typical divorce.
Common Issues to Consider in High Net Worth Divorces in Georgia
High net worth divorces generally have issues that are unique to persons with a large amount of assets. Following are some of the matters that must be considered in these divorces.
Asset Identification
The first matter to consider is marital property. This property is the subject of what's to be distributed between the parties. Different states will handle what is considered marital property in different ways, but the main issues generally center around:
- Whether or not the state is a community property or equitable distribution state
- Whether or not the parties entered into a prenuptial or postnuptial agreement
- Whether or not some or all of the assets were owned by one of the parties prior to marriage
- Whether or not the assets were inherited by one party
There may be other considerations as well, depending on the jurisdiction where the divorce occurs.
Asset Valuation
Determining the value of assets can be a complicated process involving expert valuations and opinions. These experts must have access to pertinent documentation, conduct research, and prepare a valuation or appraisal report that can be presented in court. The expert may be expected to testify in court as to how they reached the values they placed on the assets.
Valuation of assets can be particularly difficult as many of the assets are fluid, with changing value. This includes stocks and businesses whose futures are unpredictable.
Tax Considerations
Distributing property with high values can trigger a myriad of tax considerations. Often, a CPA or tax attorney will need to be brought in to determine the tax implications of certain property distributions. How the distribution will be affected by governing tax laws can affect how the parties divide the property.
Alimony
Alimony, referred to as spousal support in Georgia, is sometimes involved in high-asset divorces. In Georgia, spousal support, also known as alimony, refers to the financial support paid by one spouse to the other during or after a divorce or separation. The purpose of spousal support is to address the financial disparities between spouses and ensure that both parties can maintain a reasonably similar standard of living post-divorce.
Spousal support in Georgia can be awarded temporarily or permanently, depending on various factors, including:
1. Financial Needs: The court considers each spouse's financial needs, including income, assets, liabilities, and earning potential.
2. Standard of Living: The court may consider the standard of living established during the marriage and strive to maintain it to the extent possible for both parties.
3. Duration of the Marriage: Longer marriages may warrant longer durations or higher amounts of spousal support.
4. Contributions to the Marriage: The court may consider each spouse's contributions to the marriage, both financial and non-financial, such as homemaking, child-rearing, or supporting the other spouse's career.
5. Health and Age: The court may consider the health and age of each spouse, especially if one spouse has health issues or is unable to work.
6. Education and Employability: The court may assess each spouse's education, job skills, and ability to become self-supporting.
7. Marital Misconduct: While Georgia is a no-fault divorce state, the court may consider marital misconduct, such as adultery or abuse, when determining spousal support.
It's essential to note that spousal support in Georgia is not automatically granted in every divorce case. Instead, it's determined on a case-by-case basis, and the court has discretion in awarding spousal support based on the specific circumstances of the marriage and the needs of each spouse. Additionally, spousal support orders may be modifiable or non-modifiable, depending on the terms outlined in the divorce decree or settlement agreement.
Not So Common Issues in Georgia High Net Worth Divorces
In most circumstances, divorces are filed as no-fault divorces. This means that the marriage is irretrievably broken or the couple has irreconcilable differences. In some cases, however, one spouse may file for a fault-based divorce to obtain a greater portion of the assets.
Some jurisdictions will consider something like adultery when determining the distribution of assets. The spouse would have to show that the adulterous spouse wasted marital property on and during the affair. The value of that waste would have to be determined and then could be compensated through asset division.
How Long Will a High Net Worth Divorce Take in Georgia?
High net worth divorces can take a fairly long time to complete. This is mainly due to the amount of documentation and other paperwork that must be reviewed to determine exactly how much value the property owned by the couple is worth. CPAs and property valuation experts will need to review the numbers and determine asset values. Also, once that value has been established, it is likely the parties will argue over the division of the property.
There are other factors that can affect the duration of a high-asset divorce. Sometimes, accusations or suspicions of hidden assets arise, and that may take some time to investigate and discover. In other cases, prenuptial or postnuptial agreements can help make the process go smoother or hold it up, depending on any challenges to the terms and conditions or overall validity of the contract.
In sum, for a high net worth divorce, you could be looking at a minimum of one year before the divorce is finalized. In some cases, it can take years.
Our divorce lawyer in Georgia has experience and resources, and accordingly knows what to look for and how to move the divorce along with minimum hiccups. Ultimately, our family law team at Shakhan & Wilkerson Law can help you achieve a favorable divorce by upholding and safeguarding your financial interests.
Contact a High Net Worth Divorce Lawyer in Georgia Today
Couples can spend years accumulating wealth together. When they divorce, the distribution of that wealth can become contentious, making the process harder and longer. At Shakhan & Wilkerson Law, our high net worth divorce attorney in Georgia intends to uphold your rights and interests and move the divorce along as smoothly as possible. Contact us today either by using our online form or by calling our office at 404-999-9529 to schedule an initial consultation.