When you and your spouse have considerable assets, diving these assets during divorce is often more challenging than it is for most couples. People with substantial holdings often have complicated finances, making reaching a fair property settlement challenging. Issues related to maintaining the children’s lifestyle also sometimes become contentious.
Managing a high-asset divorce capably and discreetly requires an experienced divorce attorney with a sophisticated knowledge of tax and business matters, as well as a thorough understanding of family law. A Marietta high-asset divorce lawyer has the requisite background and a network of experts to call on to achieve a marriage dissolution as efficiently as the circumstances permit. Call our firm today to begin reviewing the details of your situation with a trusted advocate.
If a couple has children, protecting their well-being before, during, and after the divorce process is paramount. Georgia family courts expect parents to do their best to promote stability for their children and ensure they do not suffer financially because of their divorce.
Divorcing parents must create a parenting plan that describes where the children will have their primary residence and how much time they will spend with the non-custodial parent. The plan must be detailed, down to where the children will spend birthdays and holidays, who is responsible for transportation on which days, and drop-off and pick-up times.
Sometimes a parent has a business that requires substantial travel or creates an unpredictable schedule. Family courts expect parents to work around these issues to ensure the children have ample opportunity to develop and maintain a meaningful relationship with each parent. Before approving a parenting plan, the judge will look at how much time children spend with babysitters, nannies, or other caregivers versus the time they spend with their parents.
Negotiations around child support issues can be difficult in a high-asset divorce because the law does not present as much guidance as it does for less wealthy families. Family law provides a formula that determines child support for most situations. However, the Official Code of Georgia § 19-6-15(1)(2)(A) states that when parents’ combined adjusted income exceeds $30,000 per month, the formula’s determination should be just the starting point.
Georgia courts want to ensure that the children’s lifestyles after a divorce do not change significantly. Child support negotiations often include provisions for private school, sports leagues, individual academic tutoring, instruction in the arts, summer camp, travel, and similar expenses. Although child support typically terminates when a child turns 18 or graduates from high school, wealthier parents often agree to pay for a child’s higher education. A Marietta attorney can further explain the legal requirements and complexities related to parental obligations for a divorcing couple with substantial assets.
Divorcing couples must divide their marital property in an equitable manner that recognizes both spouses’ contributions to the marriage. This requires distinguishing marital assets from separate assets and establish a value for the marital property.
Many wealthy couples have prenuptial or postnuptial agreements identifying their separate property and describing how to divide their marital property. Such agreements can make the asset division process smoother. However, when stakes are high, a spouse who feels the agreement puts them at a disadvantage might challenge the agreement, delaying the property division.
Couples with substantial assets often possess multiple homes, vehicles, furnishings, art, jewelry, and other items that must be valued and divided. In addition, one or both spouses might have investment accounts, retirement funds, business interests, professional licenses, trusts, and other assets. Ascertaining the value of each spouse’s assets could require forensic accountants, appraisers, real estate professionals, and business valuation experts.
Some issues that often arise in high-asset divorces include protecting interests in a family business from an exiting spouse, how a business owner can maintain a going concern and meet their obligations to their spouse, and allegations that a spouse is hiding assets to avoid sharing them. A seasoned Marietta attorney has the skills to help a couple craft creative and workable solutions to these and other problems related to dividing substantial assets during divorce.
When you and your spouse have substantial wealth and are considering a divorce, it is best to be proactive. The process goes more smoothly and is less costly if you are prepared. You could begin identifying assets and negotiating issues regarding children before ever filing divorce papers.
A Marietta high-asset divorce lawyer can ensure you understand your rights and will work diligently to achieve your goals. Call today to discuss your situation with our skilled team.