Divorce is one of the most challenging processes that you’re ever going to face in life. It even involves several high assets that business owners or couples share. In these instances, the entire process becomes quite long, daunting and presents a series of unique challenges. However, with the help of an experienced legal team, you are sure to be on your way with ease.
A relentless Georgia injury lawyer at the Shrable Law Firm is very experienced when it comes to the matters revolving around divorces. So, if you’re caught in a bitter divorce, our attorneys are well equipped and work aggressively to fight for your rights. They ensure that you receive the justice that you deserve. You can easily schedule a consultation session if you call us today.
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Common Issues Faced During A High Asset Divorce Case
For most persons who have high net worth’s, they often experience the brunt of suits that are filed by their former spouses. These spouses generally seek very high payments or even permanent parts of assets. However, these cases usually go in favor of the party that presents a strong case with the ongoing financial support that is needed to facilitate very high alimony payments.
Often enough, it is almost always very difficult to properly determine the total value of all the assets in question during a divorce. The value of pension accounts or even retirement accounts are usually dependent on time and are more hard to determine than others. Money market accounts also fall into this category of difficulty since they change with the markets. Hence, it is generally hard to agree.
As a result, most divorce cases of this nature tend to carry on for long periods. They even require both parties in question to aid in determining the true value of shareable assets. All of this usually takes place long before parties fight to get their share of the assets.
How Can The Value Of High Assets Be Determined?
When it comes to determining the value, assets are usually appraised and identified. This process is very similar to that of regular divorce cases. In the case of high assets, questionable assets generally have values that fluctuate over time depending on the future market value. This factor simply goes on to make the process a bit more complicated than originally intended.
However, these cases usually require financial experts in order to aid in identifying marital assets. They will even help with determining the real value of any asset in question. Additionally, if some of the assets are shared in businesses, all businesses will be valued. Future profits attained from the business might also be considered and evaluated at an appropriate time.
Most Georgia high asset cases become very complicated. Even though they lead those involved in a complicated road, they are very similar to regular divorce cases. The main difference between both is simply the money involved as well as the time that it takes to process all of it.
What Issues Affect High Asset Divorce Cases?
Generally speaking, divorces that are featured around high net worth are usually multi-faceted. They are known for having several variables that make them more complex. In these instances, experienced professionally trained lawyers should be considered to aid in achieving the results you deserve. Our team of experts is skilled and very knowledgeable in dealing with several different cases that concern the following:
Assets, Businesses Or Professional Practices
For most, wealth is linked directly to several assets or businesses. However, all of these need to be valued at some point and our firm knows how to work with a series of experts to determine the true value of your assets in question. The success of these cases is usually dependent on expertise.
As such, we’ve decided to work closely with some of the best in our industry. Together with them, we always present a very complex watertight case that defers the opposition.
At our law firm, we ensure that we use several forensic options and expert tracing to properly determine the holdings of all parties involved. Besides dealing with the properties in question, we bring many shocking discoveries of character to the table. Some of these involve determining if the property is either community or separate.
Financing, Taxation, Accounting And Legal
If you’re trusting a lawyer in Georgia to handle your high net worth case, they should be well rounded. They should be able to effectively detect finance, legal and accounting issues easily. These issues create a serious problem if they are incorrect. However, they are also important for business entities, real estate, high-value collections, and various material properties.
At the Shrable Law Firm, our team of experts are very experienced and are ready to get started on your case.
The following are examples of tangible assets:
- Account Receivables
The following are examples of intangible assets:
- Unique Skills
- Business Relationships
- Product Development Ability
- Business Development In Progress
The Most Commonly Disputed Assets In A High Asset Divorce Case
- Art Collections
- Real Estate
- Vacation Properties
- Insurance Policies
- Professional Or Business Practices
- Planes, Cars, Boats, And Others
- Pension Plans Or Retirement Benefits
Complications Which Arise Internationally
In most high net worth divorce cases, the parties involved usually have various forms of investment that are located abroad or even in other states. If your case falls into this category, it’s best that you work with a lawyer who is versed and aware of the issues that occur. Debt resolution and distribution work themselves out if you’ve hired a trained professional.
Spousal Maintenance (Alimony/Support)
Alimonies which fall into this field are usually negotiated or litigated during the divorce case.
Exposure To The Public
If parties engage in excessive, combative, mediation, a dramatic discovery, litigation or negotiation, they risk having a high degree of exposure. To deal with this, there are several tools and techniques which are available and can be easily used to keep the entire issue more private. In the long run, this reduces the publics’ attention.
How Will I Know What My Spouse Makes?
More than often enough, spouses don’t usually reveal what they really make to their partners. This is done as a means of hiding the assets that they’ve obtained. Some are partners in business and easily hide the true nature of their assets. They sometimes make requests for bonuses or raises to cover their tracks and prevent them from being included in the court settlement.
However, if faced with this situation, there are a number of steps that can be taken to show the hidden details. You’re going to need to ensure that you keep copies of tax returns, account statements, and pay stubs. Another important tip is to simply document things bout your life before a divorce.
You can even work closely with a forensic team as well as your divorce lawyer. This is the perfect combination for uncovering the truth. However, it’s best to keep in mind that some assets can even be hidden with employers, family members, friends or even in the form of undervalued artwork, municipal bonds, office furniture, and others.
How Can Family Partnerships Be Divided?
If you’re going through a divorce, and you own several assets and debts, it can be a long winding road. The entire process begins with determining the worth of a business through a thorough evaluation. This entails determining the cash flow, whether or not the business owed other person’s money and even the value of the business.
After the previously mentioned have been determined, both parties will need to figure out what will happen to the business. Is your spouse going to buy out your share or do you plan to liquidate your assets within the company? No matter what you decide, our attorneys are trained to deal with the potential dissolution in order to grant you a fair share.
How Are Retirement Accounts Divided During These Case?
Both pension and retirement accounts are considered as being low assets and high assets in divorce cases. If these are part of your divorce settlement, the court will create a Qualified Domestic Relations Order which signifies the values allotted to each party from the retirement account. They will also be notified of how they will receive and when they will also receive it.
In the history of dividing retirement plans, some complications have arisen. This mainly happens when a pension is vetted along with how payments were made.
Which Financial Details Should Be Focused On During These Divorce Cases?
Division And Business Evaluation
The true value of family businesses in the state of Georgia should be determined. However, these become quite complex and necessary in order to ensure that equal division occurs. To achieve this, it’s best that you have an industry expert so that you can find out the value of your assets. Tax implications are also determined during this stage.
Strategies For Limiting Tax Liabilities
Properties, investments and even dividing shares in business bring about a series of tax implications. If for some reason negative implications come up, we’ll be sure to inform you so that we can take the necessary precaution to aid with analysis and planning.
Division Of Real Estate
In the instances where property assets are divided, they can bring about several consequences. To set this right, appraisals should be accurately done. However, marital properties are usually separated equally. This involves selling the property and sharing the amount received equally.
If you own rental properties, these are usually treated in a different context and of course, require the aid of guidance from an expert. This ensures that your rights are protected no matter what.
Property Holdings Which Are Separate
These usually involve properties that each party came with before they were united. As such, these are usually excluded from the entire court scenario and remain in the hands of the rightful owners.
Retirements, Pensions, And Qualified Domestic Relations Orders
These are usually earned at some point during the marriage. Hence, they are thought of as being joint assets and the length of time together can influence your rights. So, it’s a great idea to consult a professional with a great deal of experience.
An experienced attorney will point you in the right direction to ensure that QRDO specifies that a retirement account is joint. Additionally, you’ll also be entitled to benefits that your former spouse gains.
IRAs, Profit Sharing, 401(k) And Stocks
If stocks are being shared, ensure that you first consider the total number of shares. This should be closely looked at and not really the dollar value since it is affected by the markets.
Can Co-Mingling Have An Impact On Assets?
There are several related issues that come up as a result of co-mingling. This usually occurs when the other party had access to your private accounts when they were determining properties and marital properties. However, all of the properties involved will need to be divided.
Simply put, as the number of assets begins to increase, the complexity of your case will also increase. Hence division becomes quite the issue. It even becomes tougher if one party can afford to invest assets into dealing with all of the issues and the other can’t.
Contact a Georgia High Asset Divorce Lawyer
Be sure to give us a call at the Shrable Law Firm today. You’ll be able to speak to one of our experienced, professional high asset Georgia divorce firm.
You can contact us at (229) 518-9209 now or simply fill out the online form to schedule a meeting with an attorney today!