Everything You Need to Know About High Asset Divorce in Roswell, GA
Hire a Roswell Divorce Lawyer
Many divorces are emotional hotbeds when dealing with the division of assets. This becomes even more difficult when the parties have a high amount of assets.
Georgia divorce law establishes rules for the division of assets. A family law attorney that specializes in divorce will be knowledgeable about the law, court procedures, and other issues that arise.
This includes what the law requires when making a determination on an equitable distribution of assets. The application of law if there is a pre-marital agreement is also a consideration. They will know how to determine if your spouse is hiding assets and how to find them.
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We can help. We can guide you through the consultation process starting with a scheduled call back from a member of our intake team. If you would prefer to speak directly and confidently with an attorney, a paid hour consultation is also available. To arrange a meeting, contact us today.
Ready to Get Started?
We can help. We can guide you through the consultation process starting with a scheduled call back from a member of our intake team. If you would prefer to speak directly and confidently with an attorney, a paid hour consultation is also available. To arrange a meeting, contact us today.
Protect Your Assets During Divorce
During a divorce, you need to have a complete inventory of all asset holdings of you and your spouse. Include financial holdings such as bank accounts, credit cards, real estate, and retirement accounts.
Also include other items of value. Jewelry, collectibles, valuable artwork, etc. need to be on the list. Also include automobiles, boats, country club memberships, and more.
It is advisable to maintain a copy of any titles, appraisals, purchase receipts, or other documents proving ownership and value. This information may become invaluable during property division.
Understand Property Division
When divorcing in Georgia, you need to understand the state law regarding the division of marital property during a divorce. While the state requires an equitable division, that does not necessarily mean each spouse receives 50% of the holdings. There are many factors that the court considers when deciding disbursement of assets, including:
- Length of the marriage
- Each spouse’s economic situation
- Factors contributing to the divorce
- Age and mental condition of each spouse
- Standard of living during the marriage
- Each spouse’s education and vocational skills
- Assets, liabilities, and debts of each spouse
- Provisions for custody and support of any minor children
- Manner of acquisition of property during the marriage
- Any other factor the court deems appropriate
In addition to assets, debt is also subject to an equitable division. The court will give consideration to the party most responsible for accumulating marital debt. They will also review the ability of each party to pay the debt.
Your high asset attorney is familiar with the factors the law considers. They will negotiate with opposing counsel to make sure you obtain a fair settlement while maintaining control of assets you are legally entitled to.
Finding Hidden Assets
Divorce lawyers know that when it comes to divorce, everything isn’t always on the table. It is not at all unusual for one party to attempt to hide assets from their spouse and the court.
A high asset divorce attorney will be on the lookout for clues that indicate assets are missing from disclosures. These assets must be found and made part of the asset distribution.
One of the clues is a discrepancy between the income and assets the couple receives in comparison to their expenses and savings. The process is a matter of following the paper trail by compelling documents that provide information on each spouse’s financial holdings. This may include pay stubs, tax returns, check registers, personal and business bank statements, loan applications, and other financial documents.
The determination in the withholding of asset information includes an analysis of which spouse has access to the marital assets. Consideration is then made regarding the way the spouse with access may be hiding assets.
QDRO to Divide Retirement Plans
When you have assets set for retirement such as a 401(k), IRA, or other retirement accounts, those are marital property. They must be divided equally during a divorce. This is usually accomplished through a Qualified Domestic Relations Order (QDRO).
A QDRO is a court order separate from a divorce decree. The order specifies a portion of a party’s retirement package that must be divided and paid to their spouse. The payments may be made to the alternate payee (former spouse) at the age of retirement, not at the time of divorce.
The alternative is to divide the benefits at the time of divorce and allow the receiving spouse to roll their portion over into a qualifying retirement plan in their own name. The details of these orders are very specific and must meet the requirements of the retirement plan administrator and the law.
The funds being removed from an account under the order of a QDRO are not subject to early withdrawal penalties to the account holder. The recipient of the funds does not pay any taxes on the funds as long as they are deposited into another retirement account.
The benefits of a QDRO and whether or not one needs to be done is something you need to discuss with your divorce attorney. Depending on your retirement investment holdings your divorce lawyer will know if a QDRO will prove beneficial to you.
Division of Inherited Assets
When you inherit assets those are generally not subject to division, provided they are kept separate from the marital assets. Comingling inheritance funds with marital assets complicates the matter and makes the inheritance difficult to prove.
Your divorce attorney will be knowledgeable in how your inheritance affects the division of marital assets and will be able to advise you accordingly. They will also know how to present this information to the court so it is most beneficial to your settlement.
Conflict Escalates Cost
When you are in the midst of a high asset divorce, the division of your financial holdings often creates a considerable amount of negotiations. The longer negotiations continue, the higher the cost of both your and your spouse’s attorney fees.
If you find you and your spouse are unable to reach an agreement, talk to your attorney about the best way to reduce conflict and prevent losing your asset portfolio to legal fees.
Consult With Hobson & Hobson P.C. Regarding Your High Asset Divorce in Roswell, GA
When you are trying to navigate the divorce world, you need a law firm that specializes in high asset divorce. With more than 30 years of combined legal experience handling divorce cases, we are able to provide you with the benefits of an amicable, effective, and efficient outcome.
We invite you to visit our website where you will be able to learn about our legal team. You may also contact us at (770) 284-6153 to discuss how we can help you through the stressful process of a divorce.