Divorce is tough, no matter who you are. But when you’ve worked hard to build your wealth, grow your business, and secure your future, the stakes feel even higher. You didn’t spend years building what you have just to watch it all slip away during a divorce.
In a high-net-worth divorce, emotions can run high, and the legal process can be overwhelming. But with the right plan and a clear understanding of your rights, you can safeguard what you’ve earned and move forward with confidence.
At Hobson & Hobson, P.C., we can protect your assets and business interests during a divorce – even if it is contentious. Call our office at 770-284-6153 or fill out our online contact form, and our Atlanta high-net-worth divorce attorneys will help you protect your business interests and assets.
The High-Stakes Nature of High-Net-Worth Divorces
High-net-worth divorces can be more complicated than a typical divorce because there’s so much more at stake. Instead of just dividing a family home or a few accounts, you might be dealing with:
- Multiple Properties: Vacation homes, rental properties, or even real estate in other countries.
- Large Financial Assets: Big retirement accounts, stock investments, or trust funds.
- Business Ownership: Owning a business or a share in one can make the process tricky since it needs to be valued properly.
- Luxury Items: High-value things like art, expensive cars, yachts, or jewelry.
- Taxes: Dividing high-value items and properties can lead to major tax consequences if it’s not handled carefully.
To avoid losing money or making mistakes, it’s important to value everything correctly and divide it fairly. With the right legal team and financial experts on your side, you can make sure your assets are protected, and your future is secure.
Georgia’s Laws on Asset Division
Georgia courts divide assets and property based on equitable distribution. This means that your property and assets will get divided fairly but not necessarily equally. The court considers factors such as each spouse’s financial situation, contributions to the marriage, and future earning potential when deciding what’s fair.
However, in high-net-worth cases, dividing assets fairly requires detailed attention to valuation and classification.
- Marital vs. Separate Property:
- Marital property includes assets acquired during the marriage, regardless of whose name is on the title.
- Separate property includes assets owned before the marriage or received as a gift or inheritance. However, if separate property is commingled with marital funds—such as using personal savings to renovate a shared property—it may be considered marital property.
- Complex Asset Structures:
Divorces involving high net worth come with complicated financial situations. Things like trusts or offshore accounts can make it harder to figure out the full financial picture, and that’s where forensic accountants come in—they dig deep to sort it all out.
Protecting Business Interests in a Divorce
One concern in a high-net-worth divorce is how business interests are treated. In Georgia, businesses that started or significantly grew during the marriage are often considered marital property, even if only one spouse is actively involved in the business.
Here’s how to protect your business:
- Valuation of the Business:
A professional business valuation is crucial. When figuring out what a business is worth, financial experts look at things like how much money it makes, how quickly it could grow, what’s happening in the market, and any debts it owes. This final value plays a big role in deciding what happens next, whether it’s during negotiations or in court. - Buy-Sell Agreements: If you co-own the business, a buy-sell agreement can prevent your spouse from becoming a partner by requiring the sale of their share. You can set this up prior to your divorce.
- Negotiation Options:
In many cases, it’s possible to negotiate a buyout, where you compensate your spouse for their share of the business using other assets like cash or property. This allows you to retain full control of the business.
Valuation of High-Value Assets
In a high-net-worth divorce, making sure assets are valued correctly is essential for a fair split. This usually means bringing in experts, like appraisers or forensic accountants, to take a close look at things such as:
- Real estate: Market values of primary residences, vacation homes, or rental properties.
- Investments: Stocks, bonds, cryptocurrency, and other financial instruments.
- Luxury items: Art collections, jewelry, and vehicles.
- Retirement accounts: The portion earned during the marriage may be subject to division, often requiring a Qualified Domestic Relations Order (QDRO) to avoid penalties.
Contact Our Atlanta Divorce Lawyers Today
Facing a high-net-worth divorce in Atlanta? Protect your assets and secure your future with our experienced legal team. Contact us today for personalized guidance and expert support through every step of the process. The Atlanta divorce attorneys at Hobson & Hobson, P.C., have years of experience handling high-net-worth divorces. Let us guide you through this next chapter of your life. Call us today at 770-284-6153 or fill out our online contact form to schedule a confidential consultation.
Attorney Sarah Hobson at Hobson and Hobson, P.C. are powerful advocates for those who fight for better futures for those going through divorce and custody law matters.
