Divorce is complex for every family. When significant assets are involved, the process only becomes more complicated. If you’re considering divorce in Atlanta, Georgia, call The Edwards Law Group at (770) 723-7211 for an initial consultation today. An experienced Atlanta high-net-worth divorce attorney can protect your interests at every turn.
Dividing substantial assets during a divorce often involves complex financial issues, including business interests, investment portfolios, retirement accounts, and valuable real estate. Having experienced legal representation can help protect your financial future and ensure your interests are safeguarded throughout the divorce process.
Why Choose The Edwards Law Group to Handle My High-Net-Worth Divorce in Atlanta
Hiring the right family law firm is critical if you’re dealing with a high-net-worth divorce. Your spouse may already be working with an experienced attorney. You deserve an experienced Atlanta family lawyer to protect your interests. At The Edwards Law Group, our legal team has over 50 years of experience helping clients who have accumulated substantial wealth.
Our firm has been recognized by Law Firm 500 as one of the fastest-growing law firms in the nation. We’ve also been recognized by Super Lawyers for our success. Our satisfied clients have honored us with over 100 five-star Google reviews.
Our Atlanta divorce attorneys know the stakes are high. You can count on us to handle your case with discretion, precision, and compassion. The results you obtain in your divorce can impact every aspect of your future. Call us today to schedule a confidential consultation.
What Is a High-Net-Worth Divorce in Georgia?
There is no exact dollar figure that is used to classify a divorce as a “high-net-worth” divorce. It’s simply a divorce involving substantial assets. Because the marital estate has a high value, resolving financial issues can be more complex.
The issues that must be resolved are issues in any divorce, and include:
- Division of marital assets
- Spousal support
- If you have children, child support, and child custody
Regardless of whether your divorce is contested or uncontested, it’s important to hire an experienced divorce attorney. Our attorneys have experience handling high-net-worth divorces. We have the skill and experience necessary to protect your long-term interests.
Like any divorce, a high-net-worth divorce typically involves resolving issues such as:
Asset Valuation
Couples with significant wealth tend to have many different classes of property. These assets must be properly valued when marital assets are being divided. That alone can be complex and difficult.
Assets that may need valuation include:
- Business interests
- Residential and commercial real estate, including investment properties
- Equities and stock options
- Artwork and high-dollar home furnishings
- Retirement accounts
- Non-traditional employment benefits, including deferred compensation plans
- Investment accounts
- Overseas properties and accounts
- Insurance contracts
- Accrued interest
- Intellectual property
- Antiques and collectibles
- Boats
- Motor vehicles
- Expensive jewelry
It’s relatively easy to assign a fair market value to some types of assets. For others, professional appraisals may be necessary.
Identifying Marital Assets
In Georgia, assets acquired during the marriage are classified as marital property. Georgia has an equitable distribution standard. Marital assets are not automatically divided equally. Equitable distribution means that the property division needs only to be “fair.”
In reaching a fair result, courts will consider:
- Each spouse’s finances and earning abilities
- The length of the marriage
- Each spouse’s separate property
- Prenuptial and postnuptial agreements
- Evidence that a spouse wasted assets
It’s possible for two spouses to agree to divide property without court intervention. Reaching an agreement can be difficult. Various complications can arise.
When significant resources are involved, one spouse may attempt to conceal assets. One spouse may attempt to misclassify marital property as separate property. Our attorneys can hire investigators and forensic accountants to locate hidden assets and trace assets to their origin.
Tax Issues
Dividing marital property can create substantial tax consequences. That’s particularly true when it’s necessary to liquidate assets. It’s always important to consider the tax consequences when executing any strategy.
Our attorneys have the tools to develop creative solutions to minimize any tax liability in a high-asset divorce.
Prenuptial and Postnuptial Agreements
Prenuptial and postnuptial agreements are common when couples have amassed significant wealth. Prenups and postnups can provide a roadmap for how marital assets will be divided.
Alimony and Spousal Support
Alimony can be a significant issue when two spouses have differing incomes and earning power. Courts can order one spouse to continue supporting the other long after the marriage has ended.
Spousal support determinations consider:
- The length of the marriage
- The standard of living enjoyed by the spouses during the marriage
- Each spouse’s earning capacity and financial resources
- Marital property received by each spouse in the divorce
- The requesting spouse’s ability to obtain training or education to become financially self-sufficient
Alimony is not automatic. When high dollar values are involved, it’s always a smart idea to have an experienced attorney in your corner.
Confidentiality Concerns
Confidentiality and privacy can be an issue in high-asset divorces. Spouses who value privacy may not want financial and other private information to become part of the public record. Our attorneys can facilitate behind-the-scenes negotiations and mediation. When two spouses can resolve issues without a messy trial, the results can be kept private.
How Long Does a High-Net-Worth Divorce Take in Georgia?
Judges in Georgia cannot finalize a divorce until 30 days have passed. The 30-day period starts on the date the divorce petition is filed.
While experienced attorneys can streamline the divorce process, complications are common in high-asset divorces. Appraisals can take time. Prenuptial agreements may not address every relevant issue. One spouse may contest a prenuptial agreement itself.
Contested divorces tend to take longer than uncontested divorces. Cases where a trial becomes necessary take longer, in part because of the court’s schedule. That said, all couples and all cases are different.
How Is Child Support Determined in a High-Net Worth Divorce in Atlanta?
Courts in Georgia order child support using guidelines set by state law. Child support is based on a formula. Both the parents’ income and the number of children being supported are considered.
The guidelines are the same in high-asset divorces. That said, they don’t necessarily consider the issues high-income parents face. Your children may attend an expensive private school. They may have expenses that are common among high-income families but uncommon among most families.
Disputes may arise regarding which parent will cover these expenses after divorce. Our Atlanta high-net-worth divorce lawyers can help your family develop workable solutions to minimize conflict.
Who Pays My Attorneys’ Fees if I Didn’t Work During My Marriage?
Sometimes one spouse manages the household and family life while the other spouse works. The cost of hiring an experienced attorney can be a concern.
Georgia law gives judges the authority to award attorneys’ fees to one spouse. In determining whether one spouse should pay the other’s attorneys’ fees, judges consider each spouse’s resources and needs.
When necessary, our attorneys can petition for the judge to cover your attorneys’ fees. The cost of legal representation should never prevent you from securing the top-quality legal advocate you deserve.
My Spouse Owns a Business in Atlanta: Am I Entitled to a Portion?
Dividing business assets is extremely complicated. A business can be a significant asset. One spouse may have been more involved in running the business than the other. Dividing a business can also be difficult, as it may be valuable to keep the business intact even after the divorce.
Expert testimony and assistance can be critical.
For example, our attorneys may engage:
- Forensic accountants
- Tax professionals
- Certified business appraisers
- Real estate brokers
- Other financial analysts
These and other experts can provide information about the business’s cash flow and operations. Their opinions can also be relevant to determining the spouse retaining ownership of the business’s ability to pay alimony. Expert testimony can also be the key to developing a tax-efficient strategy when business interests are involved.
What Happens if My Spouse Owned a Business Prior to Marriage in Atlanta?
In Georgia, any property owned by one spouse prior to the marriage is separate property. If your spouse owned a business prior to the marriage, they’ll typically keep that property after the divorce.
However, Georgia follows an equitable distribution rule. Each party is entitled to a fair share of the marital property. A business owned prior to marriage could appreciate during the marriage. The non-owner spouse may have handled household matters during the marriage, allowing the business owner to focus on growing the business’s value.
When a business is a significant asset, our attorneys can bring in experts to testify about it and other issues.
Contact an Experienced Atlanta High-Net Worth Divorce Attorney for a Consultation Today
It’s important to hire an attorney experienced in handling the complex issues arising from a high-asset divorce. Our Atlanta high-net-worth divorce lawyers have decades of experience protecting the interests of families like yours. Contact The Edwards Law Group today for a confidential consultation.
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