Based on information from the National Statistics Office of Georgie, the divorce rate increased to 3.8% in 2022. There are several types of divorce, but when it comes to high-asset divorces in Georgia, many misconceptions abound.
These myths can cloud your judgment and make the process more difficult than it has to be. By getting a clearer picture of high-asset divorce, you will be able to go through the process more easily.
Myth: High-asset divorces always end in a court battle
Many people believe that high-asset divorces inevitably end in a courtroom showdown. However, this is not necessarily true. Many high-asset divorces can reach resolution through negotiation or mediation, without the need for a court trial.
Myth: Assets always split 50/50 in a divorce
In Georgia, the law does not mandate a 50/50 split of assets in a divorce. Instead, the court seeks to divide assets equitably, or fairly, which does not always mean equally. Factors like each spouse’s financial situation, contribution to the marriage and future earning potential come into play when deciding asset distribution.
Myth: High-asset divorces take longer than other divorces
While it is true that high-asset divorces can be complex due to the nature of the assets involved, this does not always mean they take longer than other divorces. The length of a divorce process depends on several factors, including the level of conflict between the parties, the complexity of the assets and the willingness of both parties to negotiate and compromise.
Myth: Children always go with the wealthier parent
Child custody decisions in Georgia do not hinge on who has more assets. Instead, courts consider the best interests of the child, taking into account factors like each parent’s relationship with the child, each parent’s ability to provide for the child’s needs and the child’s personal preference if they are of an age and maturity to express a reliable preference.
Every divorce is unique, and what happens in your divorce will depend on your specific circumstances. It is always important to make sure you have the correct information and not let misconceptions guide your decisions.