Ensuring The Assets You Deserve In High-Asset Divorce

Divorce will dramatically affect a person’s financial outlook. For individuals who have substantial assets, divorce will have its own special challenges. Specifically, dividing marital property can be very challenging, particularly when one or both spouses own a small business or professional practice. Your attorney must be equipped to confront these issues head on while creating effective strategies to accomplish your long-term goals.

At Lise S. Kaplan, LLC, in Macon, Georgia, we represent business owners, professionals, their spouses and others who have much at stake in a divorce. With more than 30 years of legal experience focused exclusively on divorce and family law matters, our attorneys are equipped to meet your needs.

Managing Complex Property Division Matters

One of the first steps in a divorce between individuals with substantial assets and a high net worth is to determine the value of the marital estate. When one spouse owns a business, it may be necessary to hire an expert to establish the value of the business. Spouses may have a dramatically different opinion about the value of the marital assets. Until the parties can reach an agreement about the value of the marital assets, it will be difficult to move forward. As skilled negotiators, our attorneys will be ready to protect your interests.

In high-asset divorces, there may be multiple properties at issue. Furthermore, the way property is divided and how this is structured can have significant tax consequences. Your lawyer must be able to help you develop a plan that mitigates any potential tax liability. In some situations, it may also be helpful to hire a tax expert.

In addition, if one spouse had significant assets prior to marriage, the parties may have entered into a prenuptial agreement. This prenuptial agreement must be closely analyzed to determine whether it is enforceable. For these and other reasons, your lawyer must be an effective negotiator and litigator. Our attorneys can deliver in all forums and will work tirelessly to implement the best course of action in your divorce.

Frequently Asked Questions About High-Asset Divorce

When significant financial resources are involved in a divorce, spouses may encounter confusion and disagreements concerning asset division. Below, we have compiled a list of frequently asked questions to help couples better understand what to expect when facing a high-asset divorce in Georgia.

What should I prepare before filing for a high-asset divorce?

After making up your mind about divorce, you should gather and organize all relevant financial documents, such as:

• Tax returns
• Bank statements
• Investment accounts
• Retirement accounts
• Property deeds
• Business valuations
• Any prenuptial or postnuptial agreements

Having a clear picture of your financial situation can help you develop a strategy to protect your assets and help ensure a fair division.

What is the cutoff for high net worth?

Georgia does not have a strict legal definition of high net worth. A high net worth divorce is generally perceived as one that involves marital assets scaling several million dollars. Couples in a high-asset marriage jointly own high-value assets:

• Complex financial portfolios
• Multiple properties
• Business interests

If your divorce involves substantial wealth, you can benefit from investing in proper valuation to help ensure a fair division of assets.

How does Georgia law handle prenuptial agreements in high-asset divorces?

For your prenuptial agreement to be legally binding in the Peach State, it should meet the following requirements:

• It must be in writing
• Both parties should have signed it
• It must have been entered into voluntarily without coercion
• There must have been a full financial disclosure at the time of signing

Suppose the prenuptial agreement does not meet one or more of the requirements mentioned above. In that case, a court may invalidate the agreement on the grounds of it not being fair.

What are the legal considerations for dividing business assets during a high-asset divorce?

According to the Peach State’s equitable distribution, you can expect your marital property to be divided fairly but not necessarily equally. Suppose your businesses were established or acquired during the marriage. In that case, they are typically considered marital property and subject to division. The court may consider the following factors to help ensure fair division:

• Each spouse’s contribution to the business
• The value of the business
• The financial needs of both parties

Accurate business valuation is critical, and you may need to work with a business appraiser to determine its worth.

Questions On Divorce? Contact Us

High-asset divorce cases lead to many questions. You want to ensure that you receive the assets that are rightfully yours. Lise S. Kaplan, LLC, in Macon, Georgia, is an experienced family law firm ready to help. Call 478-207-5124 or reach us online through email to discuss your divorce questions. We represent clients across Middle Georgia.