Smyrna High Asset Divorce Lawyer

Smyrna High Asset Divorce Attorney

When you have worked hard to build considerable wealth, it can be distressing to face losing a large portion of your assets during a divorce. Even the most amicable of divorces can face challenges when there is substantial wealth, multiple properties, business holdings, or complex assets that must be divided. A Smyrna high asset divorce lawyer can ensure your interests are met during this challenging time.

Hire a High Asset Divorce Lawyer

When going through a high-net-worth divorce, you want to hire a divorce lawyer in Smyrna with experience navigating the complex challenges of separating high-value assets. With over four decades of experience, Young Law Firm, LLC fights for the most favorable outcomes for its clients. As a Georgia native and family law attorney in Smyrna, Attorney Young understands the complex high asset divorce laws that could affect your case.

Divorce in Cobb County

Divorce cases for Smyrna are heard in the Cobb County Superior Court in Marietta. Cobb County is the third-largest county in Georgia, with a 2023 population of 776,743 residents, making up 299,074 households. The National Center for Health Statistics has found that in 2023, the Georgia divorce rate was 2.2 divorces per 1,000 people living in the state, making it the state with the tenth lowest divorce rate.

Dividing Marital Property in Georgia

Georgia follows an equitable distribution of marital property method of dividing property during a divorce. Under this method, the court is not obligated to award equal shares of the marital property to both spouses. Instead, the court can award any distribution it deems appropriate for the circumstances of the case. Judges often consider:

• Ability of each spouse to support themselves
• The health of each spouse
• How long did the marriage last
• The ages of each spouse
• If child support or alimony is also awarded

Agreeing to mediation as opposed to allowing the courts to distribute marital property can result in a more favorable outcome for both spouses. Reaching an agreement before filing allows you to file an uncontested divorce, which can streamline the process and allow for greater privacy and control.

Special Considerations in a High-Net-Worth Divorce

When a high-earning couple gets divorced, there are special considerations that must be taken into account. Many divorces do not involve many special circumstances, so it is important to seek the assistance of an Smyrna high-asset divorce attorney experienced in handling similar cases. Some special considerations may include:

• The need to maintain the standard of living for any minor children. Courts often require that children maintain the same standard of living to ease the difficulty of adjusting to the divorce.
• Proper valuation of businesses, real estate, and investments. Hiring a qualified, independent evaluator can ensure that assets are valued appropriately.
• Finding hidden assets. A skilled high-asset divorce attorney has access to forensic accountants who can track unusual behaviors to find hidden assets. Full forensic audits are common in high-net-worth divorce proceedings.
• Enforcing any prenuptial agreements that may exist. If there is a prenup, it could affect how assets are distributed.
• Distributing non-tangible property. Some assets may have a clear value, but rules exist that dictate how they can be distributed. For example, private club memberships may be nontransferable.

FAQs

What Is the Difference Between Marital and Separate Property in a Divorce?

During a divorce, marital property is subject to distribution while each spouse retains their separate property. Marital property includes assets, income, and debts acquired during the marriage. These items are owned jointly by both spouses and must be distributed during the divorce process.

Separate property is individually owned and includes items owned before the marriage. Some items acquired during the marriage are still considered separate property, including inheritances and other large gifts.

How Does Commingling Affect Asset Distribution During a Divorce in Georgia?

Separate property is not subject to distribution during a divorce in Georgia, but when separate property gets commingled with marital property, distribution becomes more complicated. In some instances, such as with a savings account, there is clear evidence of when the account changed from separate to marital property. With other items, it can be more difficult to prove what percentage of the asset is separate versus marital property. Without proof, commingled assets are treated as marital property.

What Is the Average Cost of a Divorce Attorney in Georgia?

The average cost of a divorce attorney in Georgia varies with several factors. Divorce attorneys may charge a flat fee for their services or charge an hourly rate. More complex cases require more hours to work out the logistics of the divorce. If expert witnesses are required, that also increases the overall cost of the divorce. You may be required to pay a retainer fee before work can begin on your case.

Why Is Moving Out the Biggest Mistake in a Divorce?

Moving out of the marital home during a divorce can be a costly mistake. It can negatively impact your relationship with any children living in the home, which could damage your ability to get a fair custody agreement. The court could also interpret your leaving as abandonment, which could affect how your assets are divided. You also have less access to important documents and the increased costs of maintaining two households.

Is It Better to Use Mediation or the Courts to Divide Assets During a Divorce in Georgia?

For a simple or amicable divorce, mediation may be a good option, while more contentious divorces may be resolved better through the court system. If you can come to a divorce agreement during mediation, the cost is generally lower. If you must go through the court system, the cost is higher, and it usually takes longer before the divorce is finalized. A high asset divorce may benefit from mediation to determine how assets are divided.

Smyrna High Asset Divorce Lawyer

No two high-net-worth divorce cases are the same. Our team creates a tailored approach for every client to ensure that their needs are met, and their interests are our top priority. Every divorce is highly emotional. You need an attorney who understands the importance of what you are experiencing. Contact Young Law Firm, LLC at 770-758-8976 or through our online submission form. Schedule your free, 30-minute initial consultation today.