How Are High-Net-Worth Divorces Different in Georgia?
If you’re emerging from a high-net-worth marriage in Georgia, you might be wondering how complex your divorce will be. You might also wonder how your divorce will compare to that of a lower-income individual who is also ending their marriage. What kinds of unique steps do you need to take when navigating a high-net-worth divorce in Georgia?
The Presence of Complex Assets
High-net-worth divorces are often distinct because they involve more complex assets. A middle or low-income couple going through divorce may not own their own home, and their primary concerns might involve the family pet, a vehicle, and perhaps some cash. In contrast, wealthier spouses often have to divide extensive real estate holdings, investment portfolios, retirement accounts, family businesses, and much more.
Many people reach high levels of wealth through entrepreneurship, and family businesses are common sources of dispute during high-net-worth divorces. Spouses may need to figure out how they’re going to divide ownership, or whether a buyout is more appropriate.
Some assets are complex because of their illiquidity or unclear values. For example, a wealthy family may have an extensive collection of fine art. The value of this art may not be clear, and it may take months or even years to sell the various pieces. The same logic applies to collectibles such as stamps, rare coins, baseball cards, and so on.
Higher Standards of Living for Child Support and Alimony
High-net-worth families are often associated with higher standards of living. These individuals often enjoy considerable luxuries during marriage, including vacations, access to excellent healthcare, designer clothing, nutritious foods, and expensive hobbies.
These factors might become relevant during calculations for child support and alimony in Georgia. If a child has grown accustomed to these luxuries, the higher-earning parents may need to pay higher levels of child support after the divorce. The same logic applies to alimony, and the receiving spouse might stand to receive a relatively high sum each month.
There Is Often a Greater Need for Confidentiality
Privacy is a major priority for many wealthy individuals. It doesn’t make sense to reveal the true extent of your fortune, as this could make you a target for fraud, theft, and other crimes. Certain aspects of your business life could also be sensitive, and you might not want the community to know how you earn your money.
Confidentiality is also important for business leaders, public figures, celebrities, and others during divorce. This is especially true if a trial would reveal embarrassing details about your marriage – perhaps due to infidelity, allegations of child neglect, and so on.
Due to these concerns, wealthier spouses might choose alternative dispute resolution strategies like mediation or collaborative law. These negotiations occur in private, and spouses usually sign non-disclosure agreements to further ensure confidentiality.
Can an Atlanta Family Law Attorney Help With High-Net-Worth Divorce?
If you’re going through a high-net-worth divorce, you should work with an Atlanta family law attorney who has handled these kinds of cases before. While there are many similarities between high-net-worth divorces and “normal” divorces, wealthier spouses have distinct priorities and goals. To assess your next steps in more detail, consider speaking with Buckhead Family Law today.
Source:
csconlinecalc.georgiacourts.gov/frontend/web/index.php?r=site%2Fbcso
