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Atlanta High-Asset Divorce Law Blog

Watch out for toxic behaviors in a high-asset divorce

When you ask your spouse for a divorce, there's certainly no guarantee that he or she will accept that request civilly and move forward. In many cases, one person feels hurt or angry, and those feelings cause tensions to escalate. This can lead to a toxic divorce.

You need to watch out for these toxic behaviors, which can include things like:

  • Hiding assets
  • Cutting you off from the children (parental alienation)
  • Stalking you
  • Harassing you and making threats to your health and safety
  • Damaging your reputation
  • Damaging your property

It's 2019, so new spousal support rules apply now

January is known as "divorce month," and as such, it's a good time to talk about how the new tax rules and other changes could affect your divorce. Couples who plan to divorce in 2019 should be aware that new spousal support tax rules could change the way they want to approach this typical negotiation.

Spousal support is paid to one spouse from the other. The amount and length of time it's paid varies, but it's primarily determined based on how long the couple has been married, their ages, the health of each party and how much they both earn.

Could your divorce get you into legal trouble?

What do you have to disclose about your financial affairs to your spouse during a divorce?

In short: You need to disclose everything. If you don't, you could end up in serious trouble with the law that goes well beyond your divorce.

Stop children from playing parents against each other

Many parents who go through child custody cases soon find that the children are doing things with one parent that they know the other won't allow. There isn't anything necessarily wrong with this unless the children are playing one parent against the other, which is a problematic. You and your ex might have to work to ensure that this isn't happening.

There are several things that might signal that your children are trying to play you against your ex just so they can get their own way. One of the most common is that the kids will go to each adult separately. If the first one doesn't give them the answer they want, they might change up their plea a bit so that they have a chance of getting the other one to agree.

What happens to your business when you divorce?

You and your spouse founded and run a successful business in the Atlanta-metro area, but your divorce may find one or both of you losing out on any future benefits. When it comes to splitting your life into two halves, doing so to the business may result in dire consequences.

Should you consider maintaining co-ownership of the company? When divorcing with a joint business, you have a few options to think about.

Take the right steps to help yourself during a high-asset divorce

With any high-asset divorce, there are many assets on the line. People in these situations need to do everything they can to protect their own interests. Georgia is an equitable distribution state, which means that you're not guaranteed anything except what is perceived as your fair share of the marital estate.

As someone who is divorcing with a high net worth, it is usually a good idea to have accountants, attorneys and other professionals assist you. You'll want to document your finances as well as where your money goes. There are a few extra steps you may want to take to guarantee there aren't hidden assets or missed assets as well. Those include:

  • Reviewing bank account statements
  • Checking for retirement accounts
  • Reviewing stocks and bonds
  • Obtaining a credit report

How to avoid an IRA error in a divorce

An IRA is a retirement account many people rely on. There are numerous mistakes people can make with these accounts, and one error could jeopardize how much money you end up with after you retire. One instance that can lead to a disastrous mistake involves doing the wrong thing with your IRA during a divorce.

When divorcing, many couples focus on alimony, child custody and child support. However, there are numerous areas the couple needs to discuss, and it is easy to overlook the IRA. In many cases, an IRA becomes divided similarly to any other asset. The person who has the IRA needs to be careful of withdrawing funds to provide to the former spouse. People have ended up in U.S. Tax Court due to unpaid taxes from not properly withdrawing funds. Fortunately, there is a way you can avoid a trip to court, and it involves being mindful of how you split the account. 

How much does it cost to raise a child?

When deciding what your family will look like after a divorce, issues of child custody and child support have to come up. They may get resolved easily if you and your ex can work together for the best interests of the child. They may grow contentious if you both fail to see eye-to-eye on these important topics.

Either way, money is going to be a central issue that you need to deal with. Raising the children is not cheap. Caring for them costs you time, money and energy. You have to think about this while deciding where the kids will live, when you'll see them, how to split up the costs, who will pay for specific things and much more.

3 things to consider before you go through a business divorce

A divorce has the potential to significantly affect your business. However, there are ways to help yourself and to protect your business.

There are a few different things that anyone with a business should do before going through a divorce. Here are a few tips to help you as you decide on the steps you want to take next.

Should you refuse alimony? Think carefully before you do

In today's world, it's common for both men and women to work. While it was common for men to be the breadwinners in the past, the same is not always true today. In a divorce scenario, that can create unusual tension, especially when it comes to spousal support.

Normally, when two people can support themselves independently, they may decide that spousal support is unnecessary. In some cases, the higher-earning spouse will simply provide a lump sum of cash to the other party, so they can boost their living conditions or have a nest egg to fall back on.

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