As you may know, high-asset divorces typically last a very long time. They also come with deep conflict, particularly over property division issues. Most people heading into a marriage do not give much thought to the possibility of divorcing one day. However, as statistics from the American Psychological Association confirm, about half of the marriages in America end in divorce.
Addressing property issues before getting married can help couples avoid a messy and painful high-asset divorce down the road. Often, couples accomplish this goal through the use of premarital and postnuptial agreements. Another way to avoid property issues before getting married is by keeping certain assets separate from each other. Here are some tips.
- Maintain separate financial accounts in which to deposit and use separate funds
- Avoid putting funds you want to keep separate into joint accounts
- Create shared marital property goals with your spouse in order to promote a sense of financial equality
- Avoid putting the names of both spouses on property deeds and other assets that are not marital property
A great way to approach these goals is to speak with a family law attorney. He or she can help you avoid violating divorce laws, which could derail your efforts to create balanced marital property accounts while also keeping some property separate. Your lawyer can also help you draw up a postnuptial agreement addressing property issues going forward if you are already married.
You should also understand that Georgia is an equitable division state. This means that the court will overrule an unfair property settlement, even in high-asset divorces. For example, even though your spouse may have adequate funds upon divorce, the court may still overrule your proposed settlement if it strongly favors one spouse over the other.