According to the National Statistics Office of Georgia, there were over 10,000 divorces in the state in 2021, with many of those divorces involving high-asset couples. High-asset divorces often attract a lot of attention. They involve significant wealth, multiple properties and potentially high-stakes disagreements.
Yet, along with this attention comes a lot of misunderstanding and misinformation. These myths can complicate the divorce process, adding unnecessary stress and conflict. By replacing fiction with facts, you can navigate your high-asset divorce with a better understanding of what to expect.
Myth #1: Assets are always split 50/50
While Georgia is an equitable distribution state, it does not mean the court splits assets 50/50. Instead, the court divides marital property in a way that it deems fair, considering factors such as the length of the marriage, each spouse’s contribution to the marital property and each spouse’s future earning potential.
Myth #2: High-asset divorces are always contentious
Just because there are significant assets involved, it does not mean that your divorce will devolve into a battle. It is entirely possible for both parties to come to an amicable agreement. Mediation and collaborative divorce are options that can help you resolve disputes respectfully and privately.
Myth #3: Prenuptial agreements always protect your assets
Prenuptial agreements can indeed protect individual assets in a divorce. However, they are not infallible. For example, a court may set aside a prenuptial agreement if it deems it unconscionable or if there was not full disclosure of assets at the time of signing.
Myth #4: Hidden assets are impossible to discover
In high-asset divorces, there might be a temptation to hide assets to protect them from division. However, with thorough investigation and discovery techniques, hidden assets often come to light.
Myth #5: Child support is not relevant in high-asset divorces
Regardless of the level of assets involved, child support is a critical aspect of any divorce involving minor children. In Georgia, both parents are responsible for supporting their children. The court calculates child support based on each parent’s income, the number of children and other relevant factors.
Understanding the reality behind these myths can give you the clarity you need to navigate the process of high-asset divorce. By staying informed, you can make better decisions and look forward to a more secure future.
