When a Georgia couple is planning a wedding, it is easy to forget certain steps that can provide security in the future, such as drafting a prenuptial agreement. A prenuptial agreement is not only for couples who are wealthy or possess high-value assets, but it is also for average couples who wish to protect their future interests. Taking the time to plan ahead can be very beneficial for a couple in case of a future divorce.
When a couple in Georgia chooses to end their marriage, there are obvious financial decisions that must be made, including child support and property division. However, the divorce process can be more complex for higher income couples. Some people may mistakenly overlook several key assets or negotiating points while dividing their property.
The word "divorce" often sparks negative images in people's minds due to the fact that battling over who will keep certain assets is a norm. For instance, people in Georgia may fight over who will get the marital home or how a shared business will be handled. However, with appropriate legal counsel, people can work toward a settlement that will benefit them financially; divorce offers many emotional benefits as well.
One of the chief concerns that people in Georgia often have during a divorce is whether they will get their fair share of marital assets. This is especially an issue for those going through a high net worth divorce. One woman who recently divorced her husband in a high-profile, out-of-state case is now appealing the divorce judgment, claiming that the $1 billion-plus in assets and cash that she was awarded grossly undervalued the wealth to which she was entitled.
There are good reasons why shared custody is the favored arrangement of family law courts nationwide, including in Georgia. Experts assert that children do better with both parents in the picture. That cannot always be the case with the traditional practice of granting the sole right of child custody to one parent, and having no provision for shared parenting responsibilities.
Everyone on their wedding day thinks that they will spend the rest of their life with the person they are going to marry. Despite this confidence, many people in Georgia choose to sign a prenuptial agreement to protect them in the event of a divorce. Unfortunately, such an agreement may not be upheld in court if it seems to be unfair or was coerced. One out-of-state judge has recently ruled to uphold one couple's agreement, even though the wife claims she was a victim of fraud.
Modern no-fault divorce statutes have replaced the practice of having to show the other party's wrongdoing. Today, there is little advantage in a divorce in Georgia or other jurisdictions of using the tactic of dragging the other spouse through the marriage's murky waters. It is true that fault still factors into an alimony or spousal support award -- but it is just one of about a dozen factors that are considered. It can be relevant in a custody battle, but must be offered in an objective and measured format that is not clearly personal, unsupported, or emotionally charged.
Whether litigated in Georgia or another state, a high net worth divorce can sometimes turn ugly. Actually, the level of cooperation or rancor in a divorce is not proportionate to the amount of assets involved, a fact attested to historically by the tens of thousands of routinely bitter divorce battles undertaken by people of modest means. One divorce involving a billionaire, however, does seem to be getting a bit nasty as it moves forward.
Many Georgia residents know that divorce can be difficult for children of the couple. As a result, parents may want to make the transition as easy as possible for their children. This desire may mean coming to terms amicably about child custody to ensure that a battle does not ensue. Individuals who wish to follow such a path may have many options available to them.
According to the founder of the National Parents Organization, several recent studies by separate, independent experts conclude across the board that children reared by only one parent after a divorce or separation do much more poorly than children who are brought up in a shared or joint custody arrangement. The superiority of a shared child custody setup applies in Georgia as well as elsewhere. It is clear that most children benefit greatly from having the love, guidance, and companionship of each parent on an equal basis. Nonetheless, family courts nationwide overwhelmingly award sole custody in one parent.