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High-asset divorce: 3 things you do not want to forget

There are numerous aspects of a divorce that can substantially complicate the process. While many states aim to give parents an equal amount of custody with their children, Georgia has fallen well behind the pack. In fact, research shows that Georgia ranks 46th on a list of dad's custody time, with fathers having an average of 23.5 percent of custody time with their kids. 

Child custody is merely one aspect to consider, but property division is very important as well, especially for wealthier couples with more assets. Here are a few factors for both parties to consider if they share considerable assets with one another: 

1. Try to avoid conflict when possible

Divorcing costs a lot of money no matter what. However, those costs will skyrocket if the process lasts for months or even years longer than it should. That is why both parties need to consult with their attorneys before going to the courtroom. The more matters the couple can resolve amicably, the quicker the process will go. 

2. Understand equitable division of assets

Georgia relies on an equitable division of assets, which does not necessarily mean both parties will receive an equal amount.

For example, Georgia is one state that will take into account whether one spouse committing adultery led to the demise of the marriage. In this instance, the court may award more assets to the innocent party. 

3. Try to find hidden assets

A spouse is more likely to hide assets if he or she makes more money than the other spouse. When a couple divorces, all assets should be on the table for the couple to divide. There are many tricky ways people can hide assets that an attorney can help you find.

For instance, some people will overpay on their taxes to lower their total income. After the divorce is final, the spouse receives reimbursement from the IRS. Other common tactics include transferring stock and creating artificial debt.

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Reese-Beisbier & Associates, P.C.
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Cumming, GA 30040

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