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The most common pitfalls in a high asset divorce

Getting divorced is never easy, even if you and your former spouse both agree a divorce is the best option for everyone. The more assets you have, the more likely you are to experience issues during the divorce. Chances are good that you and your former spouse will have trouble agreeing on who gets what during a divorce.

Laws in both Georgia and South Carolina are very specific. Georgia is an equitable distribution state, meaning that the courts will strive to find a means of fairly dividing assets. South Carolina is a marital property state, which means that only marital assets will be divided.

Marital assets are assets, such as houses or retirement accounts, that were acquired or contributed to during the course of the marriage. It can be confusing to figure out what is a fair division of assets in either state, which is why it is so important to speak with an experienced family law and divorce attorney who understands the laws and how they will apply to your divorce. The greater and more complicated the assets from your marriage, the more difficult the division process can become. Your attorney can protect you by looking out for your best interests.

Common issues with asset division in divorce

One of the most common issues with asset division is placing a fair price on non-financial assets. An investment property or a collection of valuable memorabilia can be worth thousands. Proving to the courts what value they have, however, can be harder. Working with an attorney can help, as your attorney can connect you with professionals capable of evaluating and accurately pricing unusual assets.

Another common issue is the attempt to hide assets. This kind of unscrupulous behavior is sadly quite common in failing marriages. Your attorney can help by referring you to a forensic accountant who can track down hidden accounts and other valuable assets. This, in turn, helps ensure a fair division of assets.

Sometimes, retirement accounts be be problematic, too. If you and your former spouse aren't of retirement age yet, there can be penalties, such as fees and taxes, that also need to be fairly split. You may negotiate to delay withdrawing the funds, but then it is possible for your former spouse to disperse the funds in violation of the court order for his or her personal gain. Your attorney can review your situation and advise you on the best way forward when it comes to retirement accounts.

An attorney can help you avoid issues with asset division

No matter what asset issues arise, legal advocacy will ensure your divorce and division of assets is fair. Working with an attorney who understands divorce and family law in South Carolina and Georgia is your best option in a high asset divorce.

Source: Nov. 30, -0001

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