As many Georgians know, divorce is one of the most unexpected occurrences
in a marriage as well as one of the most financially perilous events in
a person's life. Dividing assets can be simple and quick if only a
few properties are involved, but high-asset divorce cases can have incredibly
complicated property divisions because they typically include a wide array
of assets, retirement plan funds and investment accounts.
The first step when dealing with high-asset divorces is to get a clear
picture of the finances at stake. Both spouses should develop a list of
all brokerage accounts, savings and checking accounts, stocks and bonds
and any other financial account or deposit to ensure fair division. They
should not forget about employment benefits and insurance policies, both
of which can be sources of income.
Both spouses should be aware that transferring assets from one spouse to
the other can have tax implications. In addition, they should be aware
of the effects of taxes on property and assets so that they do not agree
on a settlement that could cause problems months or even years later.
When it comes to dividing retirement accounts, spouses can choose to walk
away with their own 401(k)s and IRAs. They can also transfer some assets
to their spouses as part of the divorce settlement -- transferred assets
might not be subject to penalties or immediate taxation.
To ensure fair division of property, spouses can also hire forensic accountants
who can help them uncover all assets that should be involved in a settlement.
Any Georgian who is currently undergoing a high-asset divorce should note
that the person's case can also be settled using alternative dispute
resolution in addition to traditional litigation.