But, in a divorce, vacation homes are high-value assets, and as emotionally invested as you may be, it’s smart to look at them through a financial lens. Most couples will choose one of three options for their vacation home: sell it, share it or stay.

Selling your vacation home

Once you’ve decided to divorce, you’ll want to have your vacation property appraised. Even if you don’t ultimately sell, you’ll have a good understanding of its current value. Most divorcing couples choose to sell and share the proceeds as it provides the opportunity for a clean slate and financial independence from each other. While it may feel hard to sell and move on from a home you love, it’s sometimes the smartest move.

Share the vacation home 

If you and your soon-to-be-former spouse both love the home or you imagine your kids vacationing there for years to come, you may wish to share it. But it’s critical that you’re realistic about how the agreement will work. Would you prefer to buy the property outright but just don’t have the funds? Are you comfortable co-owning property with your ex? If so, you’ll want a written agreement in place detailing:

• Who is responsible for mortgage payments
• How you’ll handle repairs and updates
• How you will schedule use
• How you will manage rentals if you also rent out the property
• What you’ll do if one party wants to sell
• What you’ll do if one party passes away

Staying in your vacation home

If you’re sure you want the home, you may choose to buy out your spouse’s share. If you’re financially able to do so, this can be a great choice, as it allows you to keep the property you love without mingling your finances with your ex. However, you need to be clear-eyed about the expenses and effort it takes to manage a vacation property and be sure you’re comfortable handling everything on your own. Because a vacation home is not your primary residence, you’ll also need to understand the tax implications of property transfers in divorce vs. true sales after a divorce.

Ultimately, it’s smart for divorcing couples to come to an agreement that’s in their best financial interests rather than let attachment to the home cloud the picture. Co-owning a home that made you happy with someone who makes you unhappy doesn’t always work well. By speaking with an experienced divorce attorney, you can create an agreement that’s to your best advantage and keep the decision of who gets the home out of court.

Schedule your consultation today with an Atlanta family lawyer 

Vacation homes may complicate the divorces of high-net-worth families. The divorce attorneys at Marple Family Law have years of experience working with clients who have vacation properties. Contact us today to schedule a consultation to move your divorce forward as efficiently and effectively as possible.

For the spouse not involved in the practice, a large part of the family’s assets may be tied up in the business. The spouse may have made sacrifices to the practice’s growth over the years, helping support educational goals, attending events, lending expertise or taking on extra household duties. Financially, it’s often critical that the business be factored into the divorce settlement. 

Because Georgia is an equitable distribution of property state, marital property must be divided fairly. In most cases, a professional practice is considered marital property, even if the practicing spouse owned it before the marriage. But that doesn’t mean that the court will split up the business or force a sale. Instead, it means that the practice’s value will be factored into the settlement. In the case of a practice that existed before the marriage, the settlement will focus more narrowly on its increase in value from the time of the marriage to the divorce. 

How professional practices are valued 

During a divorce, lawyers will compile all the assets that are part of the marital estate. If this includes a professional practice, that means the business has to be ready to open up its books. (Finances only—a practice will never have to share private patient or client information with divorce attorneys.) 

The good news is that professional practice valuation happens all the time, and not just for asset discovery. Bringing in a new business partner, selling a practice or merging with another firm all also require valuing a business. Still, divorce valuation can be a little different. The goal is to obtain information on the value but otherwise keep the business running normally. 

Ideally, attorneys try to determine the present net fair market value: what a buyer would pay for the firm, minus the business’ debts. The valuation expert also considers retirement accounts, pensions, contingency fees and goodwill, or the added value of a good reputation. Everything is then benchmarked against the value at the time of marriage. 

Once the growth is valued, the business-owning spouse offsets the business assets with something else in the divorce settlement, though monetary awards are also possible.  

Considerations when splitting a professional practice 

Because marital property must be divided fairly, though not necessarily equally, judges have a fair amount of leeway in determining how to split assets. The court considers the earning power of each spouse, financial needs and any bad behavior, like trying to conceal assets.  

This is why, if you own a professional practice, it’s so important to continue running it normally during a divorce. Trying to liquidate assets or depress the business’ value will only create problems. Conversely, if you suspect that your spouse is trying to manipulate the practice’s value, you need an Atlanta divorce attorney to ensure you get your fair settlement.  

Ultimately, it’s expensive and time consuming to value a professional practice, requiring many hours of work from financial experts. Ideally, couples can agree on one trusted business evaluator, and their attorneys can help them reach a productive resolution that keeps the business running smoothly and fairly compensates the spouse who does not own the practice.  

Schedule your consultation today with an Atlanta divorce lawyer 

Valuing a professional practice is one of the most complex aspects of high-net-worth divorces. The divorce attorneys at Marple Family Law have years of experience working with clients who have valuable professional practices. We can help you move through the process thoroughly and quickly. Contact us today to schedule a consultation to move your divorce forward as efficiently and effectively as possible. 

What Makes A Good Divorce Lawyer

If you’re getting a divorce, listen up! We cannot emphasize the importance of hiring a divorce lawyer enough. In the Atlanta region, there are plenty of family law practices, but be sure you are selecting one that is well-versed in the process and procedures specific to state and county  laws. A qualified divorce lawyer will provide the following assistance:

• Help with complex paperwork: Many individuals underestimate the complexity of the forms involved when filing for divorce. DIY divorces tend to occur more often with couples undergoing a “simple divorce,” so to speak. These couples were usually only married for a short period of time, with simple assets to split and typically no children. Simple divorce or not, the forms are heavily involved and best completed with expert counsel.
• Aid in tackling procedural requirements: Depending on which county you are filing in, there are specific self-imposed filing requirements and customs, some of which are quite particular. If the applicant is uninformed, they could spend countless hours trying to fight the system for their decree. County courts do not post any sort of divorce forms or detailed information on their website for public consumption. Additionally, online filing services usually aren’t aware about county (or state) specific nuances either.  This is where the expertise of a divorce lawyer local to Atlanta, will pay off in large dividends.
• Advice in navigating the divorce process: This process can be complicated and those who go it alone sometimes try to rely on the court clerk. Yet, your county court clerk is not a customer service representative! These individuals are not permitted to provide any type of assistance that may be interpreted as legal advice. They will direct you to retain a lawyer, or send you to the basement library to look up the required forms needed in old law books. You’ll need the help of a localized divorce lawyer to efficiently begin the process.

What To Expect From Your Divorce Lawyer

If you’ve decided on divorce and not a DIY divorce, you surely want the process to be over as quickly as possible. Divorces in the U.S. can take anywhere from 3-12 months from beginning to end. The time frame is often determined by how the divorce is filed, as well as the type of legal issues that must be settled. A divorce lawyer will help to speed up the division of debts and assets among the former couple. Terms for child support and custody are also determined with advocacy set forth by your divorce lawyer. Your attorney will manage any sort of dispute resolution, which can lengthen divorce proceedings, if not handled by a professional.

In the Atlanta area, the best way to proceed with a divorce is to consult an attorney with multiple years of experience. When your divorce is placed on hold, so is your life. This delay can be incredibly frustrating and expensive. Call, or schedule an online consultation, with Marple Family Law today to move your divorce forward as efficiently and effectively as possible.

Here are a few clues that your spouse may have financial secrets to uncover:

• Neglecting to give access to banking information;
• Spending more money than he or she is known to earn;
• Emptying a joint checking account right before filing for divorce;
• Having more than one bank account or mailing address; and
• Traveling to countries with minimal tax laws, especially during the COVID-19 pandemic.

Any of these signs could imply that your spouse is depleting the marital estate or racking up debt to minimize his or her potential financial obligations in the divorce. Regardless, it is critical you report suspicious behavior to your Georgia family law attorney as soon as possible. They will be able to help you gather proper evidence to bring to court. Record any and all evidence of hidden assets: photographs, screenshots of texts or other social media/dating sites, or anything that proves spending that does not align with known income.

A Family Law Attorney is Your Co-Detective

It can be challenging to prove that your partner is hiding assets or income. Fortunately, your family law attorney has the means to discover the truth in a litigation process called “discovery,” through which information and associated documents are formally demanded. One of these “discovery” pleadings can request immediate production of documents. In other words, your Georgia family law attorney can legally require your spouse to come clean about their bank statements, credit card information, retirement documents, and more. Furthermore, the Georgia law permits your attorney to send formal subpoenas to your spouse’s bank or other financial institutions requiring them to directly produce the requested materials regarding your spouse. If he or she does not cooperate with your attorney’s request, then a court order can be sought to force compliance and impose sanctions for failing to comply with the discovery process.

Other measures can be taken to prove your suspicions. A family law attorney can recommend a number of expert forensic accountants to closely examine your spouse’s financial activity in order to discover hidden assets and income. The forensic accountant has the ability to gather evidentiary support to be used in your defense during court proceedings.

This article simply scratches the surface of a matter involving your spouse hiding income or assets during a divorce proceeding in Georgia. The highly experienced family law attorneys at Marple Family Law are here to guide you through the deep complexities of the process. Call us today at 770-884-4000 or schedule a consultation through marplefamilylaw.com.

Whether it is a divorce or other family law matter, we will start with obtaining background information about your marriage, such as the date of your marriage, name(s) and age(s) of your child(ren), employment history, earnings history, and the composition of the marital estate (e.g., assets and liabilities), including any property that you had at the time of the marriage or acquired during the marriage by inheritance, third-party gift, or personal injury settlement. During this initial information gathering time, it is important to point out any special circumstances that effect you, your spouse, and/or any of your children, such as any medical, physical, or developmental limitations.

Please know that all conversations with our attorneys are confidential and privileged under Georgia law. It is crucial that you are completely open and honest in discussing all aspects of your marriage with us so that we can assess the facts of your case and how Georgia law may apply to your situation. We need to know the good, the bad, and the ugly about your spouse and you. Even if it is bad fact against you, we need to know this information so we can help protect you against it. It is imperative that we are not blindsided by it at a deposition or trial, so we have time to work with you in crafting an appropriate response and strategy to address the unfavorable issue.

It is often helpful to bring pertinent documents to the initial consultation. If it is a divorce consultation, then it is helpful to bring materials related to income (e.g., recent tax returns, current paystubs, etc.), assets (e.g., bank accounts, investment accounts, retirement accounts, real estate, business interests, trusts, vehicles, college savings accounts, etc.), and liabilities (e.g., credit cards, loans, etc.). Please also bring any Prenuptial or Postnuptial Agreements, including any attachments thereto such as financial statements or tax returns.

If it is a custody and/or support modification consultation, then please also bring prior court orders and key pleadings from those cases, such as any parenting plans, settlement agreements, and/or child support worksheets.

If you have been served, then please bring all pleadings that you were provided and be prepared to tell us when and how you were served, which is important in determining response deadlines.

Please come with a list of questions or concerns about your situation. We are here to help you and make you feel comfortable with the process. That being said, every case is different and what you find on the internet may not be applicable to your case for a variety of reasons that we will explore during the consultation.

Finally, you can expect the appointment to last approximately an hour, though it can last longer with complex issues. You will experience the patience and understanding of our experienced attorneys during your consultation. Please contact us at 770-884-4000 or visit our website at marplefamilylaw.com to schedule a consultation.

1. Don’t go through it alone.

It often helps to talk with a trusted friend and/or family member who can act as a sounding board when difficult moments arise during the divorce process. In addition to religious leaders, there are many therapists and licensed counselors in Georgia who specialize in helping patients navigate through a divorce. There are also numerous support groups, both in person and digital, available for those in various stages of the divorce process. Give yourself the freedom to express yourself authentically instead of keeping the stress built up inside. Isolating yourself can increase your stress levels and compromise your career, relationships, and overall health. If you’re not ready to share your emotions, then a divorce journal is a wonderful tool for releasing your internal dialogue. Etsy.com is a great resource to find a journal that is designed to bring you peace and joy.

2. Cohesively decide what to tell the kids. Do not involve them in conflict.

One major cause of divorce stress is the feeling of guilt when kids are involved. Make a list of all the reasons this decision will benefit them in the long term. Attach it to your bathroom mirror, computer, or anything you see on a daily basis.

Here is our advice on how to help children of all ages cope with divorce:

How To Help Children of All Ages Cope With Divorce

Avoid arguing with or talking negatively about one another in front of them. Don’t use them as messengers or make them take sides. If possible, discuss the topic with your spouse in private and devise a plan on how to tell your children about the divorce, and attempt to relay the news across a united front. Make sure you emphasize that your divorce is not their fault. Listen to and ease their concerns, and be compassionate but direct in your responses. Have a calm discussion with them about what they can expect in the future. Encourage them to ask questions and share their emotions with you. Be aware of the fact that children take anxiety cues from their parents, so it is important that you monitor your own behavior around them throughout this process. If necessary, involve school counselors or professional children’s therapists to provide alternative outlets for your children to express their feelings during the process.

3. Take care of your body

It is not uncommon for those who are going through a stressful time in their lives to engage in extreme dietary habits. Try to avoid either end of the spectrum by maintaining a regular routine and keeping your pantry stocked with healthy items. Keep a journal or use an app such as My Fitness Pal to log your meals and eating habits. Don’t use alcohol, drugs or cigarettes as a way to cope; as they will likely lead to more problems. Ask your friends to help you maintain healthy habits during the divorce process by checking in on you often and holding you accountable. Keep to your normal routines as much as possible. Try to avoid making major decisions or changes in life plans.

Exercise is also a good outlet to reduce stress and take care of your body. Your physical health impacts your mental health, which can significantly affect your overall well-being in many ways. Even if you did not regularly exercise before, it would help to try new activities during the divorce case to help reduce stress and productively channel your thoughts and energy. Yoga, meditation, or daily walks are good options that you can easily add to your daily routine. Reconnect with things you enjoy doing apart from your spouse – take time to enjoy life and make new friends.

4. Avoid heated arguments with your spouse.

When you feel a fight with your spouse coming on, walk away, hang up the phone or put down the keyboard and calmly suggest that you both try talking again later. Take a few minutes to calm down to avoid engaging in a power struggle that you know will not end well. By not immediately responding to a harsh comment or an antagonistic email, you can take control of the situation and show your spouse that you are not going to let this interfere with your time. Always remember that anything you say or write can be used against you in court. Please also feel free to consult with your attorney before responding if needed. Rest assured that there is an end in sight, and your attorney is working hard to bring this chapter of life to a conclusion.

5. Attack stress at the source.

Imagine your stress as weeds in a garden. In order to prevent them from taking over, it’s critical to remove their roots. Is your stress caused by uncertainty with finances? Meet with a financial advisor. Brainstorm additional income channels with your entrepreneurial friends. Make a game plan in every worst-case scenario you might be imagining.

Does the idea of co-parenting cause anxiety? See a counselor that specializes in dual-household families. Seek online support groups who can connect you with individuals going through the same reality. Divorcedhumans.com is a great resource. Reduce your stress with proactivity. Although it may seem life is spinning out of control, you are the one ultimately behind the wheel. Take your power back.

6. Find a great lawyer who can advocate for your best interests in the divorce.

(2019 Marple Family Law holiday party)

Having a knowledgeable and experienced attorney can mean fewer bumps in the road. Surround yourself with supportive friends and professionals who are on your side. It’s easy to feel isolated during a divorce. Your attorney will reassure you as often as you need how common they are. Regardless of how circumstances may seem, you are not alone. This too shall pass.

If you would like to learn more about the attorneys at Marple Family Law or schedule a consultation, please contact us at 770-884-4000 or visit marplefamilylaw.com.