Divorce for Professionals
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Issues Affecting Professionals During Divorce
Our familiarity with the high-asset divorce process and the many ways it can impact professionals allows us to resolve all issues that can arise when professionals reach the end of their marriages.
We are equipped to address issues such as:
Our attorneys can also help you address the personal and business tax ramifications that result from a divorce.
Valuation of Professional Practices and Business Interests
Our experience in high-asset divorce allows us to put value to professions and businesses precisely. Correctly estimated value can lead to a fair division of assets between both spouses.
To obtain accurate and well-documented valuations, it is important to know the structure and order of a business. Our attorneys have expertise in this regard that will be at your disposal. Our legal representation includes conducting a full financial assessment of your assets.
Division of Professional Businesses
Division of business is also a crucial aspect of a divorce. Your spouse is not entitled to half of your business, but half of your interest value. That means that you can pay that value and still keep your business interests.
Our attorneys can also help you in negotiations with your ex-spouse and his\her attorney. These negotiations outside of court can resolve matters without things getting ugly, as they usually do in courts. Such court trials can have a bad impact on your business.
High-Earner Child Support
Child support is divided among the parents by the court based upon income and time you spend with the child. This child support must be paid by a parent nominated by the divorce judge.
Child support is the right of children and we take it as our responsibility to deal with this aspect of divorce with maximum care and delicacy. Moreover, the child support payment amount doesn’t remain the same. If the income of your spouse changes, so can the payment.
Alimony Under Georgia’s Evolving Spousal Support Laws, Including Contractual Alimony
Alimony refers to the amount the earning spouse has to pay to support his\her ex-spouse financially until the divorce is final. Alimony can be terminated with a court order, as the court can terminate it based on circumstances.
Contractual Alimony refers to the amount a spouse has to pay his\her ex-spouse after the divorce to financially support her. The agreement is of limited nature. However, the paying spouse can deduct this from his tax payments.
Division of Pensions and Retirement Benefits
The divorce also splits the pension and retirement benefits right down the middle. With our attorneys at your side, we will make sure the divider is fair. The rule is to divide the pension benefits earned during the time of the marriage.
However, certain requirements are to be met for the split of retirement benefits. Our law firm can assist you in getting the benefits at the time of divorce, and the pension benefits will be paid directly to you after the divorce.
Intrinsic Value Property Division
The intrinsic value comes into play when the object in question has no fair market value, like household goods, clothes, personal belongings, etc. Intrinsic value also accounts for the real worth of the asset, instead of the market value.
The divorce courts usually use the intrinsic value standard instead of fair market value. Hence, the measure arrived at during the divorce will be objectively calculated. Our law firm can bring factors into account that may otherwise be ignored in calculating the real worth.
Division of Executive Deferred Compensation
You can get your share directly from your spouse’s deferred compensation plan. This plan refers to the executive amount deferred to a later date in his employment, probably after retirement.
A qualified deferred compensation account is considered marital property. Also, some nonqualified deferred compensation accounts can be considered marital property and divided into a divorce. However, the amount gathered in the account before marriage can be subtracted from the split.
Division of Investments, Such as Real Estate or a Vacation Home
The assets that were acquired during the marriage are also considered marital property and are divided in half. For example, if you have 100 shares, they will be divided into 50-50 with your wife.
The IRS allows both spouses to keep the same cost basis and holding value as they did before. However, the assets are not to be divided in half always. It can be avoided if both spouses reach an agreement with help of their attorneys. We can help you negotiate that.
Special Considerations for Professionals Going Through Divorce
The Law Office of Samuel E. Thomas and Alfred Fargione represent doctors, lawyers, executives, chiropractors, dentists, accountants and other business owners or professionals and their spouses who are going through a divorce in the north Georgia area. Our client-focused approach to divorce for high net worth couples allows us to provide full-service divorce representation.
Our attorneys draw on their experience and dedication to upholding the highest standards of legal excellence to help you successfully resolve issues surrounding your divorce.