The Peterson FirmThe Peterson Firm2023-07-24T10:38:49Zhttps://www.thepetersonfirm.net/feed/atom/WordPress/wp-content/uploads/sites/1200964/2019/08/cropped-favicon-32x32.jpgOn Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=470652023-07-20T10:18:30Z2021-02-12T21:15:49Z
The marital home: Based on fluctuations in the real estate market and countless other factors, the divorcing couple will likely have to decide between three options – sell the house and split the profits, one spouse buys the other out of the property, or they continue to own the property together. Multiple factors go into deciding which is the best option.
Digital assets: From stored entertainment collections such as music, movies and books, to shared online properties such as social media accounts, blogs and websites, the divorcing couple must carefully examine any online assets and decide who retains ownership after the split.
Complex financials: While it might be straightforward to divide a checking account, savings account or shared credit cards, there are other complex financial matters to examine. Retirement funds, stocks, bonds, life insurance policies and deferred compensation can all lead to heated discussions over who is entitled to what.
Debt: From medical debt to IRS debt, a couple will likely share finances over the course of a marriage. Many of these debts can be complex and require numerous steps to arrive at debt responsibility and separation.
It is important to seek guidance from an experienced family law attorney who can answer your questions at every stage of the asset and debt division process.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=468222023-07-24T10:36:08Z2020-12-03T22:23:30Zyou might be worried about how the divorce would play out. Will it be highly acrimonious? Will it be unbelievably expensive? Will it be a drawn-out legal battle? While these types of divorces are a possibility, they are not fated. In fact, if you and your spouse are able to negotiate peacefully, you can have a relatively quick, affordable and low-stress divorce.
Going In With The Right Mindset
Divorce is not a battle, which means that it should not be approached in a spirit of anger or vengeance. It is not productive for either side, and both parties end up getting hurt (financially as well as emotionally). Nor should divorce be treated like a game to be won or lost. Instead, it’s good to approach divorce as a series of negotiations meant to benefit both sides in roughly equal measure.
There are options, such as mediation, that can facilitate a more cooperative divorce process. But even if you choose litigation, it doesn’t need to be acrimonious. As long as you and your spouse are willing to negotiate in good faith, you can make progress relatively quickly.
What About The Costs, Or The Outcome Of Property Division?
Whether you have significant assets or a more modest estate, you may be worried about your spouse getting an unequally large share in the property settlement. This is something to pay attention to, but not necessarily something to worry about. First of all, Georgia is what’s known as an “equitable distribution” state, meaning that couples must divide marital assets equitably. This isn’t the same thing as dividing assets perfectly in half, but it is often close.
Second, if you work with the right attorney, you will have an experienced legal advocate looking out for your best interests in all aspects of the divorce, including property division. He or she will help you pursue the assets that are most valuable to you, carefully value all assets and consider factors that could impact long-term value (such as taxes and depreciation).
As for the overall costs of divorce, these are often contingent on the efficiency of the process. The more cooperative and civil both spouses can be, the faster (and less expensive) the process is.
If you’re in a marriage of quiet irreconcilable differences, it can be scary to risk the life you know for the uncertain chance at something better. But if you’re hesitating due to practical and financial concerns, please consider discussing your options with an attorney to get a better sense of how smooth the process can be.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=466802023-07-24T10:38:49Z2020-08-21T23:19:10ZWhat Classifies As Marital Property?
From your wedding date and up until your divorce date, you might work to earn an income or use money you made for investments. The income you earn during marriage, real estate you purchase and investments you make through stocks or a retirement plan all classify as marital property.
However, there might be some investments you’ve made or property you owned prior to your marriage, like a beach home or motorcycle. This premarital property is known as separate property and a judge can’t divvy up your separate property during the divorce process. There are also two types of assets you can acquire during marriage that the court views as separate property. This includes gifts and inheritances an individual receives.
What Does Equitable Distribution Entail?
Once a court uncovers all your marital assets, the goal is to divide them in a way that is fair, but not necessarily 100% even. To create an equitable distribution, the judge will review the financial status of both you and your ex. They may note how much each of you contributed during marriage and if you will be able to seek employment after the settlement is final. They will also consider if the choices and actions of a spouse led to the divorce. So, if cheating or adultery was committed by your ex, then you may receive more than them.
A divorce attorney can help protect both your marital and premarital property.
]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=466742023-07-20T10:33:15Z2020-06-04T22:16:28ZAlimony:
It is a spousal support issued by the court were one party financially supports the other after the divorce has been completed. A lot of states in the country have their own way of approaching divorce and alimony. Every state considers the amount that is to be given in spousal support, along with the duration of the support. The state of Georgia, alimony is typically calculated by a judge and it depends strictly on the case. At the end, it is the judge who will determine the amount that will be awarded in spousal support. The judge will also set up the duration and it varies, depending on the length of the marriage. However, it can be cancelled when the receiving spouse has remarried or when the person is cohabitating their living space with someone else.
Types of alimony:
In the state of Georgia, there are temporary and permanent types of alimony. The former is when the receiving spouse needs financial support throughout the divorce process and the duration can last from months to even over a year. When it comes to the latter, it can be quite intimidating but it is not permanent, it only means that alimony will subsist after the divorce process and can end after the receiving spouse is financially dependent on his or her own or when she or he has remarried. All of this depends on the situation and the judge will look into it when determining alimony.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=466722023-07-24T10:34:42Z2020-05-25T15:58:36ZGeorgia’S Child Support Laws
Georgia courts calculate base child support obligations using a specific formula. Yet, they may deviate from these guidelines. And they consider multiple factors when determining a fair monthly payment. These include:
Your monthly spousal support payment
Whether you or your spouse’s health insurance covers your children
The actual time your children spend with you or your spouse
Any major outstanding expenses you or your spouse may have
Extraordinary expenses required for you to fulfill your parenting time
You and your spouse may qualify as high earners if you make over $30,000 combined per month. If you do, the court may recommend a higher deviation from the state’s guidelines to maintain your children's previous lifestyle. If your children attend a private school or take part in expensive activities, these facts will likely play a part in your support obligation. Furthermore, if your income far exceeds your spouse’s, your expected contribution toward your children’s care could increase.
Preparing For Payment
Your child support obligation may seem large. But it’s important to remember that the money will go toward securing a strong future for your children. A family law attorney can help you work through the process and plan for its financial effects.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=466682023-07-24T10:33:14Z2020-03-20T22:54:31ZWhat Is A Postnuptial Agreement?
A postnuptial agreement, or a postnup, is a contract created after a marriage that details the financial assets of each spouse for a potential future divorce. Postnups are like prenuptial agreements, but there are important distinctions between them. For instance, since you sign a postnup after marriage, most of your assets may already have become marital assets, meaning they are eligible for division between both you and your spouse.
So, what you may put into a prenup to stay your property solely, may now be an asset your spouse can collect during the divorce. Your postnup will have to outline how to divide those marital assets properly.
What Should I Include In A Postnup?
Postnuptial agreements should include detailed information for the following areas:
Division of property and assets – This should outline which items are yours and which are your spouse’s to ensure clarity during the divorce. You should document significant assets such as your home, retirement funds, stocks, or a business.
Spousal support – Determine the amount and period for any future alimony payments for both spouses, including when payments should be made.
Marital assets in case of death – It’s important to consider what will happen to marital assets if your spouse passes away. Your spouse may approve of you receiving a full share of the marital assets or may want to give their share to their child or a relative.
The more detailed and precise your postnuptial agreement is, the more efficient it will be during a divorce. If you’re considering a postnuptial agreement, you may want to consult with an attorney who can help you through drafting the best contract.
While postnuptial agreements are not a requirement for divorce, it can come in handy when you have large financial assets and want to properly divide them. Plus, a postnuptial agreement ensures a streamlined process that can reduce significant complications and offer a quicker divorce resolution.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=466362023-07-24T10:27:23Z2019-12-19T18:54:27ZMarried couples share ownership in 3.7 million small businesses across the U.S. If you’re part of a marital partnership in business, you’ll likely have to determine just how you’re going to split it up. There isn’t a one-size-fits-all solution, so you may have to look at your options and decide what works for you and your partner.
Methods For division
Once you’ve gone through the process of finding out just how much it’s all worth, there are a few ways you and your spouse can handle things going forward:
Buy-out: You could take over your partner’s shares through purchase. If there’s enough cash or shared assets for an even trade, you could walk away as the sole owner of your business. You could even avoid taxes, as sometimes asset purchases stemming from divorce aren’t considered taxable.
Sell it all: If you and your partner don’t want anything more to do with the business, or there’s just not enough pliable assets to make the deal work, you could sell outright. You may have to dig into some more details, like how much you’re asking, who will run the business until it’s sold and to whom you’re willing to sell.
Co-ownership: Though not always a feasible option, it can work. Sometimes putting your marriage aside can ease tensions that were seeping into the business, and you could see smoother sailing after a divorce. Of course, this option isn’t likely to be for everyone, but cooperation after a divorce is possible.
Each method likely holds some appeal, but it can be difficult to know which one you should select. Understanding what each one has in store could go a long way toward finding your solution.]]>On Behalf of The Peterson Firmhttps://www.thepetersonfirm.net/?p=464152023-07-20T10:25:23Z2019-09-20T21:03:17Zyour pay structure, the more complex the determination of property division and support payments. Here are a few ways your pay structure can affect what you get in a divorce:
Bonuses – Your company may offer you different types of bonuses. You may receive a sign-on bonus when you join the company. Or you may get a bonus at the end of every year. If you earn these bonuses while married, a court will likely consider them marital property, subject to division upon divorce.
Commissions – Like bonuses, courts usually consider commissions as part of marital property. However, the timing of when you receive your commission can be important. If your company doesn’t pay you a large commission until after your divorce is final, you may not have to consider it marital property.
Stock options – If you are in an executive position, you may receive stock options from your company as part of your compensation. These can be difficult to split since they may not be liquid. You may have to pay a certain cash value to your former spouse based on the estimated value of the stocks. Or your spouse may elect to wait until you receive the full value of the stocks to receive a share.
Your pay structure plays an important role in divorce proceedings. And if your company pays you in more than just a cash salary, deciding how to split your assets becomes difficult. You and your spouse will likely need qualified attorneys to help you decide exactly how to divide your complex assets.]]>