Who Gets What in a Divorce? Part 2

For most couples who are considering a divorce, asset division is unknown territory. In our last blog, we explained some basics of dividing your assets during a divorce and how those decisions are made. However, that was just the tip of the iceberg. Today we’re delving into some of the more in-depth topics you’ll want to know during your divorce.

Weighing Contributions to the Household

In theory, marriage is supposed to be a partnership in which both spouses contribute to the finances and the work it takes to run their household. That isn’t always the case. In fact, a common reason couples get divorced is because one spouse feels like all the work and financial responsibility is on their shoulders while their spouse doesn’t contribute at all.

Dividing your marital assets does not always mean dividing everything down the middle. If acquiring your marital property wasn’t much of a team effort, we can take this into account while we help you negotiate the details of your divorce.

The Larger Variety of Assets You Have, The More Complex Your Divorce Will Be

Without a doubt, couples with a high net worth typically have more complicated divorces than couples with fewer assets. The complexity comes from the variety of assets you share, though, rather than the amounts.

For example, let’s say the Smiths are a young couple with very simple finances. They don’t own a home, or a vehicle and they don’t have any investments. Their primary asset is a single shared savings account with $10,000 in it. They can divide it 50/50 (or whatever ratio they feel is fair) and go on their way. The Wilsons, on the other hand, have a more diverse financial portfolio. They have their bank accounts as well as investments, retirement funds, equity in a home they own together, vehicles, stocks, and more. Even if they divide their total assets 50/50 like the Smiths, it will take more effort for them to inventory all their accounts and assets and to negotiate how to divide each asset. This is why it’s important to hire an attorney who specializes in high asset divorce and knows how to approach these cases.

When the Courts Get Involved

Despite what some people think, the Court has little involvement in dividing your assets during a divorce. The goal in every case is to negotiate a fair agreement between two divorcing spouses with the help of their lawyers. This allows you to have plenty of back-and-forth and to voice your opinion about what is fair and which assets are most valuable to you.

The Court only gets involved if spouses can’t reach an agreement together. At that point, a family court makes the decision about who receives what and you lose your input about your preferences. While our lawyers have plenty of experience working with the Court during divorces, it’s always our goal to help our clients maintain their control by negotiating outside the Court instead.

With all of this in mind, remember that every divorce is unique. Each couple has a difference financial situation and set of special circumstances. With over 25 years of combined experience, our Suwanee divorce lawyers can guide you through the process and handle your divorce from start to finish to achieve the best possible result for you. If you’re ready to start the next chapter in your like, schedule a meeting with Oxendine Law. Follow us on Facebook, Twitter, and Instagram as well for more helpful facts about family law.