Archive by Month: September 2017

What You Need to Know When Dividing and Protecting Your Motorized Recreational Vehicles in a Divorce

By September 28, 2017 Articles

Dividing property in a divorce can be one of the most complex parts of the entire process. There may be real estate, financial accounts, collectibles, and other assets that individuals want to protect from their spouses.

Motorized recreational vehicles are a common factor in many divorce cases, and understanding how they can be protected is essential to the outcome of your case.

State laws can vary, and they may change over time. So working with a skilled attorney can give you the resources you need to protect your recreational vehicles and maintain your rightful ownership.

The Division of Property in Divorce

The division of property in a divorce case is determined by state laws.

Any assets that were acquired prior to the marriage are considered “separate” in the state of Georgia. This includes personal gifts or inheritances as well as assets that both spouses have agreed to classify as “separate” property.  Any assets acquired during the marriage are considered marital and are divided equitably, meaning however is most fair. 

Georgia courts typically consider a number of factors when dividing marital property. Future needs, financial status, actions that resulted in the loss of assets, and behavior of each spouse during the marriage can influence the court’s decisions.

Courts can also base their decisions on the fault of individuals in a divorce case. Cases that involve adultery and other misconduct can cause one spouse to obtain a larger share of assets.

Recreational Vehicles in Divorce

Recreational vehicles including motorcycles, dirt bike, jet skis, RVs, ATVs, boats, that were acquired during a marriage are included in marital assets that must be divided..

Most people are unaware that the name on a vehicle’s title may not necessarily reflect the person who will actually be granted the vehicle once the case is settled.

That’s why it’s important to consult with a skilled attorney who can help you determine the options for protecting your recreational vehicles.

You’ll need to determine the value of each vehicle and gather the documentation related to each in order to ensure that they remain protected during a divorce.

You will also need to document the make, model, year, license number, and outstanding balances on all of your recreational vehicles prior to your divorce proceedings.

Legal Protection for Your Recreational Vehicles

If vehicles were purchased and paid for prior to the marriage, or if they were purchased during the marriage and paid for with funds that weren’t directly connected to marital assets, they may be exempt from division.

Vehicles that were given to you as gifts and are in your name can also be free from the risk of being included in the marital assets.

Along with the manner in which recreational vehicles were obtained, other factors such as the funds used for their purchase and maintenance can also influence the court’s decisions on how they’ll be divided.

Your attorney will help you understand the laws related to divorce and property division.

Having an attorney help you to present your case is essential to achieving the outcome you want so that you protect your assets and continue to meet all of your lifestyle needs after your divorce.

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How to Protect Multiple Homes in a Divorce Case

By September 14, 2017 Articles

Your home may be one of the largest investments that can be lost in a divorce. But what happens when there are multiple homes in a divorce case?

Divorces that involve high net worth individuals or a high level of assets can lead to extensive losses without the right legal protection.

These cases can be complex due to the number of assets that are involved and the many ways in which they can be divided.

Knowing how to protect multiple homes in a divorce simplifies the process and ensures that you get the protection you need.

High-Asset Divorce Cases in Georgia

Determining how property is valued and divided between both parties is the biggest issue related to high-asset divorce cases.

The classification of properties impacts their level of protection and is the primary cause of contention in many divorces.

Consulting with an experienced attorney helps you make sure that your homes are classified and valued appropriately.

The state of Georgia classifies any property acquired during the marriage as “marital property”. This means that assets may be subject to equitable distribution in a divorce.

Other types of property may not fall under the same classification. These “separate” properties include those that were acquired before the marriage or as a gift or inheritance from another party.

If a prenuptial or postnuptial agreement has been established, your property may not be subject to equitable division and distribution.

Protecting Your Homes

Premarital agreements protect multiple homes and other assets in a divorce. When prepared correctly, a prenuptial agreement addresses all aspects of your finances and prevents common disputes that arise in divorce cases.

Take the time to know your legal rights in a divorce case. You need a support system that will look after your financial interests. In addition to a family law attorney, working with a financial advisor, accountant, and estate planner can provide you with the best options for protecting your homes.

A divorce case affects your assets, tax liabilities, and other aspects of your financial wellbeing. So having legal resources in place can support your case and help you protect multiple homes in a divorce.

The Legal Protection You Need

An attorney helps you complete the process of characterizing and valuing your properties. Taking the proper legal steps helps you protect your home investments and long-term financial wellbeing.

Spouses may have hidden assets that can be uncovered, and your attorney can help you determine what assets are rightfully yours.

Protecting multiple homes requires individuals to work with home appraisers, finance professionals such as forensic and certified public accountants, and others.

This can be a difficult process for those who are unfamiliar with the aspects related to property ownership in divorce cases. Divorce attorneys who are skilled in high-asset cases can determine the best options for your needs.

They have the expertise to protect your homes and address stock portfolios, investment property, timeshares, taxes, life insurance, and outstanding debt issues.

Consult with an experienced high asset divorce attorney to help you protect your rights and assets. You’ll prevent any unnecessary losses while protecting your multiple homes and the financial security they provide.

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