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.