When you’re going through a divorce, your future financial security is likely a primary concern. This is particularly true in high asset divorces where significant resources, like retirement accounts, are at stake. High asset divorces involve the division of extensive marital assets, including retirement accounts such as 401(k)s, IRAs, pensions, and other investment portfolios. In Georgia, understanding your rights and strategies to safeguard these assets can make all the difference.
The Role of Georgia Law in Division of Assets
Under Georgia law, marital property (assets acquired during the marriage) is subject to “equitable distribution.” This means the court divides assets in a way that it deems fair, which doesn’t necessarily mean a 50-50 split. The challenge in a high asset divorce is identifying which assets are marital and which are separate. Retirement accounts can often be a mix of both, with contributions made before and during the marriage. If you started your retirement account before your marriage, a portion of it could be considered separate property.
Strategies to Protect Your Retirement Assets
One strategy to protect your retirement assets in a Georgia divorce is to establish a Qualified Domestic Relations Order (QDRO). A QDRO is a legal order, separate from your divorce decree, that gives your ex-spouse a right to a portion of your retirement benefits. Your ex-spouse could roll their share into an IRA or another retirement plan, thus keeping your retirement assets intact. However, creating a QDRO requires a deep understanding of federal and state laws.
Another option is offering other assets in exchange for keeping a larger share of your retirement account. You could negotiate to give up more of your share of other marital assets, such as real estate or business interests, in exchange for keeping a larger portion or even the entirety of your retirement account.
Handling Complex Divorce Proceedings
High asset divorces in Georgia can be particularly complicated due to the large amount of assets and potential for disagreement over their division. Mistakes in these negotiations can have long-term financial consequences. It’s vital to have an experienced attorney on your side who can help you handle these complexities and protect your financial future.
Work with Tessie D. Edwards & Associates, P.C.
At Tessie D. Edwards & Associates, P.C., we are committed to supporting you through the complexities of a high asset divorce. Our skilled attorneys will work diligently to protect your retirement accounts and other significant assets. We can assist in establishing a QDRO or negotiating for alternative asset distribution, helping to secure your financial future post-divorce. For a confidential consultation, call us at (404) 330-8833. We’re here to help protect your assets and provide you with peace of mind during this challenging time.