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Alpharetta Georgia Family Law Blog

Reasons you may face divorce after starting a new business

You have always wanted to start your own company. When you got married, though, you hadn't done it yet. You just kept working in the industry and learning the ropes.

About five years later, you decided it was finally time to take that next step. You started your company. It took work and dedication, and it felt like a bit of a gamble, but you also felt thrilled to get it off the ground.

The role of a prenuptial agreement in divorce

Couples in Georgia may think they do not need a prenuptial agreement if they are not wealthy. However, people who are getting married and who own a retirement account or who have other investments may want to reconsider. A prenup can help protect the assets a person brings into a marriage. It can also protect assets for any children a person may have from a previous relationship.

Some people may assume that they do not need a prenup since any property they have at the time of the marriage will be considered separate property. In fact, this can be more complex. If shared assets are used for the property in any way, it might be considered marital property. This could be the case for a home if the mortgage is paid with income that is earned during the marriage.

The benefits of a divorce financial analyst

Georgia residents and others who are going through a divorce may anticipate the emotional toll that it can take on them. However, they may not necessarily anticipate the financial consequences that ending a marriage can bring. Therefore, it may be a good idea to work with a divorce financial planner. Doing so can be especially helpful for those who lack a solid understanding of their personal or household finances.

This type of professional may be able to help an individual better understand how ending a marriage could impact their tax situation. A financial professional may also help a person learn more about how a divorce could influence his or her net worth. Having this information may make it easier to craft a reasonable divorce settlement in less time. In some cases, a divorce financial adviser will work with a couple as they aim to settle a divorce through mediation or other collaborative means.

Avoid these common mistakes when going through a divorce

Nobody is ever fully prepared for a divorce because it's not something that married couples envision. Many people who realize their marriage is going to end in divorce feel as though they have failed, but this is not true. Every situation in life, no matter how unfortunate, presents us with an opportunity to learn and improve.

While you may not feel entirely prepared for a divorce, you can take the time to learn about mistakes that other people have commonly made when going through the process. The following are some things you should avoid doing when you start the divorce procedure in Georgia.

What may happen to a business in a divorce

When people in Georgia get a divorce, if one of the spouses owns a business, it could be at stake. The divorce can have implications not just for the owner but for any business partners as well as employees.

A buy-sell agreement created when the business is formed can address some of these issues, but some people are unaware of the need for one. This was the case for one man whose three business partners had to borrow money to buy him out when he got a divorce. A buy-sell agreement would have outlined the plan in case of divorce, including how to assess the company's value. It can also limit how much ownership the spouse can claim. However, a court still has the opportunity to determine whether the agreement is fair.

Divorcing? Ask these questions first

While you and your spouse may no longer get along and your life may feel frustrating, it's important not to start the divorce process until you know that it's the right choice for your situation. If you talk to your spouse about divorce suddenly, they may be surprised or hurt. They may also suggest going to marital counseling or trying alternatives.

Prior to getting a divorce, here are a few questions to ask yourself:

Signs that a marriage may be ending

The decision to get a divorce can be a difficult one for some people in Georgia. They may wonder whether they need to give the relationship another chance. According to some experts, there are signs that can indicate when the relationship is in serious trouble and that divorce may be the best option.

Some of those signs are symptoms of a larger problem. For example, many experts say that when couples stop eating dinner together or having sex, this can indicate a larger lack of connection and intimacy. If spouses stop having fun together, this could also be a sign that the marriage is in trouble. These tendencies could mean that the couple is living separate lives, which suggests that divorce may not be far behind.

Wedding planning should include divorce negotiations

Couples in Georgia typically spend a lot of time planning their weddings. However, they are more likely to talk about where the event will take place as opposed to the terms of a prenuptial agreement. There can be a variety of benefits for couples who choose to negotiate the terms of their divorce before they even get married. Perhaps the biggest benefit is the fact that they have had a discussion about money, which is the second-leading ground for divorce.

In a divorce, an individual must show evidence that an asset is separate property that should not be divided with a former spouse. However, banks and brokers only maintain records for seven years. If an individual fails to keep records beyond seven years, it will be difficult to determine the origin of an asset. It can also be relatively easy to commingle assets during a marriage, which may turn a separate asset into a marital one.

Single fathers and their rights

With the number of children born out of wedlock increasing from 18.4% in 2007 to 40% in 2019, the issue of fathers' rights, which are different for wed and unwed fathers, is an important one. Georgia residents should be aware of how these rights differ and how they affect issues of custody, visitation and support.

When children are both to married parents, the law assumes the husband is the father. However, when couples are not married, the father's paternity is not automatically established. Instead, the father needs to officially establish paternity. Being present at the birth and being listed as the father on the birth certificate is the simplest way. In other situations, the father might wish to register with the state as the child's father by filling out a Voluntary Acknowledgement of Paternity form. A paternity test is necessary to establish paternity and the state might order the mother to cooperate to do so.

Your professional success can impact your divorce outcome

Working in a high-stress and demanding profession can be incredibly rewarding. Whether you are a doctor, dentist, business executive or engineer, you may experience personal satisfaction thanks to your ability to do such difficult work and receive substantial financial compensation for your efforts.

Unfortunately, it can be your marriage and family that get the short end of the stick if you have a demanding career. In fact, highly educated professionals may be at increased risk of divorce because they just don't have as much time to spend with their loved ones. As if that weren't bad enough, your professional and financial success can impact the way that the courts handle your divorce.

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