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Atlanta Metro Family Law Blog

Addressing unique cryptocurrency problems related to divorce

A couple getting a divorce in Georgia often has to divide marital assets that include joint financial or investment accounts and the home that was shared during the marriage. Even something like jointly accumulated debt is fairly easy to split since it's not too difficult to document it. But when marital assets include virtual currency known as cryptocurrency, the process of divvying everything up can quickly become complex thanks to unpredictable values and other unique factors.

Further complicating matters is the fact that investments in the form of cryptocurrency can be difficult to track down, especially if a spouse decides not to disclose them. However,it's not entirely impossible to discover assets of this nature. One financial expert reports being able to do so after a careful examination of bank statements. But this strategy won't work if crypto transactions are handled offline or directly.

Claiming children as dependents on taxes after divorce

With the passage of the Tax Cuts and Jobs Act, Georgia parents can no longer use the personal exemption when filing their tax returns. However, they can take twice the amount for the child tax credit, $2,000 instead of $1,000, along with the Dependent Care Credit.

Problems may arise if the parents are divorced and do not agree on who will claim the child as a dependent. Usually, this is the custodial parent, but with the initial tax filing, the IRS will accept the claim of the parent who files first. If there is a dispute, the agency allows the claim to be made by the parent the child lives with most of the time. If the parents share custody and the child spends roughly equal time with each parent, the IRS next looks at the adjusted gross income for each parent. It is assumed that the parent with the highest income contributes more money to the child's care, so that parent is allowed to claim the child as dependent.

High-asset gray divorces may necessitate legal counsel

In Georgia, gray divorces are on the rise. Gray divorce is a term referring to an older couple with gray or white hair. Once the spouses pass the age of 50, they obtain a gray divorce. Also known as diamond splitters and silver splitters, divorced older spouses were initially referred to as gray divorcees. Although fewer couples have been obtaining divorces during the past two decades, gray divorces continue to escalate.

Numerous reasons exist for gray divorces. The main reason for gray divorce centers on finances. Money management often triggers the filing of a gray divorce, particularly if the husband earns less money than his wife. A gray divorce typically presents many difficulties when the couple has accumulated tremendous wealth and assets. Any gray divorce involving financial holdings and extensive personal properties requires the assistance of a high-asset divorce lawyer.

What may happen to a business in a divorce

When Georgia entrepreneurs start a business, they can include language in the company's organizing documents that specifies that if there is a divorce, the business cannot be transferred to their spouse. However, if the person has already started the business, a pre- or post-nuptial agreement may also offer protection.

The agreement can establish that the business is separate property. This may also help eliminate the costly and time-consuming step of having to assess the company's value. Another option is to establish that the spouse gets a portion of the company's increase in value from the time of the marriage. Couples who run a business together may want to decide whether one will buy the other out in case they divorce or if they will continue to run the company together.

Tips for parenting after a divorce

Parents in Georgia and throughout the country will need to raise their children even after their marriages end. This generally means working together to make sure co-parenting goes as smoothly as possible. When kids see that their parents can put up a unified front, they are less likely to try to pit them against each other. This could limit the opportunities that a child has to act out in an attempt to get their way.

Children should be held to the same standards after a divorce as they were before the divorce. Ideally, parents will not go easy on their sons or daughters just because they feel guilty about getting divorced. It is also important to not let kids do what they want because a parent is too tired to enforce the rules.

How to handle being denied visitation rights

When Georgia parents are denied visitation rights of their children, they face a difficult situation. This is true no matter if the ex-spouse or the courts have denied visitation. It is important for a person who has been denied visitation to take immediate action to understand why visitation was denied and then plan their next steps.

Family courts do not often deny a parent visitation rights. One exception to this rule is if there is concern about the safety of the child. If it is felt that the parent may emotionally or physically harm the child, visitation will likely be denied. The courts are primarily concerned about the best interests of the child. One alternative that courts often turn to is supervised visitation.

How child custody appeals are conducted

Trial courts in Georgia sometimes make mistakes in a decision. These mistakes occur in child custody hearings as in other types of cases. For these instances, the Georgia court system has a remedy for review of a bad decision.

An appeal is a method of requesting a higher court to review the decision of the trial court and, if warranted, to reverse the trial court decision. If the case is appealed, the appellate court will review the evidence and arguments presented at trial and will have a number of options. It may affirm the judgment of the trial court, overturn the initial ruling or return the case to the trial court for further hearing.

Preparing for your divorce

Starting in January and continuing through March, attorneys see an uptick in the occurrence of divorce filings. Perhaps the holiday season pushed you to a final breaking point, or you were holding out on making a final decision for a couple of months until after the holidays passed.

If divorce is unavoidable and you find yourself among those filing for divorce this winter, you're not alone. Even though you're facing an emotional and stressful time, there are things you can do to give yourself more control and help the process to go a little smoother.

How parents can work together to create a custody schedule

When Georgia parents live in different households, they usually need to come up with a definite plan and schedule for raising the children. This will help the child maintain a relationship with both parents, something that should benefit everyone in the family.

Exes should approach the parenting schedule in the spirit of building the parent-child relationship rather than a tool to get revenge on one another. While they may have different parenting styles, it's important to respect the differences. Parents should try to avoid creating a parenting schedule that makes assumptions about the future. For example, one parent might plan to move closer to the child in a few years, but the plan should be made based on the current arrangement. A parent's convenience will not necessarily be the No. 1 priority.

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