Dividing assets may be challenging in a divorce case. However, if a married couple owned a business together, this could make the property division process even more complicated. While Georgia law may provide guidance, the parties to the divorce itself should take steps to ensure a smooth division of the family business.
One way to work through the hardships of divorce is to remember why you’re getting one in the first place.
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.
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.
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.