For family law attorneys, the complexities of a high-asset divorce can present an array of potential pitfalls. While a family lawyer is an expert in the laws and proceedings of divorce, they may not be equipped to recognize and address the intricacies of fiduciary duties, fraudulent transfers, or improper asset titling. These are the details that can significantly impact the outcome of a case, and without a strategic partnership, the client may not achieve their desired result.
Partnering for a More Favorable Outcome
“The vast majority of all cases settle out of court,” says LeAnne M. Gilbert, an attorney at Gaslowitz Frankel. Gilbert specializes in fiduciary and commercial litigation and her approach is centered on aggressively advocating for her clients’ claims while being mindful of settlement opportunities. Even when cases don’t go to trial, there is a risk of missing a critical detail that could have a lasting financial impact on a client. Gaslowitz Frankel is brought in to analyze the trust and estate documents to ensure the settlement agreement protects the client going forward. This includes simple but crucial details, such as ensuring that the ex-spouse is no longer the trustee or a beneficiary of the trust.
The Danger of Improperly Transferred Assets
One issue for attorneys litigating a divorce that involves a trust is ensuring that assets were properly transferred and titled. For instance, a spouse may have set up a trust but failed to properly transfer assets into it, leaving them vulnerable to being pulled back into the marital estate. “Georgia has very strict requirements. You have to have title to the property, you can’t just write down, ‘I’m transferring this.’ ” Gilbert explains. Gaslowitz Frankel is able to provide an analysis to determine if these requirements have been met, which can be the difference between a significant asset being included in the marital estate or being improperly excluded.
Identifying and Challenging a “Sham Trust”
Another common pitfall is the failure to recognize when a trust is not a legitimate asset protection tool, but rather a “sham trust.” This occurs when a spouse puts everything into a trust but continues to control all the assets and make all the decisions, using a third party as a straw man. While this is a growing area of law, it is one that a family law attorney may not be prepared to litigate. Foresight and knowledge of emerging legal theories are something a fiduciary litigation partner provides, helping a family lawyer avoid a significant pitfall and position their client for a more favorable outcome.
A Strategic Partnership for Comprehensive Protection
By partnering with a fiduciary litigation firm, a family law attorney can provide a higher level of service and protection for their high-asset clients. This partnership ensures that all financial documents are thoroughly analyzed, that potential fraudulent transfers or improper titling are identified, and that all legal avenues for asset recovery are pursued. This collaboration allows a family lawyer to confidently navigate a high-asset divorce, knowing they have the specialized expertise needed to avoid every potential pitfall.
The attorneys of Gaslowitz Frankel have extensive experience in addressing the intricate issues inherent in will, trust, estate, business, and securities disputes. For reliable guidance in estate law and fiduciary litigation, contact the attorneys of Gaslowitz Frankel today.
