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Accurate asset valuations critical in Georgia divorce

Residents of Georgia may be interested to learn of a woman in another state who is claiming fraud in her divorce case. She is looking to reverse the divorce decree because she feels her husband pushed for an expedited divorce to keep her from receiving millions of dollars more than what she was awarded in the proceedings. Fraud is just one of the allegations she is pursuing against her ex-husband.

She claims that he suggested the lawyer she chose to represent her and then illegally paid both of their lawyers a bonus of $50,000 each to speed up the divorce proceedings. Her attorney has denied receiving the bonus. The ex-husband claims the speedy process was to lessen any stress on himself and their three children. 

The woman asserts that the speedy divorce was to keep her from the financial benefits of a major business deal involving her ex-husband. At the time of their settlement, he owned the majority of a biofuel company that was reportedly set to greatly profit from the expiration of the import tax of ethanol. This tax expiration would allow Brazil to export its sugarcane-based ethanol to the United States. This type of ethanol is apparently more cost-effective than any other type, which was the basis for the extensive profit.

The ex-wife claims her husband knew about the impending lift of the import tax at the time of the divorce filing and expected the increase in his company's value, but did not divulge that information. Instead, she claims, he rushed the proceedings so they were completed prior to the lifting of the tax. She is asking for the dismissal of the original decree and a new financial assessment of the biofuel company. As this case illustrates, it is important that those seeking a divorce in Georgia ensure that the value of their spouse's property is properly and accurately reported. In many cases, it may be appropriate to conduct an independent evaluation of assets such as a business.

Source: 

The Tennessean, "Williamson woman says ex sped up divorce, then sold $100M company," Bobby Allyn, July 31, 2013

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