“High-Asset Divorce Litigation with Robert D. Boyd and Kimberli C. Withrow,” Emerging Litigation Podcast
Firm co-founder Robert D. Boyd and partner Kimberli C. Withrow participated in a May 16, 2022 episode of the Emerging Litigation Podcast discussing high-asset divorce litigation. In the program, hosted by Tom Hagy from HB Litigation Conferences, Boyd and Withrow discuss important matters in high-profile divorce cases, with a valuation on a shared business and divisions of trusts as examples.
When owners of a business decide to divorce, Boyd explains that soon-to-be-ex-spouses should consider their options regarding the future of the business and recommends hiring a business valuation expert as a starting point. Withrow goes on to say that the firm usually recommends hiring a neutral expert for both parties in a divorce and emphasizes the importance of hiring a valuation expert with the appropriate credentials, stating that a judge may not consider the testimony of the hired expert without proper credentials should the case go to trial.
In some cases, businesses may not need to be valued in divorce cases based on the nature of their practice and if their value is mostly considered “goodwill,” which isn’t subject to value and division in court. However, both Boyd and Withrow caution owners to not tamper with business finances leading up to divorce in order to lower its value – the valuation expert looks at business records at least five years prior and if the divorce case goes to court, it could cost an ex-spouse more money in the end and damage credibility. “Judges make a lot of decisions based on credibility,” Withrow adds.
Regarding the division of assets in a trust, Boyd and Withrow agree that it depends on the type of trust, and its not uncommon to see divorce cases where a trust was created to hide assets from a spouse. Boyd recollects his experience with one of the most important cases in Georgia regarding trust and fraudulent conveyance and explains that each case regarding a trust can be different with many factors to consider.
Throughout the discussion, both Boyd and Withrow share their extensive experience with high-profile divorce cases in Georgia – advising those who are considering a divorce to prepare, don’t make any reckless decisions, and hire the right attorney for them. “Do your homework on the front-end and find a lawyer that you feel has the same vision as you do for how to conduct the litigation,” Boyd advises.
To listen to the full episode, click here.