Atlanta, GA Division of Assets Lawyer

Cohabitation during a marriage usually involves sharing money, belongings, and property. Couples may need to divide those commingled items during an unfortunate situation such as divorce.

If you are in the process of dissolving your marital union, it is wise to consult a dedicated family law attorney. An experienced Atlanta, GA division of assets lawyer can negotiate the separation of property.

What Property Does the Court Divide?

Before a judge can decide how to divide assets in a divorce, the parties must determine which assets to split. Not every piece of property owned by one or both spouses will necessarily be subject to division. An attorney in Atlanta, GA can help explain the division of assets process by first defining marital and non-marital property. Generally, marital property will include any asset acquired during the marriage. Common examples of marital assets include the following:

• Real estate;
• Retirement and investment accounts;
• Business ownership interests;
• Vehicles;
• Art;
• Collectibles;
• Other personal property.

While Georgia courts and juries have directions to divide all marital assets equitably in a divorce, this does not necessarily mean the split will be even. Several factors will be relevant to the family court’s decision about who will receive which items. Key factors can include the source of the money to buy the assets, their value and appreciation at the time of divorce, and non-financial considerations, such as the sentimental value to each spouse.

The difference between marital and non-marital property is important. During a divorce, it is the court’s responsibility to divide all marital property between the spouses. The same is not true for non-marital property. A spouse’s separate property remains theirs alone. They leave the marriage without having to divide it with their soon-to-be former spouse.

In general, any asset one spouse owns independently is non-marital property. Usually, they will bring these assets into the marriage because they own them before the wedding. Marital property is usually anything of value that spouses accumulate during the marriage. It may be difficult to distinguish marital property from non-marital property in cases where the spouses have fully commingled their assets by retitling them or joining bank accounts.

There are situations where a spouse can accumulate separate property while married. Some common examples include family inheritance or the proceeds of a personal injury settlement. It is possible for there to be disputes over this distinction during divorce litigation.

Spousal Interests in Non-Marital Property

A spouse can intentionally or unintentionally convert their non-marital property into marital property. For example, perhaps a spouse inherited enough cash to make a down payment on a vacation home. If both spouses contributed to its upkeep and the mortgage payments, the inheritance is no longer separate, and a judge would likely consider the vacation home marital property.

If a spouse owned the vacation home when they got married and continued to treat the rental income from the home as their separate property, the vacation home would likely remain separate. However, the other spouse can gain an interest in the home if they contributed their resources or labor to enhance its value during the marriage.

Determining whether a spouse has gained a full or partial interest in non-marital property depends on the facts of a specific case. A member of our Atlanta, GA family law team can analyze a situation to determine whether one spouse may have a legal interest in the other spouse’s separate property.

How Do Georgia Courts Divide Assets?

Although Georgia courts can divide assets equally between a couple, they are not required to split them down the middle. The judiciary must exercise equitable judgment during the apportionment of property and monies. Furthermore, it may be important to distinguish between property purchased jointly by both spouses versus property owned by one party before their marriage to the other. The Georgia family court may order the spouses to transfer or liquidate certain assets to effectuate an equitable division. For example, the court may order the parties to sell tangible assets, such as real estate and other valuables, if disposition to one party would be inequitable.

Divorcing spouses may rely on a jury to assist with the disposition of their assets, as Official Code of Georgia Annotated § 19-5-13 states that a jury’s decision may become binding as of the issuance of the total divorce decree. A diligent Atlanta, GA division of assets attorney can provide further information on the distribution of funds.

What Equitable Distribution Means in Practice

When a couple cannot reach a property settlement outside of court, a judge or a jury must divide their property equitably. Equitable division is not solely a matter of dollars and cents—various factors determine what may be equitable in a specific case.

For many couples, much of their joint wealth is tied up in the marital home. When the couple has school-aged children, keeping the children in place may be a primary consideration. Rather than force the couple to sell the home and divide the proceeds equitably, a court might award the home to the custodial parent. The other spouse might receive a substantial percentage of the rest of the couple’s marital property.

One of the goals of equitable distribution is to preserve each spouse’s lifestyle to the extent possible. The value of each spouse’s separate property may be important in this analysis. When one spouse has sufficient separate resources to live comfortably and the other has little property of their own, the poorer spouse may receive a larger share of the marital property. A skilled Atlanta, GA family law attorney can make persuasive arguments supporting a spouse’s financial needs in divorce and ensure assets are divided fairly.

Risks of Asset Concealment

One of the crucial aspects of this process is complete disclosure. After all, a judge cannot divide marital property in an equitable way if the court is unaware of the full scope of the couple’s assets.

Sometimes, the failure to disclose a marital asset is simply a misunderstanding. There are also situations where a spouse might actively seek to conceal an asset to prevent its division during the divorce process. A spouse can protect themselves from this type of asset concealment by having a Georgia attorney carefully review the marital accounts. Strange expenditures or unusual asset transfers can indicate concealment.

Asset concealment can also risk the court revisiting its original divorce order and its division of assets. If you become aware of an ex-spouse’s concealment of marital assets during the divorce, you may have a right to seek an equitable share. Our Atlanta, GA division of assets attorneys can file a petition in these cases to reopen the divorce proceedings and pursue a modification of the court’s divorce order.

Impact of Prenuptial Agreements on the Division of Assets

Most divorce cases follow a similar pattern. Both spouses will disclose their assets and make the case for an equitable division. Then, the courts will ultimately decide the appropriate outcome. This process can play out differently if a prenuptial agreement is in place.

A prenuptial agreement is a form of legally binding contract. These agreements are executed before marriage and can have a tremendous impact on the distribution of property.

These agreements can determine the outcome of property division issues in the event the couple later divorces. When the spouses reach an agreement, they effectively waive the right to have the court determine how to divide the assets. These agreements can determine which party retains which piece of property and play an important part in categorizing assets. Prenuptial agreements are common in relationships where one spouse has a disproportionate amount of separate property or is likely to have significant wealth from family inheritance. A properly executed prenuptial agreement is difficult to contest during a divorce. However, it is not uncommon for parties to improperly execute these documents. Our

team of asset allocation attorneys in Atlanta, GA can help spouses review the terms of their prenuptial agreement and determine any basis for disputing it. Common issues that can create an opportunity to dispute the proposed division of assets under a prenuptial agreement may include the following:

• A spouse did not receive independent legal counsel before signing the agreement;
• A spouse did not fully disclose their assets before signing the agreement;
• There was insufficient time between the wedding and the presentation of the prenuptial agreement for a spouse to consider its terms fairly;
• A spouse did not follow the terms of the prenuptial agreement during the marriage.

If the spouses commingled separate property or failed to meet other obligations, a court may be less willing to give effect to its terms regarding the division of assets upon divorce.

How Do Georgia Courts Distribute Debts in a Divorce?

Family courts typically prohibit spouses in divorce proceedings from transferring their property to a third party or entity. However, OCGA § 19-5-7 allows people to use their assets to pay pre-existing debts in certain circumstances. This is not always permissible, so speaking with a division of assets lawyer in Atlanta, GA is advisable before paying major bills.

As for marital assets, the courts may equitably divide community debts and consider which party benefited from the expense that created the bill. For example, responsibility for student loans might be assigned to the spouse who received the education. In comparison, a more complicated division may be necessary for credit card debts, auto loans, and other liabilities where the spouses more equally share in the benefits.

Negotiated Settlements Often Benefit Both Parties

Sometimes, allowing a judge or jury to decide what is fair is necessary. However, leaving asset division to the courts risks a property settlement that is unsatisfactory to both parties.

Many couples can negotiate an acceptable property settlement with the help of a mediator, and Georgia courts encourage them to do so. When spouses in Atlanta, GA do not communicate safely or effectively, attorneys can negotiate the equitable distribution of assets on their behalf. In either case, a negotiated settlement is more likely to reflect the spouses’ respective needs, desires, and expectations than a settlement imposed by a judge or jury.

When a couple negotiates a property settlement before a divorce trial, they submit the settlement to the judge for approval. The judge will review it and incorporate the settlement into the final divorce decree. In the unusual event that a judge has questions about a negotiated property settlement, the court might hold a hearing to ensure both spouses understand the agreement and its implications.

Appropriation of Assets for Spousal Maintenance

A judge can order a spouse to pay monetary maintenance while a divorce is pending. They may also order spousal maintenance, or alimony, upon the granting of a total divorce.

According to OCGA § 19-6-5, a jury may consider several factors when ruling on which spouse should continue to pay for the livelihood of the other. For instance, they can evaluate both partners’ levels of education, financial resources, and occupations. Additionally, a temporary order may be applicable while an ex-spouse completes higher education, which can help them build assets in the future. For couples facing these challenging decisions, an experienced asset division attorney in Atlanta, GA can provide valuable guidance.

Accumulation of Assets After the Divorce Decree

In general, property that an estranged spouse acquires after a divorce is their separate property. Under OCGA § 19-5-15, a total divorce decree annuls a marriage as of the date of the order of dissolution.

Situations may arise, however, where the acquisition of assets affects a child support or alimony order. Any major changes in either spouse’s financial picture may negate or require a modification of current alimony or child support under the divorce order. Relevant issues affecting an alimony order can include a change in annual income, a financial windfall, or remarriage. A court may need to revise the terms of a child support arrangement if a child’s needs significantly change due to health or if a spouse has additional children from another relationship to consider.

If applicable, a seasoned Atlanta, GA asset division attorney can inform claimants how their plans or goals could affect other marital agreements or parenting plans.

Call an Attorney To Help With the Division of Your Assets in Atlanta, GA

It can be tricky to separate property that a couple accumulates during marriage. Having qualified legal counsel help you distribute funds and debts from your marital property may be substantially beneficial. Contact an Atlanta, GA division of assets lawyer today to schedule a consultation about apportioning your money and property during your divorce.