Planning and preparing for a divorce can help make the process go more smoothly. One of your top priorities should be securing your financial future.
If you are concerned about protecting your assets before filing for divorce, there are several steps you can take. Understanding how Georgia divides property in a divorce is crucial for preserving your financial security. You might also consider negotiating property division with your spouse before filing, as this can save both of you time, money, and stress. If negotiating is not possible, a strong legal team and financial professionals can advise you on other effective strategies.
Equitable Distribution Strives for Fairness
In Georgia, family law judges divide property based on equitable distribution principles. While both parties have an equal right to all marital property, a judge may determine that it is fair for one spouse to receive a larger portion of the marital assets.
The judge will consider several factors, including the duration of the marriage, each spouse’s economic and non-economic contributions to the household, and the value of each spouse’s separate property. For example, a spouse who cannot work full-time due to caregiving responsibilities for the children might be awarded a larger share of the marital property.
There are no rigid rules for determining what is fair, and the judge has broad discretion in making these decisions. To retain some control over property division, you can enter into a voluntary agreement with your spouse before initiating divorce proceedings.
A Marital Agreement Can Lead to a More Just Result
If you have a prenuptial agreement (prenup), the property division outlined in the agreement should generally guide the division of assets in your divorce. Before filing for divorce, it is important to consult with an experienced family law attorney to review your prenup. If you foresee potential issues with the document, find its terms unfavorable, or if you do not have a prenup, you might want to consider a post-nuptial agreement.
A post-nuptial agreement is a legally binding contract between spouses that can be used to address property division issues before initiating divorce proceedings. Negotiating property division before filing for divorce is usually less stressful for both parties. For couples with substantial assets, planning the division in advance also allows for consideration of tax consequences and strategic planning.
Once you begin divorce proceedings, you can submit the signed marital agreement to the judge for review. Judges generally approve marital agreements unless they are clearly unfair to one party or there is evidence that one spouse was coerced into signing. Such issues are less likely to arise if both parties have their own attorneys to provide legal advice.
What to Do When There Is No Negotiated Settlement
When negotiating an agreement with your spouse before filing for divorce isn’t possible, it is crucial to consult experienced professionals right away. If you already work with an accountant or financial advisor, speak with them about your situation. If not, ask your attorney for recommendations on trusted professionals.
Start by gathering and organizing all your financial records. Since everything purchased during the marriage is subject to division, collect copies of receipts, purchase agreements, and other documentation for as much of your property as possible. Remember, debts are also considered marital property. Compile credit card statements, mortgage documents, and records of any other debts you or your spouse have incurred since your marriage.
Your team of professionals can help analyze your situation and discuss your financial goals for the divorce. They may suggest steps such as closing joint accounts or transferring assets to a trust. However, it is important to consult your divorce attorney before taking any action, as these steps could potentially be viewed as interference with your spouse’s rights to marital property.
Plan Ahead to Protect Your Assets in a Divorce
A divorce means supporting two households on the income that used to support only one. It is wise to make a realistic assessment of your financial situation before filing for divorce.
A skilled family law attorney can advise you on how to protect your assets before filing for divorce. If necessary, they can refer you to accountants, financial planners, and tax experts who can provide important information and advice. Get started by calling the Atlanta Divorce Law Group today.
