Buckhead Division of Assets Lawyer

When a couple divorces, among the more critical issues that must be resolved is asset division. Property distribution can be complicated and is generally determined by several different factors.

A Buckhead division of assets lawyer can explain how property is divided in a divorce. Throughout the process, a team of knowledgeable family lawyers can guide you through the process and help you argue for what matters most to you.

Understanding Assets

Assets are defined as any property that is held by each spouse. This can include banking and savings accounts, retirement plans, stocks, bonds, mutual funds, homes, privately owned businesses, and other forms of property an appraiser may consider valuable.

Before assets can be divided in Buckhead, the property is categorized as either separate or marital. Marital property is defined as any asset the spouses accumulated after they got married, this can include property that is only in one spouse’s name. Any asset considered marital property is subject to division in a divorce.

Separate property is property that one spouse possessed prior to marriage or received individually as a gift or inheritance. Unlike marital property, this is generally not subject to division in a divorce.

Commingling Can Change Ownership

Sometimes a spouse treats their separate property as marital property. Doing so can give the other spouse an interest in the property and they might have the right to a share of it in a divorce.

Say a spouse inherited a lake cabin and the family used it as a vacation property. If the other spouse contributed money or labor to maintain it, that spouse could claim an interest in the cabin’s appreciation. If one spouse inherits money or stock and puts it in a joint account both spouses use, the money becomes the couple’s and the spouse who inherited it no longer owns it as separate property.

Whether a spouse has gained an interest in the other’s separate property is often a disputed issue in a divorce. Spouses can avoid this by listing property that should be treated as separate in a marital agreement. Alternatively, they could strictly segregate their separate property and never use it for family purposes. A Buckhead attorney can help someone going through a divorce understand their options for dividing their property.

Valuing the Marital Property

The spouses must catalog and value their marital property when they divorce. When a couple has substantial assets, the valuation process can be time-consuming and contentious.

Ideally, the couple can agree on the value of their property and focus on dividing it fairly, but many couples disagree and must have their assets appraised. A couple can share the cost of the appraisal and agree to accept the expert’s valuation or each can hire their own appraiser.

If the couple has assets with fluctuating value, such as equities, foreign currency, and real estate in some markets, the valuation date could be important. Many couple choose their date of separation as the valuation date, but they could agree to choose any date. When the couple cannot agree on a date, the family court judge has the discretion to choose.

Finding Hidden Assets

Sometimes one spouse believes the other is concealing assets or underreporting income. Our team can engage forensic accountants to verify a spouse’s financial disclosure and trace their income streams.

If there is an attempt to hide assets, our family law attorneys in Buckhead could bring it to the judge’s attention before any decisions on property division are made. The judge could sanction the dishonest party or award a larger percentage of assets to the innocent party.

Why Are Negotiated Settlements Preferable?

Fulton County divorce courts actively encourage divorcing couples to resolve their differences themselves. The court schedules a series of conferences with a court officer who will try to help the parties reach an agreement on outstanding issues. If direct negotiations do not produce an agreement, the court usually suggests the parties try mediation before scheduling a trial.

Direct negotiations and mediation both keep control over the settlement in the hands of the parties. Both parties are more likely to find the final agreement fair when they negotiate it themselves. Any settlement the parties reach outside of court is confidential, which is a critical consideration for many couples.

Property division is a complex process and becomes extremely expensive if each party must present their case to a judge. The cost of appraisals, opinions from tax experts, and lawyers to prepare your case can be daunting. Direct negotiations and mediation require far less lawyer time and usually less need for outside experts, so it is a more cost-effective way to handle the issue. Let our Buckhead attorneys help you determine the best course of action for your property division.

What Is the Equitable Division Principle?

In many cases, spouses can divide property independently, either based on a pre-existing post- or prenuptial agreement or in mediation. In circumstances where parting spouses cannot agree, a court might be needed to make a decision.

Official Code of Georgia Annotated §19-5-13 mandates that a divorcing couple’s assets are divided in accordance with the Equitable Division Principle. This means that property is divided in as fair a manner possible. However, it does not necessarily mean that each spouse receives an even split of all assets. A deciding court or jury might consider several factors to determine the most equitable distribution percentages including:

• How long the parties were married;
• The amount each spouse contributed to the marital property;
• Whether one spouse needs a specific asset for custody purposes; and
• Each spouse’s income and financial capabilities.

Each couple’s circumstances are different and other factors may need to be considered. A Buckhead attorney can help identify other potential factors that may impact the final division of assets.

The Impact of Marital Misconduct

If one spouse can prove that the other’s behavior contributed to the marriage’s disintegration, the spouse who committed the wrongdoing may be awarded fewer assets as a punishment. Transgressions such as adultery, abuse, or abandonment may be considered misconduct that can negatively affect the award.

Let a Buckhead Division of Assets Attorney Help

Property distribution is one of the more crucial matters divorcing spouses must resolve. If the parting spouses are splitting on amicable terms, a Buckhead division of assets lawyer can help you work out a fair arrangement.

However, when the separating parties do not divorce are not able to agree, the process might require the involvement of a court and participation in a trial. On such occasions, a team of well-versed lawyers can formulate a strategy that can help you protect what matters most. Learn more by calling today.