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