When a couple is going through a divorce, financial disputes are often the most challenging issues to work out. Savings accounts, debts, retirement funds, and shared homes can all be difficult to divide and emotions may run high with the division of such personal assets.
If you are going through this difficult process, work with an experienced family law attorney. A Cherokee County property division lawyer can advise you on achieving a beneficial separation of assets in your divorce case.
Only marital property will be divided in the event of a divorce in Cherokee County. Legally, marital property refers to assets and income that were acquired or earned during the marriage.
As stated in Official Code of Georgia Annotated §19-3-9, the separate property of each spouse will remain under their possession. In general, assets that either spouse owned prior to the marriage would not be divided during a divorce. The same goes for certain specific assets like inheritances or gifts that a spouse owns individually, even if they obtained it during the marriage.
As part of the process of dividing assets, spouses will submit a Domestic Relations Financial Affidavit to disclose their finances. Unfortunately, there are sometimes concerns that a spouse is hiding assets, being untruthful about income, or otherwise being deceptive about finances. In such circumstances, a person could hire a forensic accountant to further probe into the financial situation.
Spouses in Cherokee County who are concerned that there may be financial deception during their divorce should contact a skilled property division lawyer. A nearby lawyer can fight for their best interests and advise on hiring accountants to investigate the financial disclosures.
Courts in Georgia do not automatically divide marital property evenly between divorcing spouses. Instead, courts divide marital property between spouses according to a principle called equitable distribution. This involves assessing the situation and splitting the property according to what is fair or equitable under the circumstances. Factors the court will consider are:
A judge will also consider any other information they deem relevant to the division of property, such as evidence of infidelity.
If a family home is at the center of a dispute, a seasoned property division lawyer in Cherokee County can help pursue several solutions. One option is for the house to be sold and the equity divided. Alternatively, the spouse who has primary custody of the children can remain in the home, and the property can be sold at a later date. Another potential solution would be that a portion of a retirement plan could be exchanged for the home.
Other arrangements may also be possible depending on the unique situation, so it is important to consult a skilled property division attorney on the right solution for the circumstances.
During the span of a marriage, a couple’s finances become highly intertwined. As such, the division of assets can often be a complex and contentious process. If you are going through a divorce, a hardworking Cherokee County property division lawyer can pursue a positive outcome on your behalf. Call today to speak with a member of our team and arrange a consultation.