Cumming Division of Assets Lawyer

Splitting up the property that two people acquired during their marriage can be an arduous task. Everything that a couple earns, buys, or receives during a marriage is jointly owned between spouses, with some exceptions.

Dividing property during a divorce or separation often requires skilled legal and financial guidance from a family attorney. Protect the things you love by scheduling a consultation with a Cumming division of assets lawyer today.

Marital Versus Separate Property

Parties to a divorce or separation are only required to split up their marital property. In general, assets that a person owned before they were married, property that they received as a gift, or assets that one person inherited are considered separate property and should remain with that person after a divorce.

However, separate property can become marital property if spouses commingle their assets. For instance, if one person owned a house before the marriage, it would be separate property and should remain in that person’s possession. However, if that person moved their spouse into the house, and both partners made mortgage payments and worked on its upkeep, a court might find that the house lost its character as a separate asset and should be considered marital property.

As part of the property division process, both spouses must compile a list of the assets that they own separately and jointly. If the parties cannot agree about which assets should be separate and which should be joint, the parties—or the Cumming division of assets attorneys representing each of them—can petition the court to decide for them.

Marital Debts

Divorcees must also determine how they will share their marital debts, whether they can afford their mortgage while living separately, and whether they need to sell items to pay joint debts. Either person could be responsible for paying their spouse’s debts, even if they received no benefit from whatever was used to incur them.

Factors Affecting Equitable Distribution

Georgia law encourages divorcing couples to work out their property settlement themselves. When a joint agreement is impossible, though, the court may look at several factors to determine a fair property settlement.

Cumming adheres to equitable distribution laws, which means that a judge must divide assets in a way that is fair based on both parties’ circumstances. However, “equitable” does not necessarily mean “equal,” as one party may receive more of the couple’s marital assets than the other even with representation from an asset division lawyer.

Some of the factors that a judge must consider when determining what either spouse receives during a divorce include the income and earning capacity of both spouses, their ages and overall health, their contributions to the marital estate, their behavior during and after the marriage, and their needs going forward. If one person’s actions diminished the value of the marital estate, the judge might award the other spouse additional property to make up for it.

Get Started with a Cumming Division of Assets Attorney

Equitably dividing up property during a divorce or separation often requires both parties to tediously account for the marital estate. If they cannot agree on a property settlement, they may be required to file motions and attend hearings to settle the issue in court.

Parties to a marriage deserve their fair share of the proceeds from the life they built together. If you are considering divorce but are worried that your partner may hide assets or prevent you from keeping your separate property, schedule an appointment with a Cumming division of assets lawyer today.