If you are anticipating a divorce, you may be wondering how the division of property will affect you. Since Georgia is an equitable division state, all marital property will be divided in a manner that the court deems as fair.
The court will consider many factors when determining how to distribute property, making it hard to predict precisely how the property will be divided. However, a Gwinnett County division of assets lawyer may be able to help you understand how property division may affect you. Further, a highly qualified family lawyer can help you work towards an agreement that works for you.
There are two types of property in Georgia, marital and separate property. It is important to note that only marital property is subject to division in a divorce. Marital property includes all property acquired by either party during the marriage. Separate property consists of all property acquired either before the marriage or as a gift or inheritance during the marriage.
Courts will generally assume that any property acquired during the marriage is marital property. If a spouse wants to claim certain property as separate, they may have to provide proof that this is the case. For example, they would have to show that property they claim as separate was entirely purchased with separate assets.
Courts consider a number of factors when deciding how marital property will be divided. A Gwinnett County division of assets lawyer may be able to help identify what a court will consider in a specific case. Some common considerations include:
In some cases, the court may use equitable distribution to penalize a party who wasted or tried to hide marital property.
Equitable distribution only applies in the absence of another type of marital agreement. Couples facing divorce should keep in mind that they do not have to let a judge divide their assets if they can agree on another arrangement. If the parties negotiate an agreement, they can divide property in whatever manner they wish. Some couples may prefer this than to leave it up to a judge’s discretion.
In some cases, a party may only be able to agree on the division of a portion of the property and a judge will divide the remaining property in dispute using the principles of equitable distribution. A Gwinnett County division of assets attorney can help someone determine what may be best in their situation.
When a couple divorces, the marital property must be divided. A Gwinnett County division of assets attorney may be able to help you understand what is marital and what is separate property and how a judge might distribute it.
A knowledgeable team of attorneys may also be able to help you decide whether you can negotiate an agreement with your spouse or if you will need to have a judge determine how property should be divided. Call today to discuss your circumstances with a member of the team.
Atlanta Divorce Law Group