Divorcing couples in Georgia are required to divide their property as part of their separation. Everything that the couple purchased, earned, or otherwise received during the marriage becomes part of their marital estate, which is divided between the parties during a divorce.
Dividing assets can be one of the most complicated parts of a family law case. If you are contemplating divorce, a Johns Creek division of assets lawyer can explain the process. Further, a team of dedicated family lawyers can work to reach an agreement that divides the assets in a way that is fair to you.
The process of dividing assets in a divorce begins with taking a careful inventory of the property and debts that a married couple owns. This inventory will list everything from personal property to real estate and can include the balance of bank accounts, retirement accounts, and other investments.
After the property is inventoried, the parties will then determine what is marital property and what is separate property. Separate property is property that belongs to an individual owner and is not subject to division. This is any asset that was given to one partner individually as a gift or an inheritance or was owned by a spouse prior to the marriage.
Marital property is owned by the couple and becomes part of the marital estate that will be split between the spouses. This type of property consists of any asset or debt that the couple gained together during the marriage.
During a divorce, the couple will need to determine how to split the marital property. If the couple can create a property agreement themselves, then the court will usually honor their agreement. If, however, the couple cannot decide on the best way to split the marital estate, the court will do it for them.
Georgia courts follow the rule of equitable division and split property based on what is fair given the circumstances rather than what is equal. While some couples may receive even shares of marital assets, others may receive much less or much more than half depending on their situation.
When deciding how to divide property between a divorcing couple, courts will weigh several factors. Some of these factors include:
Another reason a judge may decide to award one spouse more or less property than the other would be if one of the parties attempted to destroy or conceal assets from their partner. A spouse who empties bank accounts sells off property, or hides income to avoid paying additional spousal support or child support can face severe penalties. In this scenario, a judge may award much of the marital estate to the other partner as a punishment. A Johns Creek division of assets lawyer can further explain the factors that may affect how property is divided.
If you are considering divorce, it is important to take stock of your family’s financial assets. Our team of Johns Creek division of assets lawyers can help you make sure you are reaching an agreement that is fair to you. Discuss your situation by calling today.