The division of a couple’s assets could be among the most challenging issues that arise in a divorce. The law dictates that property must be split; however, parting with the assets you and your spouse worked hard to accumulate might not be easy.
A Marietta division of assets lawyer can help you through the process. By working with a team of proactive family lawyers, you can assert your rights and work toward a plan that is fair to you.
In Marietta, a divorcing couple’s assets are divided based on a legal concept known as equitable distribution. This principle instructs local courts to allocate assets as fairly as it deems appropriate. It is important to recognize, however, that fairly does not always mean evenly.
The court will establish what it believes is fair and equitable after considering several factors, including:
A local attorney can review your case and help determine what may be a fair asset distribution.
Georgia law O.C.G.A 19-5-3 lists 13 specific grounds for divorce. When a divorce is based on one spouse’s misconduct, a court might monetarily penalize a spouse by awarding them fewer assets.
The property to be divided could include any item that has some type of monetary value such as homes, checking and savings accounts, stocks, and bonds, as well as personal assets such as jewelry and vehicles. That said, only assets determined to be marital property are debated during asset distribution proceedings. These are assets the spouses accrued while they were married.
On the other hand, separate or individual property is not divided. Separate assets are owned by one spouse individually and were either accrued before the marriage, gifted, or inherited.
However, one spouse does generally have the legal right to seek the division of the other’s retirement account or pension. That said, a court is not always required to split such assets. A court will often take other factors into consideration before rendering a decision on this matter.
When retirement accounts are subject to asset allocation, they may be subjected to a Qualified Domestic Relations Order (QDRO). This legal mandate sets forth how the holdings will be divided. QDRO proceedings can be complicated. However, a local attorney can advise you on the best options to consider when dividing this kind of marital asset.
You put a lot into your marriage and worked hard to accumulate the assets you and your spouse have. A Marietta division of assets lawyer can help you protect what matters most. Contact our firm today to speak with a member of our intake team about your case.