The division of a divorcing 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 towards 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 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 Marietta asset distribution attorney can review a specific case and circumstances and help determine what may be fair.
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, 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 that were either accrued before the marriage or are gifts or property obtained through inheritance.
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 Marietta division of assets lawyer can advise a person of the best options to consider.
You put a lot into your marriage and worked hard to accumulate the assets you and your spouse accumulated. A Marietta division of assets lawyer can help you make sure you can protect what matters most. Contact the firm today to speak with a member of the team about your case.