There are many issues that can complicate a divorce, as well as raise numerous questions. One of the biggest concerns you may find yourself facing may relate to the division of property, especially in a situation where you and your spouse cannot agree on how to divide assets. It may be important for you to understand how to identify property that is yours versus property that is shared between you and your spouse, which is where a qualified family attorney could step in to help.
A Sandy Springs division of assets lawyer could review your property to help you gain an understanding of how it may be treated in a divorce. Call and schedule an appointment with our team of dedicated family attorneys to begin evaluating potential legal options and strategies.
Marital property is generally considered to be property or assets that were obtained during the marriage. Though this explanation may seem pretty straightforward, this general rule on the marital property has exceptions. For example, if someone inherited property during the marriage, that property may not be classified as marital property. Rather, it may be considered that person’s own separate property.
Separate property is generally considered to be the property that was obtained before a marriage. As with marital property, though, there are exceptions to this rule that a Sandy Springs division of assets lawyer could help clarify. For example, if an individual has a retirement account that was created before their marriage and has grown substantially during the marriage, some of the value of that retirement account could be considered as a marital asset.
After assets are classified as either marital or separate, the division of marital property occurs. When dividing marital assets, Georgia courts follow the “equitable distribution” rule, which means that each party is given a fair—or “equitable”—amount of the marital property.
This could mean that the marital property is evenly divided between the spouses. However, this could also mean one spouse gets more of the marital property than the other spouse based on certain circumstances.
Ultimately, in the absence of an agreement between the spouses that a judge approves, the division of marital assets depends on what the court feels is fair or equitable to each spouse. This determination of fairness can depend on a variety of factors, including:
A division of assets attorney in Sandy Springs could help review one’s assets—as well as the circumstances surrounding them—to help identify how property may be categorized in a divorce.
Recognizing how your property may be classified in a divorce can be crucial, as there are many special circumstances and exceptions which may determine what property you can keep free and clear of any claim from your spouse. The importance of understanding how a judge may classify property could be equally vital in preparing you for how the division of assets process may unfold during a divorce.
A Sandy Springs division of assets lawyer could make a detailed review of your property and help you determine your rights. Call today for more information or to schedule an initial meeting with our firm’s intake team.