When It Comes to Equitable Division of Marital Property in Georgia, There Are a Few Things You Need to Know.

Divorce is hard. It is a fact: Feelings, changes and decisions to make. The most significant choice is related to real estate. Who gets the house? So who will have the retirement accounts? Who keeps the car? If you are going through a divorce in Georgia, you need to understand the equitable division of marital property in Georgia. This is not a 50/50 division. It is a fair split. Fair is not necessarily equal.

The following will explain how the court decides who gets what.

What is Equitable Division of Marital Property?

First, let's set aside the main question. Who gets what in a divorce? The procedure that divides assets and debts between spouses in a divorce. According to Georgia law, marital property is to be divided fairly. That's the magic word! Fair. Not equal.

Many factors are considered by the court when determining fair values. They consider the length of the marriage. They examine what each person contributed to the relationship. They consider each person's health and age. They consider who is going to receive custody of the kids. They also consider the input that each has made to the marriage. This involves work, finances and help.

What Is Considered Marital Property in Georgia?

It's another crucial question. What does marital property mean in Georgia? All of the property that is obtained during the marriage is considered marital property. This includes such items as the family residence, vehicles, bank accounts, retirement accounts, and debt. Who is named on the title doesn't matter. Generally, if it is acquired during the marriage, it is considered marital property.

There are exceptions. Typically, personal belongings that are not marital property are owned separately before a marriage. Inherited property, or gifts received, is considered separate property also. The problem is, there's a problem. If you commingled separate property and marital property, it can get complicated. If, for instance, your inheritance money was used to buy the house that gets put into a marriage, then it could be marital property.

How Are Assets Divided in Divorce in Georgia?

How assets are distributed in a divorce in Georgia is often asked by people. It's not an easy solution. There is no 50/50 rule in Georgia. Rather, the court applies the method of fair division. The court takes a broad view. They see both of their contributions. One member of the couple may have had an outside job. The latter might have remained in the house and looked after the children. Both are important. Both are valued

Financial need is also taken into account by the court. One spouse may receive more property if they don't earn as much or have as much earning capacity as the other spouse. The court also considers if one spouse wasted marital assets. In the case of either one spouse having spent money on an affair or gambling, the court can be more generous to the other spouse.

Equitable Division of Property in Georgia

The fair settlement of property in Georgia begins by making a list of all of your property. If this is the case, you have to sort out what is marital and what is separate. Then you attempt to split up how things are divided. If you cannot agree, then the court will determine it.

Therefore, it is essential to have a lawyer. An attorney may help you know your rights. They can assist you with negotiating a reasonable contract. They can also ensure that you do not lose out on something you deserve.

It's not a matter of right and wrong; it is a matter of mistakes.

It is possible to make some errors in the process of equitable division in Georgia. The first error to make is to expect that everything will be divided in half. But that is not the way Georgia law is supposed to play out. The other error is neglecting debts. There is also a division of credit cards, loans, and taxes.

Some people attempt to conceal assets. This is a serious error. If the court learns of this, you'll lose it all. Be honest and utilize the services of a lawyer.

Having a lawyer on your side is essential for various reasons.

The equitable division of marital property in Georgia is complex. The rules are not easy to remember. There's a lot at stake. You don't want to take your future for granted. A lawyer will advocate for you. They can ensure that you receive the rewards you deserve!

Final Thoughts

Divorce is not a simple matter. Still, the knowledge of the law can be of assistance. When you're facing a divorce, remind yourself to take it one step at a time. Find out what rights you have. Ask questions. Get help.

We're here for you whenever you need legal assistance with the division of marital property in Georgia. We know the law, and we care about our clients at Downie Law, LLC. We will do our best to provide you with a good result.

Give us a call today to get a confidential consultation. Help you protect your future, we can.

Avoid using the terms "fair" or "fairly" to describe a settlement in which you are not sure you are getting what you deserve. Don't use the word "fair" or "fairly" in the context of a settlement where you aren't certain you are receiving what you deserve.