When going through a divorce the division of property is one of the most complex parts of the process. The first step will be dividing up marital property form personal property. Georgia is not a state with community property laws, there is an equitable distribution method of dividing property. In order to make sure you are treated fairly in the division of property in your divorce team up with an Atlanta divorce attorney as soon as possible. The division of marital property and personal property follows this breakdown pattern:
Marital Property:
- Earnings gained while married
- Anything bought or acquired while married
- Debts accrued during the marriage including mortgages or car loans
- Interests in retirement, benefits and pensions that occur while the couple was married
Separate Property:
- Personal gifts
- Inheritance
- Awards from personal injury cases
- Private property not bought out of communal funds
- Personal businesses owned prior to getting married
There are some instances in which the line between marital and separate property becomes blurred. An example would be involving a personal business. As shown above, if a business is owned before the marriage it is personal property but if the business increases in value while the couple is married the value increase can be considered marital property. Another example of something that can be both marital and separate property would be property that is bought with a combination of separate and communal funds. If one spouse has a significant amount of money they may be looking to invest in something and use primarily their personal funds but may use a small part of communal funds as well and this can make the determination complicated. In cases such as these there would need to be proof that separate funds were used and provide an amount.
When dividing the property, separate property will be kept by the spouse who owns those assets or land. The divorce courts in Georgia are "courts of equity" and they divide the marital property by using their notion of fairness and they are not bound by rules of community property. Property will be divided how the courts see fit and it does not have to necessarily be divided equally. The courts will consider many factors when making this determination, including each spouse's:
- Separate assets
- Financial status
- Income
- Earning capacity
- Behavior/conduct while married
- Wrongful conduct that may have diminished the marital assets
- Future needs
- Debts
Do you need an attorney for your divorce in Atlanta, GA? The judge will consider all aspects of the divorce situation between the two spouses and come to a decision. If you are going through a divorce it is imperative to have your needs and wants fought for. Be represented by an experienced Atlanta divorce lawyer from Stadler Law Group, LLC! We offer a free initial consultation so you can call today to ask questions and discuss your situation at no cost to you!
No Comments
Leave a comment