How Are Assets Divided In A Divorce In Georgia?
Once people are over some of the initial shock and emotional reactions of a divorce, more practical concerns, such as child custody, spousal support and asset division, come to mind. The family law courts in Georgia aim for an equitable distribution of marital property assets, but that doesn’t necessarily mean that all of the assets are divided 50/50. The first step in dividing property is identifying what is “marital property” and what is “separate property.”
Marital Property Versus Separate Property
Georgia law operates under the idea that the assets that were owned previous to the marriage, or separate property, should be kept by the person who brought them to the relationship. Marital property is considered anything that is purchased, earned or funded during the marriage.
Some examples of marital property include:
- House purchased or paid for during the marriage
- Cars purchased or paid for during the marriage
- Wage or salary earned during the marriage
- Pets purchased during the marriage
- Debts (credit card and home equity loans) incurred during the marriage
- Gifts between spouses
- individual or joint accounts funded during the marriage
Some examples of separate property include:
- Assets and debts that each individual came to the marriage with
- Assets inherited where only one spouse was named as the recipient
Once the marital property and separate property have been identified, the division of the marital property will take place. Again, Georgia aims for an equitable division, which does not mean that things are simply split into two perfect halves. Each couple’s situation will be unique; a family law court judge will work with you to ensure that the division is as fair to both parties as possible.
Atlanta Area Divorce And Asset Division Lawyer
If you have questions about asset division, asset protection, estate planning changes or determining whether a home, car or bank account qualifies as marital or separate property, contact The Halberg Law Firm online or call 770-637-5912. Blake Halberg is an experienced and effective family law attorney serving Marietta, Sandy Springs, East Cobb, Cobb, Fulton, DeKalb, Cherokee and Forsyth counties and the entire Atlanta metro area.