The Division Of Property In A Georgia Divorce
One of the most complicated aspects of a divorce case is the division of a couple’s property. This is especially true when a couple has been married for a long time or has a lot of wealth, marital property and assets that need to be divided.
Divorce attorney Doug Fox has been representing clients throughout the greater Atlanta metro area since 1995. He founded Fox Firm, P.C., in Lawrenceville to assist clients in Gwinnett County and the surrounding communities navigate the complexities of divorce. He truly cares about his clients’ best interests and wants to help them through the difficult transition of divorce.
The Equitable Distribution Of Marital Property
During a marriage, the finances of the spouses often change significantly due to factors such as pay raises; the acquisition of assets, stocks and properties; and the accumulation of debts. When a couple decides to divorce, everything has to be divided. During an uncontested divorce, the couples agree on how to divide their marital assets. Even when a couple doesn’t agree completely, participating in mediation can help a couple reach an agreement.
In the state of Georgia, marital assets and wealth are usually divided equitably. With equitable distribution, assets are divided fairly – though not necessarily equally – between each spouse. How the assets are distributed varies greatly depending upon the specific circumstances of each spouse and their contributions to the marriage, including both financial and emotional contributions. An experienced property division lawyer can help ensure that your soon-to-be ex is disclosing all their financial information to help ensure an equitable division of property. An attorney can help make sure that your rights are protected throughout the property distribution process.
Separate Property Versus Marital Property
One potential point of contention in the distribution of property is the difference between separate property and marital property. Separate property includes assets that are only owned by one of the spouses. Property is separate, and it is exempt from the equitable distribution process if it is an inheritance, a gift or another type of exempt property.
Marital property is the joint property acquired during the course of the marriage. Even if property was acquired only in one spouse’s name, if it was acquired during the marriage, it can still be considered marital property. Marital property can also include interest accrued on accounts, retirement accounts and profits in a family business. An experienced property division lawyer can help you identify which assets might be marital property.
How Are Debts Divided In A Divorce?
Likewise, debts accumulated by a couple throughout the course of their marriage are also divided according to the principles of equitable distribution. Even if a debt was incurred in the name of one spouse, the court can still order that debt to be divided by a divorcing couple. Oftentimes, a couple can reach agreements on the division of debt. An experienced attorney can help you negotiate a settlement on the division of marital debts.
Who Gets To Keep The Marital Home In A Divorce?
A couple’s marital house is an asset that will be divided, usually under principles of equitable distribution. Who gets to keep the house will depend on the facts and circumstances of your particular case. If spouses can come to a settlement in their divorce, they can have a say in who gets to keep the house. To offset the cost, the spouse who gets to keep the home may give up other assets in order to keep the division of property fair. If the court has to decide who gets to keep the home, factors like the financial status of each spouse and what is in the best interests of the children will be considered.
Schedule A Consultation With A Gwinnett County Property Division Lawyer
Fox Firm, P.C., is located in Lawrenceville. To schedule an initial consultation with a skilled and experienced property division attorney, you can reach out through the firm’s online form. You can also reach out directly by calling 770-341-4882.