Georgia Equitable Distribution of Marital Property

All property acquired by the couple during their marriage is divided equally between the divorcing parties in Georgia. “Equitable distribution” is a term for this. You should consult a divorce attorney in Atlanta before any divorce proceedings.

In Georgia, What is Community Property?

According to case law, it’s possible to determine which of a married couple’s holdings are independent and which are marital. Marital property is split between wives and husbands, whereas separate assets are not.

This distinction matters since the courts do not split separate assets between parties. When divorcing, a spouse is usually entitled to keep their assets.

Marriage Assets

If one spouse acquires a piece of property during their relationship, regardless of rank, it’s considered marital property and requires fair division.

Every partner’s 401(k)s (retirement funds accumulated throughout the relationship), as well as any other property and liabilities incurred during the marriage, are included in this category. Talk to an Atlanta Divorce Attorney about your assets and protecting them.

Separate Assets

Before marriage, or during the marriage, if either spouse received a third-party legacy or donation, that asset is separate property (if not from the spouse).

A prenup can specify a couple’s separate property, even if you gained it during the relationship. Remember that a marriage contract must be precisely worded to stand up in court, something a divorce lawyer Cobb County can guide you through.

How Are Marital Assets Divided?

To divide marital property, a court must first determine what assets are marital. Because the concept of fairness governs divorce courts, they have complete latitude in deciding how to distribute marital property.

Judges are free to allocate property in any way they see fit in the context of each case. According to Georgia law, the following considerations determine the fair and equitable distribution of marital property.

Many factors determine how much money each spouse will receive in alimony and how much money they will receive in spousal support, as well as how much money they will need in the future for retirement planning and how much money they will need to pay off their debts.

How Does the Court Split Marital Property?

This property belongs to both parties, and allocation occurs per the principles of fairness and equity. In a Georgia divorce, a judge may consider various factors when deciding who gets the marital home.

Whenever it comes to a divorce settlement, a primary caregiver could have an edge because the judge will consider their obligation to provide a stable home for their children.

A judge may order that a couple’s marital home be put on the market and immediately sold if they can no longer pay to keep it. The proceeds from the sale of a couple’s home can either be split evenly or according to the terms of their divorce settlement.

How Does Georgia Divide Retirement Benefits?

Retiring assets such as 401(k) plans and retirement funds are marital assets divided during a divorce. There is no need to divide pre-marital 401(k) assets, but 401(k) deposits and accrued interest after marriage are considered marital property.

When a retirement benefit including a 401(k), pension system, or other prospective profit cannot get liquidated instantly, a Qualified Domestic Relations Order (QDRO) gets prepared by the judge to divide interests.

You should consult a knowledgeable divorce attorney Cobb County for assistance in dividing the property into two different accounts.

How an Attorney Can Help

To split your property, you don’t need a court order. At North Georgia Family Lawyers, LLC, our Cobb County Divorce Attorney knows that by bargaining and signing a written legal settlement, divorcing couples can rectify all of the problems in their divorce.

However, even with mediation, spouses cannot always agree on all of the issues in their divorce case, even if pursuing a divorce settlement is the best resolution route. That, too, makes having a Cobb County Divorce Lawyer essential.