How Will Our Assets Be Divided in a Divorce?
Each state has its own legal principal that guides the division of assets in divorce and separation. In Georgia, this principal is called the equitable division of assets; meaning assets are divided equitably, or fairly. This does not always mean assets will be divided equally. What works out to be an equitable division will depend on a number of factors.
No one factor will determine how all the assets are divided, however there are a number of things to keep in mind when approaching the division of assets in a divorce: First, it is important to note that only marital assets must be divided. Separately held assets are not subject to division. Generally, assets acquired prior to the marriage are separate assets, not subject to division in the divorce. Marital assets are typically those acquired during the course of the marriage, by either spouse, unless acquired as a gift from a third party or through inheritance. Under the principal of equitable division, marital assets are not divided based on whose name is on the title or account. Factors that are considered by the court when dividing marital assets include the income and earning capacity of each spouse, their education and employability, the debts and other liabilities each spouse is obligated to, the contributions each spouse made to the marital assets in question, the standard of living each spouse enjoyed during the marriage, the needs of any minor children, the presence of wrongful conduct on the part of one spouse such as transferring martial assets without consent, and the specific needs each spouse has. There is no standard formula with which your assets will be divided. It is important to speak with an experienced family law attorney when approaching the divorce process.
Property division can be complex, and arriving at a truly fair distribution of assets can be hard to do without the guidance of an attorney. Furthermore, knowing just what assets are subject to division in the divorce may not always be straightforward. Marital assets can be mixed with separate assets. To ensure you are dividing only marital assets, and are doing so fairly, it is crucial you obtain the assistance of a family law attorney.
Do you have questions or concerns about dividing your marital assets? Thomas C. Rowsey, P.C., experienced family law attorney, will help you identify those assets subject to division and divide them equitably and fairly. Based in historic Roswell, GA, Thomas C. Rowsey Attorneys at Law serves those across the greater Atlanta metropolitan area including Roswell, Alpharetta, Marietta, Milton, Johns Creek, Cumming and Sandy Springs. Contact our office today at (770) 993-5317 or fill out our online form to schedule a free consultation. Offering expert legal counsel in personal injury, criminal defense and family law, Thomas C. Rowsey Attorneys at Law are here to help.
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