Marital property, on the other hand, is subject to. During a divorce in Georgia, separate property generally retains its original owner. Marital property, on the other hand, is subject to division according to the principle of equitable distribution. This means that property is divided between the spouses according to what is “equitable or fair”.While in some cases this results in marital assets being divided equally, in many cases this is not the case.
No, Georgia is not a community property state. Instead, Georgia divorce laws give both spouses an equitable interest in all property acquired during the couple's marriage. This is called an equitable distribution approach. Only marital assets and debts are subject to an equitable division in the event of a divorce. An asset or debt is considered marital if it was acquired by the parties during the marriage.
If an asset or debt is considered marital, it is subject to division regardless of the name in which the property appears. Essentially, all property acquired during a marriage, such as cars, houses, businesses, and furniture, is marital property, unless an exception applies. Alternatively, the spouse's separate property is not subject to an equitable division. Separate assets are generally defined as assets acquired by one of the spouses before marriage or assets acquired by one of the spouses through gift, inheritance, bequest or invention, even if during the marriage they are still assets separated from that spouse. Divorce In Georgia, marital property is divided by equitable distribution and this can be influenced by several factors.
Georgia is an equitable distribution state, meaning that marital assets are divided fairly, but not necessarily equally, between the spouses in a divorce. Equitable distribution aims to protect the interests of both parties and ensure that each spouse has the resources they need to move forward with their life after divorce. While reaching a divorce agreement is often the preferred way to resolve a divorce, it's not always possible for spouses to reach an agreement on all issues in their case, even through mediation. If you want to be the sole owner of the house after the divorce, you'll have to buy your spouse with their share capital. Going to court can be quite expensive, because a contested divorce can take many months or even years to resolve. The court may also consider the reason for the couple's separation, such as adultery or abandonment, to determine how to divide marital property.
The division of property in Georgia during a divorce involves several laws, considerations, exceptions, and complex discretions, so it can be confusing. The laws that dictate the division of property during divorce vary from state to state, but Georgia uses the same legal model preferred by most other states. In Georgia, divorcing spouses can decide how to divide their property on their own or through a mediator. Assets accumulated in a 401 (k) plan before marriage would not be subject to division, but deposits made or interest earned in a 401 (k) plan after a couple's marriage would be considered marital.
Unlike states with marital property laws, the equitable distribution method for treating property in the event of a divorce does not necessarily result in an equitable division of property between spouses. To ensure that property is divided fairly during a divorce, it is essential that all separate and marital assets are properly accounted for and classified. Divorce attorneys are knowledgeable in family law in Georgia and can help ensure that all legal requirements are met and, at the same time, help both parties reach a successful divorce settlement.
