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. Yes, because if you don't disclose all information regarding assets and debts, the award or final agreement may be subject to action to have it rescinded. All property acquired during a marriage is usually divided equally between the two parties.
In addition, all debts acquired together or separately can be divided equally between the two parties. 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. Georgia is not a community property state. In a community property state, any property or asset you acquire during a marriage is community property and each spouse owns 50% of it.
When divorcing, each spouse is entitled to half. Divorce In Georgia, marital property is divided by equitable distribution and this can be influenced by several factors. In a community property state, nearly all property acquired by either spouse during marriage is considered marital property (joint property) and must be divided 50% between the spouses. Once the court determines what assets are marital, it must determine how those assets will be divided. Prenuptial agreements can keep separate assets that would normally be considered marital property during a divorce.
Don't delay looking for an attorney; don't sign settlement agreements, divorce orders, or other legal documents without having your lawyer review them. The laws that dictate the division of property during divorce vary from state to state, but Georgia uses the same legal model that most other states prefer. In Georgia, divorcing spouses can decide how to divide their property on their own or through a mediator. 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 to reach a successful divorce settlement.
Be proactive during your divorce case and talk to an experienced divorce attorney, especially at this stage of the divorce process. In many cases, spouses make decisions regarding the division of property without a clear understanding of what they may be entitled to. The team at Petrelli Previtera, LLC in Covington, Georgia, supports clients in all family law matters, from divorce, separation, and custody to property disputes. Here are some things to know about legal terminology and processes related to the division of property in Georgia divorces.
Generally speaking, separate property in Georgia includes any asset that is independently owned by either spouse before marriage. There are specific rules, established in case law, to determine which of a couple's assets are separate and which are marital or community assets.
