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. If the spouses cannot agree with each other and the divorce goes to trial, the court will have to decide what happens to the marital residence. The judge can order that the house be sold and that the profits be divided equally between the parties.
Or the judge can grant residency to one of the spouses, especially if that spouse has custody of the children. In this case, the court may award other assets to the other spouse so that the division of the property is equitable. 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. If you are going to divorce in Georgia, it's critical to understand the state laws that govern the division of your shared assets during the divorce. In some cases, if one spouse wants to keep the house, you can get the other party to agree by buying the other party's rights to the house or giving them other assets of equal value.
And unlike community property states, Georgia's courts aren't subject to any predetermined rules or formulas. An exception to this is if one of the spouses alleges domestic abuse and requests an order of protection with a motion for sole possession of the house. If you and your spouse are planning a divorce in Georgia, one of the things you both will want to consider is how you are going to divide your marital assets and assets.
Georgia's complex divorce laws
and problems stemming from the division of marital property are why so many people seek the help of an experienced divorce attorney. Spouses divorcing in Georgia are encouraged to contact an experienced divorce attorney who can help them protect their interests and negotiate on their behalf to achieve an optimal property agreement.To divide marital property in Georgia, the court first classifies property as marital or separate and then divides it. In addition, a custodial parent (parent who lives primarily with children) may have an advantage when it comes to obtaining the house in the event of a divorce. The marital home is generally considered joint property and must be divided equally and fairly under Georgia divorce laws. Because Georgia is not a community property state, it is not subject to predetermined rules, and the court has complete discretion when deciding how marital property should be divided between spouses. 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.
The distinction between marital and separated assets is important because the division of property in Georgia depends on its classification.
