Georgia Property Division In Divorce
One of the key steps in a divorce is the division of assets and debts. This can be a source of considerable stress for people as financial concerns are often on people’s minds during divorce.
At Stahl Law Group, P.C., in Cartersville, we understand that you may be worried about your financial situation post-divorce. Our Cartersville property division attorney is here to help you make sense of the law and have a better idea of what your finances may look like after the divorce. With over 27 years of experience, she is a valuable resource during property division.
How Is Property Divided In Georgia?
You may have heard many things from family or friends about how your property will be split, but it is best to rely on counsel from an experienced divorce lawyer. Each case is unique, and well-meant advice from others is often unreliable.
Whether you have modest assets or a high net worth, the process for dividing your assets is the same. The principle of equitable distribution applies, which means that the marital property will be divided fairly between you and your spouse. “Fair” does not necessarily mean “equal,” however.
Property that was owned by one person before the marriage is separate property. This means that it will not be divided between the parties.
Anything acquired while you were married is deemed marital property and will be divided. There are exceptions, though, if one person set aside certain assets in a pre- or postnuptial agreement, or if the asset was a gift or an inheritance.
Worried that you have no rights interest in property if you aren’t on the deed? If it is marital property, you have rights to it.
The Marital Debts Will Also Be Divided
People often forget that their joint debts are also part of the divorce. Some of the most common marital debts are:
- Car loans
- Mortgages
- Home equity loans or lines of credit (HELOCs)
- Credit card bills
- Business loans
Student loans may also be divided, but it depends on how the funds were utilized and whether it benefitted the couple.
Does A Judge Always Determine Property Division, And Is Alimony Affected?
No, a judge will have to approve the divorce property settlement, but you and your spouse can decide on the settlement through negotiation or mediation. A judge will decide the division if the case goes to trial, however.
It is important to remember that the property division can affect alimony. The judge may give one spouse alimony to compensate for receiving less of the marital assets. Or, one spouse may receive alimony to make up for their lower earning capacity. This is a complex issue that we will discuss together.
We Understand That You Have Property Division Concerns
You can rely on our lawyer to address your questions with you during your consultation. Call 678-792-4190 today or fill out our online contact form.