ATLANTA FAMILY AND IMMIGRATION LAW

Atlanta Asset Division Lawyer

Dividing assets can be one of the biggest headaches you face after your divorce. An Atlanta Asset Division Lawyer can help make sure you recieve your fair share.

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In Georgia, assets are split equitably during a divorce. It is important to understand that equitable is not the same as equal. Instead of an even 50/50 split, the court will take all of the factors of the divorce into consideration in order to ensure assets are split in a fair way to both parties.

In general, marital assets include all assets obtained during the marriage. This can include the primary residence, a vacation home, savings accounts, and even a portion of a 401k that was earned during the marriage.

Yes. In order to have a fair and equitable distribution of assets, both parties must be completely transparent about the assets they own. If it is discovered during divorce proceedings that either party hid assets from the other, they will likely be penalized.

Dividing assets can be one of the biggest headaches you face after your divorce. Georgia, while not a community property state, gives each spouse an "equitable interest" in the property the couple acquired throughout their marriage. Many people become very invested in the asset division process in the midst of a divorce, including struggling with how to equitably divide property. Because Georgia is not a community property state, "equitable distribution" might not necessarily mean "exactly equal division." Having an Atlanta Asset Division Lawyer on your side can make it easier to determine how you should divide your assets--including what protections you might have.

What Property Do You Have to Divide During an Atlanta Divorce?

Several types of property are considered marital property and, therefore, subject to equitable division. In general, marital property incorporates all property acquired during the marriage: vehicles, real estate, investment assets, and more. Portions of your 401(k), or your spouse's 401(k), acquired during your marriage may also count as marital assets.

Individual Property: A Note

While most of the property acquired during your marriage counts as joint property and will be subject to division, there are some types of property that are not part of your marital property and which you and your former spouse will not have to divide in the divorce. Instead, those types of property will remain under the ownership of the party that owns them. These include:

  • Property that you owned prior to your marriage
  • Property that your spouse owned prior to your marriage
  • A third-party inheritance acquired during the marriage but designated to just one spouse
  • Assets protected by a premarital agreement

If you have a premarital agreement, you should share that information with your Atlanta asset division lawyer before you start working on the division of your property, since it could impact some decisions related to your property division.

How Does Asset Division Work in an Atlanta Divorce?

Multiple factors may contribute to the fair and equitable division of assets during an Atlanta divorce. Georgia courts, since they do not ascribe to a specific formula, may consider several factors.

First and foremost, if you and your spouse can come to an agreement about the division of assets on your own, most courts will approve that division, assuming that it does not put either spouse in obvious, unfair financial trouble. Working with an Atlanta asset division attorney can help you reach an agreement with your spouse.

What assets, income, and earning potential does each spouse have?

In order to ensure fairness in the overall division of assets, the court may look at what earning potential each spouse has, how much income each spouse currently has, and what assets they have available. For example, if each spouse has a car, that might be considered a fair division of your vehicular assets, even if one car has a significantly greater value than the other. On the other hand, if one spouse has considerably greater earning potential than the other, especially if one spouse stayed at home or took a lower-earning position to care for home and family over the past several years, that spouse could have to pay alimony to the other spouse.

What debt does each spouse have?

Atlanta courts will look at marital debt, like the mortgage on the house and car loans, as well as individual debt, like credit card debt, that might be held by each spouse. That debt ratio may impact the assets that the spouse can claim.

How did the spouses treat one another throughout the marriage?

As part of the division of assets, the court may consider the treatment of each spouse during the marriage, including the grounds for the divorce. For example, if one spouse cheated on or abused the other, it could influence the division of assets during the marriage.

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Who Keeps the House After an Atlanta Divorce?

Determining who keeps the house can be a big decision after an Atlanta divorce. In general, you have three options: Spouse A keeps the house, Spouse B keeps the house, or you sell the house and split the income. Often, the third option makes the most financial sense for couples who may not have enough assets for one spouse to buy the other out of the property. However, the court may also look at factors like whether the spouse who wants to keep the house has enough income to continue to pay the mortgage, which spouse will have primary custody of any minor children, and whether one spouse has contributed more to the overall upkeep of the home.

Working with an Atlanta asset division lawyer can help you come to a fair and equitable agreement regarding the division of assets in your divorce as well as providing you with more information about how you might expect the court to divide your assets.

Consult with an Experienced Atlanta Asset Division Lawyer Today

We understand that divorce is challenging and determining how assets will be divided can be a huge source of conflict. Contact us today to learn more about how we can help walk you through the asset division process and even mediate disagreements.

 

We understand what you are going through and will work diligently with you every step of the way.

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