Achieving A Fair Property Division Agreement
Georgia follows the doctrine of “equitable division” when it comes to dividing marital property, the goal being a fair distribution or assets accumulated over the course of a marriage between the divorcing parties. An equitable division does not necessarily mean an even 50/50 split, and the court has wide latitude in determining how to best divide a couple’s assets. That is why it is important to have an experienced lawyer on your side who can help protect your interests.
At The Peterson Firm, we bring more than 35 years of legal experience to divorce proceedings. We can help with all manner of high-asset and complex property division issues.
Factors Taken Into Consideration For Asset Division
A number of different factors may be used to help ensure a fair and equitable division, including the age, health, occupation and vocational skills of each party; the contributions of each spouse to the household; the conduct of each party during the course of the marriage; and the income and needs of each party. There is no one determining factor that outweighs the others. We will let you know what to expect as your divorce proceeding moves forward.
We Can Help Divide All Types Of Assets
Our firm handles many cases where property division involves high assets and major holdings. These cases can be complicated because it can be difficult to properly identify and value assets that may be subject to division. When necessary, we will work with forensic accountants and other experts to ensure a fair accounting of marital property, including:
- Nonqualified retirement plans
- IRAs and 401(k)s
- Stocks, bonds, mutual funds and other investments
- Life insurance policies
- Intellectual property
- Real estate
- Vehicles
- Trusts
We can help you negotiate a property settlement with your ex or tenaciously advocate for your interests at trial.
Georgia Property Division FAQs
For over 35 years, we have guided many clients through the property division process. These are the questions we frequently encounter from people facing divorce in Georgia:
What is considered marital property in Georgia?
Marital property includes most assets and debts acquired during the marriage, regardless of whose name is on the title. This can cover things such as the family home, cars, bank accounts, retirement savings and even debts, including credit card balances.
Separate property, on the other hand, is what you owned before the marriage, or what you received as a gift or inheritance meant solely for you during the marriage. However, if the separate property gets mixed with marital property – like depositing an inheritance into a joint account – it might become subject to equitable division in a divorce.
What steps can I take if I suspect my spouse is hiding assets?
In such situations, you have several legal options:
- Formal discovery: This legal process allows you to request financial documents, statements and information under oath.
- Depositions: Your attorney can question your spouse under oath about financial matters.
- Subpoenas: These can be used to obtain records from banks, employers and other third parties.
- Forensic accounting: A financial expert can review records to identify discrepancies or hidden assets.
Georgia courts take asset concealment seriously. A spouse found hiding assets may face penalties, including being held in contempt of court or receiving a less favorable property division outcome.
How is alimony factored into a property settlement?
When deciding alimony, courts consider each spouse’s financial situation and needs after the divorce. If one spouse gets a larger share of marital property through equitable division, it might reduce their alimony award since they have more resources. Courts aim for a fair balance, helping ensure neither party is left struggling after asset division.
How can I protect my interests during the property division process?
To safeguard your financial interests during divorce:
- Make a detailed list of all assets and debts, both marital and separate
- Get valuations for major items such as homes or businesses.
- Be upfront with all financial information – hiding anything can backfire.
Georgia uses equitable division, meaning assets are split fairly, not always equally, based on contributions to the marriage and future needs. Consider negotiating with your spouse to reach an agreement that works for both of you, as this can give you more control over the outcome
Contact Us For Skilled Help With All Divorce-Related Issues
We help with property division and all other issues that must be resolved as part of a divorce proceeding. To schedule an initial consultation, call our law offices in Atlanta at 404-777-0244. You may also contact us online.