Divorce Property Division Lawyers in Atlanta Helping You Understand Equitable Division of Assets During a Divorce
It is common knowledge that the divorce process can be difficult. This is especially true when it comes to the division of assets. In many cases, couples find themselves at a loss as to how to divide their belongings fairly. If you are going through a divorce and need help dividing your assets, you should contact a divorce property division lawyer.
A family law lawyer who has experience in the division of assets during a divorce will be able to help you understand Georgia’s equitable distribution laws. These laws dictate how marital property should be divided between divorcing couples. Generally, all marital property is subject to division, including assets such as real estate, cars, retirement accounts, and more. However, some exceptions may apply in your case.
It is important to remember that while the court will strive to distribute assets equitably, it is not always possible to do so during marital property division. In some cases, one spouse may end up receiving a larger share of the marital estate than the other spouse. If this happens, it is important to have an experienced lawyer on your side who can advocate for your interests in court and help you gain your separate property.
If you are considering filing for divorce, or have already filed, contact an Atlanta property division lawyer at Atlanta Family Law Group, LLC today. We can help you understand equitable distribution laws and ensure that your interests are protected during the divorce process. Schedule a consultation with our law firm today at 404-738-5805.
How is Equitable Distribution Established in a Divorce?
When getting a divorce, most people don’t know what to expect in terms of what assets each party can expect to receive. Under Georgia law, it is an equitable distribution state, which simply means that when the courts are involved in the process, their goal is to split all assets in such a way that positions each party in the best possible way to begin their life apart. This doesn’t necessarily mean that each party will get exactly 50% of all the assets, and in fact, that seldom happens.
When determining equitable distribution, the judge will look at many factors, including:
How long the marriage lasted: A shorter marriage is generally less likely to result in an equal distribution of assets because there wasn’t enough time to accumulate many joint assets.
The income of each party: If one spouse earned significantly more money than the other during the marriage, they may be ordered to give a larger portion of the assets to the lower-earning spouse.
Custody arrangements of children (courts will try to minimize the impact on children): If one spouse is awarded primary custody of the children, they may be given a larger share of the assets.
Income opportunities of each party: If one spouse has the opportunity to earn a much higher income than the other after the divorce, they may be ordered to give a larger share of the assets to the lower-earning spouse.
- The contribution made by each party during the marriage: If one spouse worked while the other stayed home to take care of the children, for example, the stay-at-home spouse may be given a larger share of the assets.
- The standard of living during the marriage: The court will try to maintain the same standard of living for both spouses after the divorce, which may mean giving a larger share of the assets to the spouse who is less able to support themselves.
- Intentional waste or dissipation of assets by one party before the divorce: If one spouse intentionally wasted or dissipated assets before the divorce, they may be ordered to give a larger share of the remaining assets to the other spouse.
- Any other factors the judge deems important: The list of factors above is not exhaustive, and the judge may consider any other factor they deem relevant to the case.
- The judge will also look at any prenuptial or postnuptial agreements that are in place. If these agreements were entered into willingly by both parties and are found to be fair and reasonable, the court will likely uphold them.
In Georgia, all property that was acquired during the marriage is considered marital property. This includes things like real estate, cars, retirement accounts, and other assets. However, there are some exceptions to this rule. Gifts and inheritances that were given to one spouse specifically are not considered marital property. In addition, any property that was acquired before the marriage is also not subject to division.
What is the Difference Between Marital and Non-Marital Assets?
When a couple divorces, one of the most important things the court will need to decide is how to divide the couple’s assets, this can be a complicated process, as there are many factors the court will need to consider.
Another thing to keep in mind is that the equitable distribution of assets will only apply directly to marital assets. These are assets acquired during the marriage or brought into the marriage together. If one party owned a cottage before meeting the other, for example, the original party would almost always retain ownership. Inheritance and gifts are also considered non-marital assets and will remain with the party who received them.
Non-marital assets won’t typically be assigned to the other spouse, but they can influence what happens to certain marital assets if one of the parties had a home before the marriage, which they kept. And then, as a couple, they purchased another home as marital property. The second home will almost certainly go to the spouse so that each party has a place to live. The court will try to make decisions that are as fair as possible for both parties.
One of the main reasons assets are so important during a divorce is because they can provide financial stability for each spouse after the divorce is finalized. A spouse who is left with few assets may find it difficult to support themselves and their children.
Another reason assets are important is because they can affect child custody arrangements. If one spouse is awarded primary custody of the children, the court may give them a larger share of the marital assets so that they can better care for their children.
Finally, assets can also be important in determining alimony payments. If one spouse earns significantly more money than the other, they may be ordered to pay alimony to help the less-earning spouse maintain a similar standard of living.
In short, assets are important in a divorce because they can provide financial stability for each party, affect child custody arrangements, and influence alimony payments.
How can an Attorney Help During Property Division?
When you are considering or going through a divorce, property division can be one of the most difficult topics to address. Not only do you have to think about dividing up your possessions, but you also must consider how this will affect your future financial stability. If you own a home or other significant assets, you may be concerned about losing half of your net worth in the divorce settlement.
An attorney can help you understand the property division process and ensure that your rights are protected. They have experience dealing with complicated financial issues and can help you during the property division.
If you live in Atlanta, Georgia, and are facing a divorce, you need an experienced divorce property division lawyer on your side. At Atlanta Family Law LLC, our attorneys understand the ins and outs of equitable distribution of assets in Georgia and can help you negotiate a fair and reasonable settlement with your ex-spouse.
Why Should I Hire a Lawyer for My Divorce?
When you are facing a divorce, it is important to have an experienced attorney on your side who can help you navigate the legal process. Experienced property division lawyers can help you understand your rights and options and can represent you in court if necessary.
If you have children, your divorce will also involve child custody and support issues. A lawyer can help you understand your rights as a parent and can ensure that your interests are protected during custody negotiations.
A lawyer can also help you reach a fair property division agreement with your spouse. If you own a home or other significant assets, you must ensure that these assets are divided fairly in the divorce settlement. An attorney can help you negotiate a property division agreement that is fair to both parties.
Determining the equitable distribution of assets can be extremely contentious and difficult during property settlement. Many factors must be considered, and having an experienced family law attorney on your side is the best way to ensure you get fair and just results. Contact Atlanta Family Law Group LLC at 404-738-5805 to talk about all your options and see what you should be doing now to position yourself properly for your divorce and the division of assets.