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Division of Marital Property in Georgia

 

Divorce Lawyer in Macon GA

In a divorce, courts are concerned with marital property alone. This would be assets acquired during course of marriage. When a divorce case comes up for hearing in Georgia, court is responsible for handling the financial aspects of divorce. Hence, the separation of marital property from non marital property is the court’s job and level of complexity involved is fairly high.

 

Both individuals in a divorce are eligible for equitable share of marital property. Division of property includes consideration of many factors like length of marriage, contribution towards property, value of property, financial condition of each involved parties, responsibilities from previous marriages, children involved and pre nuptial arrangements. The court has to ensure that both spouses are financially stable while determining division of marital property. Usually, one spouse might have given up a career to look after children and home and hence would need time for becoming financially independent. Thus, court has to take this into consideration before ruling.

 

Non marital property is not taken into consideration in division of assets in a divorce. This may include gifts, property from another divorce, inheritance etc. Sometimes couples can come to agreements regarding properties and then these are considered to be non marital property. Assets and debts acquired by the couple individually before and after marriage are considered as separate. They are individually responsible for such debts and are owners of such assets.

 

Assets accumulated in a marriage include, money, jewelry, real estate, insurance, pension plans, investments etc. Debts in a marriage are obligations taken on during the marriage. When divorcing couple are civil enough to sort out financial liabilities and asset distribution amicably, with help from a mediator as well as legal representation from experienced divorce attorneys, a marital agreement can be drafted. The marital settlement agreement would deal with all issues pertaining to finance in a divorce and would have clearly detailed out division of assets, debts, child support provision, spousal support etc. This agreement would have to be approved by court for being binding and once the divorce is finalized; there is no going back on terms stated herewith.

 

Legal representation is vital while deciding division of assets, since complexities in form of hidden assets or improperly characterized asset comes to fore. Hence there should be careful evaluation of assets held by both parties so that a thorough understanding of marital estate is established. The process is tedious and requires reconstructing income, untangling financial interests, tax related problems, etc.

 

The most common mistake committed by couples is that they do not keep proper records of pre marital and post marital property. The pre marital property invariably is mixed with property acquired during marriage. Under the circumstance, it is considered as marital property and would be divided. Thus actual owner stands to lose a lot in such ideas of blended family during a divorce.