Division of Assets
Dividing Your Debts, Savings, and Assets
Deciding how the division of assets in divorce is going to work and what assets are considered marital property and how to divide them up can be a real issue for divorcing couples. Property that was acquired before the marriage may not be considered marital property. However, there may be differing viewpoints about which property and assets are considered marital assets. Where there is a prenuptial agreement, it is much easier to determine marital property and assets.
Typically, everything acquired throughout the marriage is considered marital property. This includes property, vehicles, and bank account funds. A couple agrees to share financial gains as well as losses when they get married. Georgia has equitable distribution laws for married couples. However, these laws will not necessarily result in an equal division of property between parties.
Do divorcing couples need to go to court in order to divide marital property? No. In Georgia, all couples getting a divorce may settle on division of marital property and assets outside of the courtroom, and this is preferable to the majority of couples. This option is also the much more affordable and efficient option when it comes to dividing marital property and assets.
The division of property and marital assets can certainly be confusing, and it’s essential that both parties know their rights. Having all of the necessary knowledge can help to ensure that both parties make the best decisions during this troubling time.
When a couple is going through a divorce, there is a lot to consider. The couple will need to come to an agreement on how to divide:
- Homes and residences
- Savings and debts
- 401k plans or pensions
- Vehicles and other belongings
Our attorneys will take the best approach for each individual client. We are dedicated to protecting your interests during negotiations, and we will certainly fight for you in the courtroom when required. For a free consultation, contact us today.