Getting a divorce is always stressful, even when both parties are settled on separation. Inevitably, one of the first things people think about is who gets what. The division of marital property is one of the most important, and often most complicated issues to be decided in a divorce. Often it is in your best interest to have an experienced divorce attorney to help protect yourself during a divorce.
Marital vs. Separate Property
The first step in property division is determining whether each piece of property is marital or separate. Normally, all property acquired by either spouse during the marriage is marital property, while property acquired by one person before the marriage is separate. Typical exceptions to marital property can include specific gifts or an inheritance received by one spouse during the marriage. Further complicating matters, property can lose or change its status as marital or separate depending on how the property is treated by the parties.
Valuation and Complex Assets
Once property has been identified, the next step is valuation. Ensuring that all assets and property are accurately valued is easier said than done, particularly in contested divorces. High-asset divorces can provide their own challenges, from business valuations to retirement accounts, stock options, and future assets.
Some assets may not be able to be divided directly and will have to be sold, with the cash proceeds split between parties. Often this is not preferable, but an attorney can help with potentially complicated solutions—such as one spouse buying out the other’s share in the property or receiving other property in exchange.
Equitable Distribution in Georgia
Georgia divorce law allows the parties to decide how they will divide their property, but requires an equitable distribution of property. It is important to remember that equitable distribution does not automatically mean a strict 50/50 split. Many factors are considered by the court during the distribution of marital property.
Consequently, court-ordered property division—unlike child support, custody, or alimony—is generally non-modifiable once finalized. It is crucial to have the right attorney with the right experience to protect your rights and interests in your marital property. Contact us today or call us at 770-881-8081 to schedule a consultation.