Property Division in Divorces in Georgia

           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.

            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; and, property acquired by one person before the marriage is separate. Typical exceptions to martial 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.

            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 and will have to be sold and the cash proceeds divided. Often this is not preferable, an attorney can help with potentially complicated solutions such as one spouse buying out the other’s share in the property or to receive property in exchange.

            Georgia divorce law allows the parties to decide how they will divide their property but does require an equitable distribution of property. It is important to remember that equitable distribution of property does not mean each party gets an equal share. There are many factors that are considered during the distribution of the marital property.

            Consequently, court-ordered property division, unlike like child support, custody, or alimony, are generally not modifiable. It is important to have the right attorney with the right experience to help protect your rights and interest in your marital property during your divorce. Call us today to schedule your consultation today at 770-881-8081.