Property Division: Marital Assets vs. Separate Assets
If you’re getting divorced, you are probably wondering how your assets will be divided after the divorce. The state of Georgia requires assets to be divided fairly, although that doesn’t mean it will be divided equally.
There are two different assets that you might possess: marital assets and separate assets. The Atlanta divorce attorneys at Warner Bates explain the difference between marital and separate assets and how they might be divided during your divorce.
Marital Assets vs. Separate Assets
Marital assets involve assets or debts acquired during your marriage. Examples of marital assets include joint bank accounts, houses, stock investments, etc. Separate property is the assets acquired before marriage or gifted during the marriage. Inheritance granted during the marriage is also considered separate property.
However, if a spouse converted separate assets into marital property, it would have to be divided during the divorce. There are some cases where separate assets and marital assets get mixed during the marriage. For example, if a spouse had a separate premarital bank account that the other spouse made deposits to, it will become a marital asset.
Dividing Assets in a Divorce
If separate assets are identified, the spouse that it belongs to will keep the asset without dividing it. However, marital assets must be divided. The couple can come up with an agreement on how to divide the marital assets fairly. If spouses can’t come up with an agreement, a judge will decide.
Call Our Atlanta Property Division Attorneys
Dividing assets is one of the most difficult steps during a divorce. To obtain your desired outcome in property division and divorce, you need the guidance of an experienced Atlanta property division attorney. Our legal team at Warner Bates has extensive knowledge and experience helping spouses go through a divorce. We are always ready to answer your questions, and we help you get the best possible results for your case.
Contact our Atlanta property division lawyers today at (770) 766-8148 to have your case reviewed!