Atlanta Property Division Lawyer
Assisting Clients With Property Division Matters in Georgia
Dividing property during a divorce can be one of the most challenging aspects of the process. It requires a clear understanding of Georgia's property division laws and carefully considering each party's interests. At Warner Bates McGinnis & Anthony, our Atlanta property division attorneys are here to provide knowledgeable guidance and dedicated advocacy, helping you protect your rights and achieve a fair resolution.
We encourage you to reach out to our firm at (770) 766-8148 today to have your case reviewed by our property division attorney in Atlanta.
Is Georgia a Community Property State?
Georgia is an "equitable division" state (not a "community property" state). This means that marital property in Georgia is divided based on fairness (which may or may not mean the property is divided 50/50). The parties' debts and liabilities are also equitably divided.
Dividing the accumulated assets and debts of a marriage is often one of the most difficult aspects of divorce. Retaining individual belongings and achieving a satisfactory property settlement in the final divorce decree are paramount goals, especially for high net worth individuals. Sadly, it doesn't always turn out that way.
How is Property Divided in Georgia?
In Georgia, marital property is to be divided fairly; courts generally consider the following when determining what is fair property division:
- Each spouse’s contribution toward the acquisition and maintenance of the property
- The intent of each spouse regarding the ownership of the property
- The length of the couple’s marriage
- The service contributed by each spouse to the family unit
- The finances and separate assets of each spouse
- The earning potential of each spouse
- How the spouses treated each other while they were married
- Any wrongful conduct that wasted assets
- The future needs of each spouse
- The debt each spouse has incurred
Marital vs. Separate Property in Georgia
Before property can be divided in Georgia, marital property and separate property must first be established. Separate property includes any assets that were acquired before the marriage or were received as a gift/inheritance. Marital property includes any assets that were acquired during the marriage and is subject to equitable division.
What is Considered Marital Property in Georgia?
In Georgia, marital property refers to assets and debts acquired by either spouse during the marriage. Some examples of marital property in Georgia include:
- Real Estate
- Any real property, such as the family home, vacation properties, or investment properties, was acquired during the marriage.
- Personal Property
- This includes furniture, vehicles, jewelry, artwork, appliances, electronics, and other tangible assets obtained during the marriage.
- Financial Assets
- Bank accounts, stocks, bonds, retirement accounts, pensions, and other financial assets accumulated during the marriage.
- Business Interests
- Ownership interests in businesses or professional practices established or acquired during the marriage.
- Debts
- Debts incurred by either spouse during the marriage, such as mortgages, credit card debts, car loans, or student loans.
Determining the classification of property as marital or separate can sometimes be complex, especially in cases involving mixed assets or disputes. The Atlanta property division attorneys from Warner Bates McGinnis & Anthony can provide specific information on how marital property is defined and how it may be divided in your particular circumstances.
When Separate Property Becomes Marital Property
It's important to note that separate property, which includes assets acquired before the marriage, gifts, inheritances, and personal injury settlements, is generally not considered marital property in Georgia. However, if separate property is commingled or converted into marital property, it may be subject to division.
How is Marital Property Handled in High-Asset Divorce?
Where income and assets are high, or if a business is involved, it may be extremely challenging to determine the true value of marital and individual assets and liabilities. Tax considerations increase the complexity of the task even further. It is imperative to employ high-quality business and asset valuations from experienced attorneys in order to get a fair return on your financial and non-financial investment in the marriage.
