Property Division Lawyer in Atlanta
Is Georgia a Community or Equitable Property State?
Georgia is an "equitable division" state (not a "community property" state). This means that marital property in Georgia is divided based upon 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.
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
How Is Marital & Separate Property Divided in GA?
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.
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 professionals in order to get a fair return on your financial and non-financial investment in the marriage. An Atlanta property division lawyer at Warner Bates can help.
The firm also has strong relationships with:
- Top financial experts
- Certified public accountants
- Various other professionals
These professionals can provide specialized valuation and tax analysis when appropriate. We listen attentively to our clients, learning what's most important to them in any potential property settlement and helping them get the results they want. Our attorneys know what questions to ask and how to untangle the complex web of joint finances.