Equitable Distribution With An Atlanta Property Division Attorney
Dividing marital assets and debts during a divorce can be a complex task. It often requires both a financial expert to evaluate the assets and an attorney to help ensure the division is accomplished taking into account all of the facts and circumstances of the particular case. Before finalizing a property division agreement, it is important to understand the financial and legal implications to you.
At the Jody A. Miller, Esq. Attorney At Law, located in Atlanta, Georgia, we advise clients about the different property division options available in Georgia divorce proceedings. Most property division occurs when parties settle issues through a signed marital settlement agreement. If parties fail to agree, property division will occur by order and decree of the superior court.
Marital Property Subject To Division In An Atlanta Divorce
Dividing property is one of the most challenging and emotionally charged aspects of a divorce. In Atlanta, marital property is divided according to Georgia’s equitable distribution laws, meaning property is divided fairly, though not always equally.
Marital property includes almost everything that you and your spouse acquired during the marriage, regardless of whose name is on the title or account. Here are common examples:
- Family homes or real estate purchased during the marriage
- Vehicles, such as cars or motorcycles, bought while married
- Joint checking or savings accounts
- Retirement funds, including 401(k)s, pensions or IRAs, contributed to during the marriage
- Furniture, electronics and appliances bought with marital funds
- Stocks, bonds or investment accounts opened or funded during the marriage
- Debts, credit cards, personal loans or mortgages taken out together
- Businesses started or grown during the marriage
- Gifts exchanged between spouses, depending on how and when they were given
Property that may not be divided includes:
- Assets owned by one spouse before the marriage
- Gifts or inheritances explicitly given to one spouse
- Anything protected by a valid prenuptial or postnuptial agreement
However, separate property can sometimes become marital if it is mixed with shared finances. For instance, putting inheritance money into a joint bank account could make it subject to division.
Dividing marital property can quickly become complicated. In your high-asset divorce, an experienced Atlanta divorce attorney can help you:
- Understand your rights
- Gather the necessary financial documents
- Advocate for a fair outcome
- Negotiate on your behalf
- Protect any separate property you may own
- Guide you through court proceedings if needed
Having legal support helps ensure you do not miss important details that could affect your financial future long after the divorce is finalized.
What Happens If You Can’t Agree On Property Division?
If parties cannot agree on property division through a marital settlement agreement, the court will order it in its divorce decree. Before going to trial, the parties’ attorneys may conduct discovery to determine available assets and debts. Property is classified as either marital or separate property. Marital property is generally property that was acquired during the marriage. Only marital property is subject to equitable division. The court will divide marital property in an equitable manner, taking into account the facts and circumstances of the particular case.
Equitable distribution does not necessarily mean a 50/50 split of marital property. Rather, the court will base its distribution on what it considers to be equitable under the facts of the particular case before it. There are no statutory guidelines regarding property division. This fact-specific process varies between divorces, and a court will hear evidence and arguments of the attorneys to determine what is equitable. Given how much discretion the court has when dividing property and debt, you should have an attorney present who will protect your rights.
The Role Of Prenuptial And Postnuptial Agreements
Prenuptial and postnuptial agreements are also important factors that affect property division. Both prenuptial and postnuptial contracts are valid and enforceable in Georgia. We will draft and review prenuptial and postnuptial agreements before and after a marriage.
Contact Us For More Information On Property Division
If you are going through a divorce and have a question about property division, contact us at the law practice of Jody A. Miller. We represent clients throughout Georgia, including locations such as Carrollton, Decatur, Lawrenceville, Jonesboro and Marietta.