Equitable Distribution Of Property
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 law office of Jody A. Miller, located in Atlanta, Georgia, we advise clients about the different property division options available in a divorce. 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.
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.