Division of Assets
No. Assets in a divorce are not always split equally (50/50). Georgia is an equitable division state, which means that marital property is split fairly, not necessarily equally. However, unless there is a reason for one spouse to receive a greater portion of the marital property, the marital assets and liabilities (debts) are generally split equally in the event of a divorce.
Marital vs. Separate Property
When it comes time to divide assets and liabilities in a divorce, the court must first identify which assets are marital and which assets are separate property. Marital property is property which was acquired by the parties during the marriage and is subject to equitable division.
Separate property is the property of a single spouse, and it is not subject to equitable division. Separate property includes property owned by a spouse prior to the marriage or property obtained by a spouse through gift or inheritance. You should be aware that separate property can become marital property through non-economic contributions by a spouse or by commingling separate assets with marital assets.
Once marital property has been determined, Georgia courts may use several factors to allocate assets and liabilities between the divorcing parties. The court will consider the parties' age, education, health, background, income, and earning capacity. The court may also acknowledge the parties' standard of living during the marriage, the conduct of the parties, the length of the marriage and any prior marriages, each party's contribution toward obtaining and preserving the marital property, the contributions of each spouse to the family, the parties' intent concerning the ownership of the property, and each party's separate property.
Contact us if you would like to schedule a free telephone conversation with an experienced family law attorney to discuss the division of your marital assets.
Written by: Rebekah Ann James