Obtaining a professional degree, such as a law degree, medical degree or a degree in accounting or business is an investment of both time and money. Like many other investments, professional degrees tend to benefit those who have invested the time and money to earn one in the form of better career opportunities and enhanced earning capacity. With that being said, if professional degrees may be viewed as investments, similar to investment accounts or investment property, the question may arise: “Are professional degrees subject to equitable division during divorce?”
In some states, the answer to the above question is an affirmative one. Professional degrees are viewed just like other forms of investment property and are subject to division upon divorce if deemed marital. However, Georgia is not one of those states. In Georgia, professional degrees are not subject to equitable division upon divorce. In a case specifically addressing this issue, the Supreme Court of Georgia held that professional degrees, such as medical degrees, were not subject to equitable division because “[t]heir value is too speculative to calculate, being simply the possibility of enhanced earnings they provide. That potential may never be realized for any number of reasons. [Professional degrees] have no exchange value or transferrable value on an open market, are personal to [the holder], terminate on his death, and cannot be assigned, sold, transferred or pledged.” Lowery v. Lowery, 262 Ga. 20 (1992).
Although a professional degree (or its value) may not be divisible upon divorce, it may impact an alimony determination. For example, if one spouse earned a professional degree during the course of the marriage, and the other spouse’s contributions to the marriage aided the degree seeking spouse in obtaining the degree, that spouse may be compensated for his or her contribution via alimony. Id. at 20 n.1.