His or Hers? What You Need to Know About Division of Property During Divorce
The division of property during a divorce can be problematic. These types of decisions can be even harder when there are substantial assets such as houses, compensation plans, and businesses ownership. A first step in understanding this process is understanding what properties are considered separate (personal) and what is considered martial (together).
While states vary on what is considered separate and marital, in general, separate properties are possessions accrued before marriage. Examples of this include owning property, inheritances, or third-party items assumed by either husband or wife. However, separate property ownership can be merged with marital properties when assets become co-owned. This occurs when the spouse’s name is added to the property itself, such as a house, or the conjunction of financial accounts.
Marital property involves everything that is acquired during the marriage. This includes all income and assets attained by either husband or wife. Marital property gives rights to each party. Examples include:
- Stock Options
- Club Memberships
- Professional Practices/Licenses
Not all states recognize marital properties as an equal share between partners. However, there are several Community Property States that consider all assets in a marriage to be community property. Meaning each party in the marriage equally owns all the assets that were acquired during the marriage.
Georgia is considered an Equitable Distribution State, which is equal means fair, rather than half. When parties cannot agree on a settlement, it is then up to the Superior Court to determine what is fair. These decisions are made on the basis of elements such as the length of marriage, spouse contribution, and other factors, which can make outcomes nearly impossible to predict.
If you are going through a divorce and need legal assistance then contact Miller & Wynn Attorneys at law. We have decades of experience and can provide the necessary services to make your division of property process a simple one.
Call us at (770)-942-2720 or visit our website at www.MillerWynnLaw.com.