People in Georgia acquire various property and assets throughout their lives. They may purchase homes, build bank accounts, retirement accounts, investment accounts, purchase vehicles, buy home furnishings and many other types of property. They also may acquire these various assets and property at various times throughout their lives. It could be while they are single, during marriages or perhaps in between marriages as well.
It may not seem like a major issue, but when a person acquires their property does matter if they are going through a divorce. Marital property must be divided in a divorce. Marital property is property which either spouse acquired or purchased during the marriage regardless of who actually purchased it or whose name may be on the title to the property. Separate property includes property owned prior to the marriage, gifts, inheritances and some other types of property. This property will remain with the spouse who personally owns it.
Factors used when dividing marital property
In Georgia marital property is divided equitably, which does not mean that it will automatically be divided equally. When determining an equitable division of the property judges will analyze various factors to determine which spouse will receive which property. These factors include, but are not limited to, each spouse’s financial status, the amount of separate property each spouse owns, whether either spouse wasted marital property, their conduct during the divorce process, the needs of each spouse and other relevant factors.
Each divorce in Georgia is unique. The outcomes of each one depends on the unique circumstances of the marriage. One aspect of each marriage that is very unique is the property that the couple acquires during the marriage and also the property that they owned prior to the marriage and brought to it. During the divorce the couple will need to divide the marital property and that can be a complicated process depending on the amount and types of property people own. Experienced attorneys understand the process of dividing marital property though and could guide one through it.