The Division of Property During Divorce in Georgia

When spouses are willing to untie their knot, there are few issues that they need to resolve before they can cut the ties with one another, and one of them is all about splitting everything they have accumulated as a married couple. If the couple cannot find common ground, their disputes are more likely to be resolved by a third party. To get a better understanding of how their possessions will be shared in court, it is important to understand which exactly assets are to be split and which are not to start with.

How is Property Divided in a Divorce?

In The Peach State, a great deal of everything acquired by a man and wife throughout their life together is known as marital property and thus is to be shared when partners decide to untie the knot anytime soon. Along with physical property consisting of living quarters, vehicles, and antiques, every penny that was invested or saved in banks is subject to division, too.

According to the Georgia property laws, things and cash accumulated by one side before the date of contracting their marriage are sole assets unless they are blended in with joint ones. Gifts (except for those between partners), inherited items, and other belongings that both partners agree are owned solely by one are examples of non-marital assets, too.

Even though the latter ones remain in their owners’ possession, all divorcing people are supposed to offer them to a judge’s consideration as soon as their separation process starts. This is how the judge can understand every party’s financial situation better and consider it along with a few more factors, such as their intent as owners of their assets, their contribution to the household, and for how many years they have been married, when making an order.

When it comes to Georgia divorce laws and property division, a very popular question is “Is Georgia a community property state?”. The answer is “no” meaning that all former partners get fair stakes instead of equal ones.  

Division of Marital Property in GA

There is no commonly used mathematical formula that can dictate how much each side must be granted. And this begs the question: “Is Georgia a 50/50 divorce state?” The answer is simple: “No, it is not. It is an equitable division one.” And before the court can determine who will get what and how much, a few various factors, including each party’s financial shape and earning potential, how they treated one another, whether or not there was someone who threw joint finances down the drain, future needs of all partners, their total debt, etc. should be recorded first. Only by taking all of this into account and following family law guidelines, a truly fair settlement can be ensured.

A family dwelling is also granted on the principle of fairness. Therefore, most often, a party who is going through a Georgia divorce and who gets the house is the one who has physical custody of the kids. (It is pretty fair that kids don’t have to move out, isn’t it?) However, if another parent badly wants to keep the living quarters, he or she can always buy out another party’s rights to the dwelling or give away other valuables for it, such as their share in their family-run business, jewelry, or even cash.

“Are separate bank accounts marital property?” – you can ask. Truth be told, sometimes they are and sometimes they are not. Personal bank accounts can be considered non-marital unless they are used for a family purpose.

How Are Assets Divided in a Divorce?

One of a few crucial matters that marrieds have to resolve in a divorce is splitting assets. In the area, the division of assets in a divorce is performed fairly, although it is never easy, especially when the items that cannot be liquidated immediately are managed. To make things easier on both parties, a judge may offer a QDRO that will divide their various benefits into two different bank accounts – one for each side.

An increasing number of divorcing couples tend to resolve their matters out of court primarily due to high costs and much stress associated with court battles. As a great way out, they may divide their assets through negotiations and conclude a contract on paper.