Other than questions of child custody, very few issues in a divorce can cause as much confusion, conflict, and animosity as the division of marital property. Even an amicable divorce can become contentious when it comes to deciding who gets what from the couple’s shared assets.
Property division can proceed in a divorce in several ways, ranging from a negotiated settlement that both parties agree on to a litigated settlement in which the court makes all decisions regarding the couple’s property.
No matter which way your divorce goes, the distribution of assets is always easier when you have a skilled, dedicated property division lawyer working side-by-side with you to make sure that marital and personal assets are divided fairly between you and your former spouse.
How Does Property Division Work in Georgia?
Georgia, along with most states in the US, is considered an “equitable distribution” state. In equitable distribution states, all property owned by a divorcing couple is divided into two types: marital property and separate property.
Marital property consists of all the property, possessions, and other assets that the couple has acquired since they got married, with a few exceptions:
- Home(s)
- Cash and other income
- Stocks, bonds, and other securities
- Vehicles
- Insurance policies on any of the above
Separate property consists of the possessions each couple had prior to entering into the marriage, along with a few types of property that were acquired during the marriage:
- Assets acquired before marriage
- Gifts from someone other than the spouse
- Inheritances
Additionally, if the two parties both agree that a specific item or asset is separate property, it will be considered as such for the purposes of division.
In a divorce, both parties typically retain their separate property. When the marriage is dissolved, the couple’s marital property is then divided equitably between them.
What Is Equitable Distribution?
It is important to note that “equitable” distribution does not mean “equal” distribution. Family courts are “courts of equity,” meaning that their judgments and decisions are intended to be fair to all parties involved.
In Georgia, marital property will seldom be split between the two individuals 50/50. Instead, the court will consider several factors when determining who gets what:
- Each individual’s current financial status
- The anticipated future financial needs of both parties
- How cooperative each party is during the proceedings
- The amount and value of any separate property
- If the divorce is not a no-fault divorce, or if either party engages in misconduct such as attempting to hide or undervalue assets, the offending party may be awarded less of the couple’s shared property.
Based on these factors, the courts will adjust the amount of shared property each person receives. An example of equitable distribution might look like this:
A divorcing couple has been together for ten years. They entered the marriage with roughly comparable assets, but soon after the wedding, the wife got a job paying considerably more than what the husband was making. The divorce is amicable and no-fault, but the court would not likely split this couple’s cash assets 50/50. In this case, the wife will likely receive a greater share of the couple’s cash assets since her income contributed more to the total amount.
Do I Need a Property Division Lawyer?
Even if your divorce is an amicable, no-fault proceeding, having counsel during the property division process is a good idea. During property division, you want an ally by your side who can:
- Help you accurately evaluate and report on your shared and individual assets
- Provide a calm, reasonable voice during negotiations and help keep conversations productive
- Identify troubling behaviors on the part of your spouse and recognize when they may be trying to hide assets, incur unnecessary debt to modify their balance sheet, or engage in other misconduct.
- Give you trusted guidance on the laws surrounding property division and make your strongest possible argument in favor of getting the property you deserve
What Should I Look for in a Property Division Lawyer?
You will be working closely with your property division lawyer through a difficult and potentially painful time in your life, and you want to make sure you are getting the best advice and counsel you can get from your legal team. Here are a few things to look for in a property division lawyer:
Experience
Above all, you want a property division lawyer who has experience handling cases like yours. An experienced lawyer will be able to navigate the sometimes complex laws surrounding property division. They will have expertise in recognizing and challenging misconduct on the part of your spouse. Beyond that, they will have a support team of professionals who can perform investigations and forensic accounting to ensure that all of the assets at play are disclosed and adequately evaluated.
Reasonable Expectations
If a property division lawyer promises you things that seem too good to be true, they are probably overselling their abilities. All property division cases end with either a settlement agreed on by both parties or with a judgment handed down by the court. In either case, both parties will likely be making compromises, and neither will get 100% of the assets they want. Any attorney who promises you more than that is not helping you maintain reasonable expectations.
Compatible Personality
This trait may not seem like a big deal. After all, you are hiring this person to give you legal advice, not to become your new best friend. But, as mentioned above, you will be spending a lot of time working closely with your lawyer, and it is essential to find a legal team you work well with. If your attorney makes you uneasy, gets you spun up and agitated with every interaction, or is just off-putting, you will have less confidence in your team and, ultimately, in your negotiations and agreements.
Are You Going Through a Divorce? We Can Help: Call EMC Family Law Today!
Whether your divorce is amicable or contentious, you want a legal team that understands how to reach equitable and fair property division settlements. Give us a call and let us guide you through your next steps: 770-225-7000
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