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What is not included in marital assets?

On Behalf of | Oct 5, 2020 | Divorce |

Since the most litigated part of divorce proceedings is property division and distribution, you likely worry about what property will remain yours in your separation from your spouse. 

In your divorce, Georgia courts will attempt to divide your marital assets and separate property equitably. 

What is separate property?

“Marital property” is all property obtained during your marriage by you and your spouse. Marital property is subject to division. “Separate” or non-marital property is an asset you had before the date of your marriage and any property you get after your decree of legal separation. As long as you have evidence it only belongs to you, anything gifted to you during your marriage is also a non-marital asset. 

Even if the property is in only your name, it is marital property if it was acquired during the marriage. If the property was acquired prior to marriage, a portion may be marital property depending on how it was used during the marriage. Property excluded by premarital or postnuptial agreements are non-marital. 

Separate property remains with you as the sole owner. 

When is it not equitable to return everything to you?

Courts consider factors such as the duration of your marriage, tax consequences of the property division, custody of minor children, future employability and amount and sources of income when assessing property distribution in your divorce. For example, if you own several cars and your spouse has custody of your child, the court may grant your spouse one of your cars so he or she can provide adequate child care.