If you and your spouse are heading for a divorce in Georgia, you may feel overwhelmed at the thought of dividing assets with your spouse.
Knowing how Georgia law outlines some basic division rules can help you plan for your future.
How are assets divided in a Georgia divorce?
Georgia is an equitable distribution state, meaning you must divide property acquired during your marriage with your soon-to-be ex. This property is marital property. Everything else obtained outside of marriage or through inheritance is separate property. In an uncontested divorce, you and your spouse get to decide who keeps which marital property in the divorce. If you cannot reach an agreement, a court will create an equitable asset division plan.
How does a court decide what is equitable?
There are several factors a court uses to decide what a fair distribution of assets looks like, including the following:
- Amount and value of separate assets held by each spouse
- Current and future financial needs of both spouses
- Misconduct from one or both spouses
What are some examples of divisible marital property?
Remember, most things acquired during your marriage are divisible marital property, whether your spouse knows about them or not. If you have any marital property that your spouse is not aware of, you should still bring it to light during the property division stage of your divorce to maintain transparency. Some common examples of marital property that is subject to division include:
- Primary residences
- Vacation and rental homes
- Investment accounts, including cryptocurrencies
- Valuable collectibles
Understanding Georgia’s property division laws can help you avoid unpleasant surprises as you move through asset division and transition into the next chapter of your life.