Working Hard To Ensure Fair Division Of Your Assets And Debts
Property division is often one of the most contentious and complex aspects of a divorce in Georgia, a state that follows equitable distribution principles rather than community property rules. When couples decide to part ways, the division of marital assets and property in Georgia can become a source of significant concern. But at The Manely Firm, P.C., we believe in taking a commonsense and legally informed approach to these disputes. We guide and counsel our clients through the entire Georgia divorce process, protecting their interests with the help of experienced family law attorneys, making informed and strategic decisions about marital estate division.
Our experienced team of Atlanta divorce lawyers leverages years of expertise to navigate the intricacies of property division, even in the most complex and high-asset situations. We skillfully handle the division of a wide range of marital property in Georgia, including the marital home, vacation properties, family-owned businesses, retirement plans, investments, and more. The division of marital assets and retirement plans often plays a crucial role in divorce proceedings, and our knowledgeable lawyers can assist you in this process.
Georgia Property Division Law
It is not always easy to predict exactly how a judge will divide marital assets in a Georgia divorce. Georgia, being an equitable distribution state, views all property acquired during the marriage as marital property, except for property received by individual gift or inheritance. Each spouse is entitled to an equitable share of marital assets in Georgia, regardless of which party holds title to the property. The term “equitable” does not always imply an equal 50/50 division, although it often results in that manner. What it truly signifies is that the judge handling your divorce case in Georgia will strive to divide your marital assets and retirement plans in Georgia in a manner that is just and fair to both parties. This means that factors such as the financial circumstances and contributions of each spouse will be taken into account to determine how marital property is divided.
When considering how assets are divided in a divorce in Georgia, it’s crucial to understand that the process is governed by specific laws. Under Georgia property division law, all property acquired during the marriage is considered shared marital property in Georgia, except for property received by individual gift or inheritance. Each spouse is entitled to an equitable share of marital assets in Georgia, irrespective of which party holds title to the property. The term “equitable” does not always mean a strict 50/50 split, although it often results in a near-equal division. What it truly signifies is that the judge presiding over your Georgia divorce case will aim to divide your marital assets and retirement plans in Georgia in a manner that is just and fair to both parties. This means that factors such as the financial circumstances and contributions of each spouse will be taken into account to determine how assets are divided in a Georgia divorce. Therefore, it’s essential to have a skilled divorce lawyer by your side who can advocate for your rights and explain your unique situation in the context of Georgia divorce property division law.
How are assets divided in divorce in Georgia?
In Georgia divorce cases, the determination of marital assets and their equitable division is a complex process. In this scenario, having the assistance of a skilled financial lawyer in Atlanta can make a significant difference. We utilize financial experts to ensure that marital property is correctly valued and divided in accordance with Georgia divorce property division law.
Is inheritance marital property in Georgia?
An important aspect to consider is whether inheritance is considered marital property in Georgia. An advantage of Georgia law is that it treats inheritance as individual, separate property. In practical terms, this means that even if you received an inheritance during your marriage, it remains entirely yours when going through a divorce in Georgia. Unlike other marital assets, Georgia law does not permit the equitable division of inheritances obtained during the marriage. It’s important to note that while this is the general rule, there are a few exceptions to this principle.
If you’ve received an inheritance prior to marriage, it will maintain its status as separate property, provided you avoid intertwining it with your spouse’s financial matters. Refrain from including your spouse’s name on any documentation that implies shared ownership or interest. The same principles apply if you happen to inherit assets after getting married. In such cases, it’s crucial to demonstrate that the funds or property were intended specifically as an inheritance for you, rather than as a gift for both you and your spouse. To simplify the process of safeguarding this asset in the event of divorce, it’s advisable not to co-mingle the inheritance funds by depositing them into a joint bank account.
Do you need a financial affidavit for a Georgia Divorce?
When going through divorce proceedings in Georgia, it’s essential to consider the proper documentation required, such as a Domestic Relations Financial Affidavit. A Domestic Relations Financial Affidavit is a legally binding statement, made under oath, which itemizes your assets and provides a concise overview of your monthly income, expenditures, and outstanding debts.
This affidavit serves as a crucial element in the determination of alimony, child support, separate maintenance payments, and the most equitable distribution of debts and assets in divorce proceedings. It includes a verification section that necessitates a signature and notarization. Consequently, providing false information or withholding assets or income from the disclosure can result in sanctions or even perjury charges.
Put Our Skills To Work For You
If you are dealing with a divorce in Georgia and want to ensure a fair and just division of marital assets and liabilities in Georgia, it’s imperative to consult with the experienced family lawyers at The Manely Firm, P.C. We provide exceptional service throughout Georgia and have convenient locations in Atlanta, Marietta, Lawrenceville, Savannah, Forsyth, and Columbus.