Any assets or debt acquired by a couple during the marriage, regardless of whose name is on the title, is subject to division when the marriage ends. Usually, state laws will determine how the division will proceed unless there is a legally binding agreement like a prenup.
Rather than dividing everything equally, Georgia uses an equitable division approach when dividing marital assets and debts during divorce. Here is what it means.
Various factors will influence property division in a divorce
Unlike most states, Georgia does not have legislative statutes or specific laws stipulating how marital property and debt should be divided during a divorce. Instead, the decisions rendered in past court cases govern the process.
Generally, equitable distribution is aimed at a fair and just division of the marital estate. While the court has utmost discretion on how marital property will be divided, some of the factors that may influence the process include:
- The financial situation of each spouse
- The future needs of every spouse
- Any evidence of adultery or other misconduct, such as misappropriation of marital assets before or during the divorce
- The behavior of each spouse during the divorce process, among others
Considering these and other factors, you may not end up with a similar share of marital assets and debts.
Protect your financial interests in a Georgia divorce
If you have any questions or concerns about how things work during property division in a divorce, it is important to seek legal guidance for help in navigating the process and protecting your interests.
The outcome of this process could have a lasting impact on your life post-divorce, and it’s crucial to ensure you get what you are entitled to when all is said and done.