Property division is often one of the most pressing concerns during a divorce. Couples must address their joint assets and shared debts to fully separate their lives.
Spouses who understand Georgia’s equitable distribution statute can set goals for the divorce process, negotiate more effectively and recognize when litigation may be necessary to obtain a fair outcome. Learning about the law is an important step during the early stage of a divorce accordingly.
What is equitable distribution?
Equitable distribution rules require that judges pursue a fair property division settlement during a divorce. What is fair and just depends on a variety of unique factors about the marriage and the spouses.
The age and health of the spouses, the length of the marriage, the contributions of each party and even the standard of living during the marriage can influence what a judge believes is fair and appropriate. Typically, any income earned during marriage and all assets acquired with marital income are part of the marital estate and could be subject to division during the divorce.
Judges have the authority to order the liquidation of assets in some cases. They can allocate specific assets to each spouse. They can even use responsibility for debts as a way to balance the distribution of shared property. Equitable property division litigation can be an unpredictable process, as it can be difficult to gauge how a judge might perceive the situation and interpret the law in any individual case.
Reviewing marital assets and debts with an experienced divorce lawyer can help people understand what is divisible, identify realistic goals and manage property division negotiations. Effective legal guidance can make it easier for people to establish a financial foundation for a happier future after a divorce.