Equitable Distribution
The division of property in a divorce will have a profound impact on your post-divorce life. This is especially true with regards to financial assets such as savings, investments, retirement accounts, and real estate. When seeking the services of a divorce lawyer you should ask about their experience in matters of property division.
What is Equitable Distribution
Equitable distribution in a Georgia divorce refers to the way marital property and debts are divided between spouses. Georgia follows the principle of equitable distribution when it comes to dividing marital assets and liabilities during a divorce. It's important to note that equitable distribution does not necessarily mean an equal (50/50) split, but rather a fair and just division based on various factors.
Factors Considered in Equitable Distribution
- Length of the marriage (number of years).
- Financial and non-financial contributions of each spouse to the marriage.
- Earning potential of each spouse includes factors such as age, health, employment potential, etc.
- Established standard of living held during the marriage.
- Needs of each spouse, including needs of minor children.
- Potentially, any other factors the court finds relevant.
Marital Property vs. Separate Property
Marital property generally includes assets and debts acquired during the marriage, regardless of which spouse holds title to them.
Separate property typically includes assets and debts owned by one spouse before the marriage or acquired by gift or inheritance during the marriage.
Separate Property Protections. Separate property is generally not subject to equitable distribution. However, if separate property has been commingled with marital property or used for the benefit of the marriage, it may be subject to consideration in the distribution process.
Distribution Process
The court will consider these factors to determine what is a fair and equitable distribution of marital property and debts. The goal is to achieve a division that is fair given the specific circumstances of the marriage. All of the details sorted out between your lawyers will be reviewed by the court. Whatever is approved by the court will become part of your Divorce Settlement Agreement
Non-Compliance and Enforcement
Strict adherence to the court's decision regarding the division of marital property, and as set in your Divorce Settlement Agreement is mandatory. Failure to comply may result in contempt enforcement actions.
It's crucial for individuals going through a divorce in Georgia to seek the advice of a qualified family law attorney to navigate the complexities of equitable distribution and ensure their rights and interests are protected. The attorney can provide guidance on the specific application of these principles to the unique circumstances of the case.