When a couple in Georgia decides that their marriage is no longer working and they are thinking about divorce, they will have to address a wide variety of matters in order to complete the process. One such matter that all couples have to face in divorce is the process of dividing marital assets. Of course, it can be hard for both spouses to face the reality of dividing everything they have acquired during the course of the marriage. There are often strong emotions associated with marital assets, making it even more difficult to relinquish some of them to the other party.
There is a common misconception that assets will be split evenly during a divorce. While this can be the case for some couples, it is often split according to a different percentage. When the court has to divide the marital estate on behalf of the couple, they will use the process of equitable distribution. As a result, assets will be divided according to what is fair and just to both parties. When determining what is an equitable way to divide assets, the court may assess the following factors:
- The financial situation of each spouse
- Existing property that is exempt from distribution
- Whether economic fault is a factor in the divorce
- The needs of each spouse
- The tax implications that may come from the division of assets
If you are thinking about filing for divorce in Georgia and have questions about equitable distribution, contact our firm today.
Alfred Law Firm, LLC is proud to serve clients in Georgia when they face legal matters related to family law and criminal defense. When legal issues arise, it is important to have the guidance of an experienced attorney that can help you obtain a favorable outcome. Contact our firm today to schedule a consultation.