When divorce becomes a reality, there are many decisions that still need to be made. If these decisions are made in court, a judge will consider many factors to make important decisions. One of these factors is the division of assets after divorce. Couples acquire and hold assets together due to their joined lives. However, after divorce, these possessions cannot be shared anymore. They need to be separated between the two individuals. Equitable distribution is a concept that is used by judges in order to decide this factor in divorce.
Is equitable distribution used in Georgia?
To divide assets during divorce, judges use the concept of equitable distribution. Through equitable distribution, judges are able to rule on how possessions will be split between spouses. Georgia law adheres to the concept of equitable distribution to decide matters during a divorce because it is believed to be a fair and just manner of distributing assets. Through equitable distribution, assets will be divided fairly and justly by a court. With this concept being used, it is important to remember that a fair distribution does not mean that the assets will be divided evenly between the spouses. Instead, the judge will use their discretion to consider factors relating to the marriage and how this should affect the division of the possessions between the couple. When deciding how to split assets, the judge will consider many factors of the marriage. These factors can include the duration of the marriage, the standard of living, the value of the marital assets, the health and age of both parties and the earning capacity and income of the couple. The allocation of assets can be impacted by the contribution of each party, tax consequences and an individual’s financial situation.
How is a prenuptial agreement involved?
A prenuptial agreement is written and signed before the spouses are officially married. With this agreement, individuals are able to claim which assets are theirs. Instead of owning these assets together, it will divide certain possessions by asserting who has official ownership. The court will determine the difference between marital assets and separate assets. Marital property is considered to be assets that are acquired during the marriage between the two spouses. These assets are left for the court to decide on how they are distributed between the two parties. In comparison, separate property is something that was not a part of the marriage. This may include a spouse’s inheritance or any personal gifts. Due to this, the separate property will be owned by own individual already.
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.