Divorces lead to many marital issues that need to be decided on. These issues can include the division of assets. This process can be time-consuming depending on the number of assets that are involved in the marriage. While some couples may be able to finish this process in mediation by working together, it can be hard for others to reach a decision on their assets. Due to this, the court can become involved in the distribution process. When the court is involved, they practice equitable distribution. Equitable distribution is a concept that courts use when dividing marital assets between spouses. This means that the judge will assess factors to divide the assets in a fair and just manner. However, equitable distribution does not mean that the assets will be divided equally between the two spouses. The possessions will not be split into two and handed to each spouse equally. Instead, the judge will assess factors, such as each party’s contribution to the marital property, their health, their age, tax consequences and economic status associated with each party. After considering these factors, the judge will make their decision, which can be vastly different for each individual case that they are given.
How are marital property and separate property decided?
Before assets are divided in equitable distribution, they must be categorized into separate and marital property. This can help decipher who is the rightful owner of the asset. It will be based on the time when they asset was acquired. If the assets were brought into the marriage together or gained during the time the couple was married, it may be considered marital property. This can leave this property up for equitable distribution during the division of assets. In comparison, separate property is something that was not a part of the marriage since it was brought into the marriage by a single spouse. This may include a spouse’s inheritance or any personal gifts. These assets may have been acquired before the marriage occurred. This process can become complicated when individuals have a high net worth or a business involved in their marriage. To make sure you do not lose these assets, acquire legal counsel to fight for your property.
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.