When a couple gets married, they join nearly every aspect of their individual lives into one. Despite each party having their own belongings before the marriage, once they are officially married, most of the belongings that are acquired will be considered marital property. The marital estate is all of the assets that the couple has together.
In the event that the couple eventually gets divorced, they will be tasked with the challenging issue of dividing the marital estate. Many couples are able to come to terms on their own when trying to split up their assets but sometimes, the matter is so contested that it requires the court to step in and decide for them. In some of the most challenging situations, a forensic accountant may need to get involved to determine whether one of the spouses is trying to hide assets.
What factors may impact a court’s decision on equitable distribution?
The state of Georgia uses equitable distribution to divide assets, meaning that all property will be divided fairly but not necessarily evenly. The court will take a number of different factors into consideration when they have to divide a divorcing couple’s assets. Some of these factors include the following:
- Each party’s financial circumstances
- Each party’s exempt property
- Whether either spouse has committed any financial misconduct
- The future needs of each party
- The tax implications that a division of property would have for either spouse
Our firm understands how challenging it can be to have to divide your assets when getting divorced. Therefore, it is essential to have an attorney that will fight for your interests on your side. The team at Alfred Law Firm is here to help. Contact our firm today for quality legal representation through every step of your divorce.
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.