During divorce proceedings, couples have to make many decisions regarding their situation. They can make these decisions in court where a judge is in charge. Otherwise, they can make these decisions between one another in mediation sessions. With each process, a different individual is in charge of resolving their division of assets. This will decide who maintains control or possession over certain items that they own as a married couple. This can include a house, a car and more. During mediation, couples can make these decisions on their own. A mediator will be present to guide the conversation along, but the mediator is not the one who makes the final decision. Spouses will have to cooperate with one another to reach these decisions together. This can require a lot of patience for each spouse, however, it may be beneficial so that they can avoid litigation.
How are marital and separate property categorized?
Once a divorce is filed for through the right paperwork, there are decisions that must be made regarding the property that each spouse owns and can maintain possession of. At this time, assets may be divided into marital property and separate property. This can be used to determine what assets are left to equitable distribution for division. Separate property may not be included in the division of assets since it is only owned by one spouse. This can be property that the spouse had acquired previous to the marriage. Assets that were acquired prior to the marriage between two individuals are not involved in the equitable distribution. Also, assets that were given as a gift or as part of an inheritance are not included in equitable distribution between the couple either. Marital property may be involved in the process of equitable distribution. This property was acquired as a result of the marriage or during the time people were married. When businesses are involved in the marriage, couples may have different shares that need to be divided. If the business started with one individual spouse then became successful during the marriage, it may be up for distribution unless otherwise stated in a prenuptial agreement.
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.