Is there a Property Division Calculator?
Not all divorces are drawn out highly emotional battles. But, even amicable splits benefit tremendously from experienced legal counsel. When you file for divorce there are many things to consider. The legal counsel that the Edwards Law Group offers, can go a long way.
Georgia is not a Community Property State. In these states, any assets or property acquired during the marriage are owned equally by both spouses. Georgia is an equitable distribution state. This means that any assets, properties, and debts, are divided equitably in the event of a divorce.
Expectations play a huge role during a marriage. Likewise, they’re important during a divorce too. You should understand the basics of what the state has defined as equitable.
Equity and equality are not the same. Equitable means fair, not equal. There are many times that a 50/50 division of assets is accomplished but all cases are unique. The 50/50 division of property is not a rule in Georgia family court.
Community Property states often employ certain accounting tactics and calculations to divide property. Since Georgia is not a community property state there is no such calculator. There is no formula or calculator to see what property division might look like. Judges rely on certain factors in the individual case to make what they deem as ‘fair divisions.’
A divorce can be one of the most consequential moments in anyone’s life. The Edwards Law Group understands this. We have over 15 years of experience helping our clients through this emotional and often difficult process.
You need an attorney by your side. They can explain the legal process and long-term effects of a divorce agreement. If you’re thinking about initiating a divorce in Atlanta or in the Atlanta Metro area, contact us today.
Georgia Divorce Laws: Property Division
During a divorce, a full evaluation of your family’s estate needs to be conducted. Tangible assets, real estate, fixed assets, financial statements, and more all need to be studied carefully.
Georgia generally separates property into two categories. These are separate property and marital property. Separate property includes all property that was acquired prior to the marriage. Marital property is property acquired during a marriage (even if it is titled under one spouse’s name).
There are many factors that go into determining property division in Georgia. This might be the length of the marriage, the contributions to both the family unit and marital property each spouse gave, and the reason for divorcing.
Things that might be considered marital property and thus be in the discussion for division include real estate, stocks, trusts, debt, and settlements. Each type of asset/property has a long legal background which determines if it is divisible or not. A divorce attorney is highly recommended. Especially if there are multiple sources of income or assets.
What can a Georgia Divorce Lawyer do for you?
Making sure that property is divided fairly during a divorce in Georgia is not an easy thing to do. Arguing in front of a judge, especially with inadequate legal counsel, is best left to professionals. Our firm can help you protect your interests.
Our experience and history of success is what drives our firm and it’s the reason you can trust us to defend you. Contact us today by clicking here.