Divorce can be filled with numerous contested issues. One of these is how marital property will be shared. If you do not walk out of the marriage with a fair share of the marital estate, you are likely to struggle financially as you pick up the pieces and try to get back on your feet.
Every state has its own rules regarding the division of marital property. Thus, if you are calling it quits in Georgia, it is in your best interests that you understand how Georgia’s marital property laws work.
How Georgia courts identify and divide marital property
When a couple marries, Georgia law presumes that any property (debts and assets) accumulating from that day on belongs to both parties. Such property is presumptively treated as a marital estate.
In the event of a divorce, therefore, all properties that fall under marital estate are subjected to equitable division between the parties. This is not to say that marital property must be divided down the middle. Rather, the court takes into account a number of factors when determining what amounts to “equitable” division of marital property. Here are some of these factors:
- The duration of the marriage
- Each party’s contribution to the marriage
- Each party’s financial and physical conditions
- Each party’s current and future income capabilities
- The nature of the property in question as well as the tax implications upon division
Getting the help you need
The process of dividing marital property can be acrimonious, to say the least. It is important that you protect what is rightfully yours before, during and after the property division exercise. This is where knowing your legal rights and obligations during the divorce comes in.