Property split will be affected by community property rules if you’re going through a divorce. Georgia marital property rules are in place to make the allocation of marital assets easier upon a divorce.
Is Georgia a state that recognizes marital property?
Georgia is a marital property state rather than a communal property state. This implies that in the event of a divorce, the law divides any property gained during the marriage equally between the two spouses. An equitable distribution approach is what this is called.
Georgia Property Division
There are particular procedures in place to establish which assets are marital, which assets are community property, and which assets are separate under this method. The capacity to distinguish between marital and separate property is critical in a divorce case since marital property is split equally between the two separating spouses, while separate property is retained by each spouse if they are the original owner.
Georgia property laws apply to both marital and separate property
In Georgia, any property acquired by either spouse throughout the course of their marriage is considered marital property, regardless of who has the title or complete ownership of the property. That is to say, whatever accumulated during the marriage is subject to fair partition.
This includes the following:
● During the marriage, money was saved for retirement.
● Investments and loans are examples of assets and debts.
● Assets in the business
● Gifts from one spouse to the other
Assets obtained as presents from people other than the spouse, third-party inheritances, and things purchased before the marriage are all examples of separate property.
Georgia property laws include premarital agreements and divorce laws
Prior to their marriage, some married couples might sign a prenuptial agreement. If a prenuptial agreement is in place, it must be properly drafted in order to stand up in court. The goal of these agreements is to define what assets are distinct from the marriage, even if they were obtained during the marriage.
For example, John and Jill sign a prenuptial agreement that states that any and all company assets related to the family firm that John will oversee at some time in his life would be kept separate. It can stand up in court as long as the language is legally binding and both parties have signed it. So, if John and Jill marry and John’s father gives him the company three years later, and John goes on to gain many assets and investments as a result of his ownership in that firm, the court will be unable to share those assets and earnings.
What If It’s Not Clearly Defined Which Category the Property Belongs To?
According to Georgia’s marital property rules, if the parties cannot reach an agreement, the court (meaning the judge) will make the ultimate judgment on what property is marital. The courts are unable to properly transfer a property title from one spouse to the other. Instead, much as in a civil case, they might issue monetary settlements. This indicates that the court has the authority to award money to one party from the other in an amount equal to the worth of the property.
For instance, let’s say spouse A owns a home. The residence is determined to be marital property by the court. The court, on the other hand, cannot compel spouse A to relinquish the home deed. Instead, the court orders that spouse A pay half of the house’s value to spouse B. Now, spouse A must find the money in whichever manner they can, whether by selling the home and dividing the revenues or paying for it in another way and retaining the house. Georgia’s marital property rules apply to things purchased by both spouses.
Now, if both parties paid for something with separate cash, the court determines the proportion that each spouse receives depending on their contribution.
Using the preceding example: If spouse A put down 70% of the money for a house and spouse B put down 30%, the court is likely to rule that property bought jointly is not split equally in the event of a divorce, but rather that one spouse receives 70% (what they paid down originally) and the other spouse gets 30%.
In these ambiguous circumstances, the court will consider factors such as:
How much money or other resources were invested in the family’s well-being? If one partner concentrated on homemaking and raising children while the other worked outside the home, this may apply to either spouse. It might also apply to a spouse who paid for the other’s education, or a spouse who brought an inheritance or money they had saved prior to the marriage into the partnership.
The present state of the divorce proceedings. In circumstances of infidelity or desertion, the courts may rule that an equitable split of marital assets is not suitable. Being at blame for a divorce is no longer grounds for denying equitable distribution under state law, but it will still have a substantial influence on the case.
The duration of the marriage and the family’s economic position will be taken into account by the court. Because each spouse has a separate bank account and non-marital property, a legal firm may conclude that having separate property and employment allows both parties to leave the marriage while still earning an income and maintaining a decent quality of life.
Because Georgia is a marital property state, in the case of a divorce, the court will split any and all property that does not fall under a prenuptial agreement or other mitigating circumstances. The judges decide how that money is shared based only on what they consider is fair in the circumstances. The court will consider each spouse’s earning ability and income, their assets and financial condition, their behavior toward one another, alimony payments, and future requirements. In the case of a divorce, having a qualified attorney may help you secure distinct assets.