Property and Asset Division in a Georgia Divorce
One of the biggest issues couples have to face during divorce is the division of their property and assets. While this may be simpler for parties ending shorter marriages or couples that have drafted a pre- or post-nuptial agreements, the process may be difficult for couples that have been married longer and comingled more of their assets.
First, it is important to note that there are various types of assets the court will consider while handling your case. Assets include:
Pre-marital assets – those that were owned prior to the marriage
Marital assets – acquired during the marriage – or converted from pre-marital to marital assets during the marriage
Commingled assets – pre-marital assets that have been mixed with marital assets. An example would be a bank account that belonged to one party prior to marriage, but that both parties contributed to throughout the marriage
Marital property – that which was acquired during the marriage, and as such, belongs to both parties
Separate property – that which was owned by the parties prior to marriage
Long term finances – including 401K’s, IRA’s, employee stock plans, business interests, and business ownerships
Commingled assets are often the most difficult to divide since Georgia courts divide assets equitably, which does not always mean equally. An issue that usually surprises couples is how courts treat pre-marital assets that have seen an increase in value during the marriage. If this increase in value is attributed to the marriage, then it will be treated as a part of the marital estate and thus divided equitably with the other assets.
Due to the intricacies of cases involving high or complex assets, it is best to hire a lawyer that is well versed in effectively handling them. At Coleman Legal Group, LLC – not only do we have hundreds of property and asset cases to pull from for experience, but also the continuing education and training to effectively and efficiently handle complex asset division cases.