In Georgia, retirement accounts and other marital assets are considered for equitable division in a divorce. This means that instead of just splitting the assets 50-50, the court will determine what is fair by considering many factors. Some of them include:
• Length of the marriage
• Assets owned separately by each party
• Future financial needs of each party
• Earning potential of each party
• Financial dependency of one spouse on the other
• Prenuptial agreements
• Conduct of spouses during marriage
• Fault grounds
Many divorcing couples are caught off guard by the realization that some of the assets they considered to be “personal” are subject to equitable division. For example, retirement savings can oftentimes be the most significant asset a person owns. In Georgia, however, the courts can require you to share your pension plan, 401(k) and other retirement accounts with your spouse.
Even if your retirement account is in your name alone, it can still be considered a marital asset. For many people, retirement assets will consist of two parts:
• The portion accumulated before marriage and that does not have to be shared with your spouse.
• The portion accumulated after your marriage that is considered marital property and is subject to equitable distribution laws.
When negotiating an equitable division of marital assets, you and your spouse can agree to exchange assets.
Coleman Legal Group, LLC team of divorce and family law attorneys handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Sandy Springs, Woodstock, Kennesaw, Gainseville, Norcross, Lawrenceville, Midtown, Inman Park, Duluth, Buckhead, Dunwoody, Vinings, Old Fourth Ward, Sugar Hill and Smyrna.
Our dedicated team of divorce and family law attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Divorce, Family Law, Bankruptcy, Immigration and Business Law. We have two convenient offices located at:
Alpharetta Georgia Office
5755 North Point Parkway
Alpharetta, GA 30022
Atlanta Georgia Office
659 Auburn Avenue Northeast
Atlanta, GA 30312
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