Property Division

Georgia Property Division Lawyer

A property settlement is central to every divorce. All assets and debts that you have accumulated during your marriage are marital property. All of it can be divided between you. Sometimes, the process can get very complicated, even if the couple is on good terms.

At my Atlanta law office, I have guided many people through divorce. If you are facing a divorce, and the division of matrimonial property confuses you, please contact me, attorney Stephen Land.

Types of Marital Assets

• Real Estate
• Boats
• Cars
• 401 k plans
• Pensions
• Stock options
• Savings accounts

Types of Marital Debt

• Student loans
• Mortgages
• Credit card debts
• Car payments

What to Expect

Georgia is an equitable property state. The courts will aim for an equitable division of assets. The same goes for debt division. Their calculations don’t always come to a 50/50 division, but that is often what happens.

With a house or any other real estate division, either one person buys the other person out or the real estate is sold with the proceeds divided between the parties.

Splitting up a business can get complicated. If a couple owns and operates a business together, one of two things usually has to happen. One option is to liquidate all the assets, divide the profits, and wind up the business. A second option is for one party to buy the other out.

When I draft a settlement agreement, I am careful not to overlook any assets or debts that may come back to haunt you.

Contact Stephen A. Land, LLC for an initial consultation with a Georgia property division lawyer.

Property Division and Debts Overview

Property Division

A property settlement is usually central to every divorce. Only the real and personal property and assets acquired by the parties during the marriage are subject to equitable property division. The last date on which assets may be acquired so as to be marital assets is the date of a a Final Decree of Divorce. Property brought to the marriage by one of the marital partners or property acquired during the marriage by either party as a gift, inheritance or bequest remains the separate property of that party not subject to equitable division unless appreciation in its value was caused by the efforts of the other party during the marriage. Since Georgia is not a community property state any analysis of separate property is only for the purpose of equitable division.

There are too many types of property subject to equitable division to list here. Examples are insurance policies, joint savings accounts, annuities, retirement plans, gifts between spouses, real estate, boats and motor vehicles, and military retirement pay. A lot of heat is generated by how gifts to a couple is treated. Usually, a gift to a couple is treated as marital property unless a contrary intent can be shown. A gift from one spouse to the other becomes the separate property of that spouse unless in some way it can be shown that the donor intended it to be joint property. Ultimately, if there is a conflict, the issue of whether the property is marital or separate is one of fact that will be decided by the Court.

In determining how assets and property acquired during the marriage should be equitably apportioned a number of factors play a part in the decision. Assuming the property is marital, the Court may consider the duration of the marriage; the estate of each party (if one party has, for example, a large, non-marital estate that might play a part in the apportionment); the contribution or service of each spouse to the family unit. The conduct of the parties during the marriage is relevant and admissible. Adultery, although it may bar alimony, does not prevent equitable division of property, but it may influence the proportion of the division. This lawyer tried a case involving adultery by the husband before a jury. The jury awarded the husband one 17 inch television set and the wife received everything else, including a house with considerable equity. I would not have included this if I had represented the husband, of course, and will add that the Husband’s conduct was truly outrageous. Ordinarily, an appellate court will uphold a decision that makes such a disproportionate division of property unless there was no evidence to support such a division.

The foregoing is truly a very limited discussion of equitable division of property and not intended to be anything but a brief outline of a complex subject. Sometimes the factors affecting division of property involve complicated tax questions and accounting details requiring employment of experts. If the stakes are high enough, an expert, such as a certified public accountant or financial analyst will be needed even to mediate or settle a case.

Debts

As with property division, there is an attempt to make an equitable division of marital debts. Some of the same factors that affect division of property apply to the division of debts. Initially, there must be a determination whether the debt is marital or non-marital. Generally, a debt existing before the marriage will remain that parties debt, as is often the case with school loans, automobile loans, and credit cards. If, as so often happens, a party helps the other pay off a non-marital debt, there is not going to be medal awarded. The best that can be expected is to present the evidence of payment in the hope it will affect an ultimate division of debt or assets. The estate of a party may heavily influence the apportionment of debt. If one party has a million dollars of non-marital property a Court is very likely going to take that into serious consideration.

The reasons giving rise to the debt may play a big part in the court’s decision as to who pays what. For example, a debt incurred for gambling is not likely to be divided between the parties, nor credit card debt incurred by a party to support an extramarital affair.

In the normal, “no fault” divorce debts, if incurred for family purposes, are most often equally divided, although if one party has a markedly higher income than the other, the debts may be split more proportionately. As with equitable division of property, equitable division of debts depends upon many factors such a marital conduct (or misconduct),the reason for the debt, and whether the debt is marital.