How Does Asset Division Work in a Divorce? Answers from a Divorce Attorney in Atlanta

Another option is mediation, which is when a neutral third party helps you and your spouse negotiate an agreement. However, if you are unable to work it out on your own, the court will step in to make the final decision on asset division.

You and your spouse may choose to work out how to divide your assets on your own and just submit your final agreement to the court for final approval. You might use a collaborative divorce process, where both of you and your family law attorneys sit down and work together to reach a fair settlement.

Separate vs. Marital Property

A court will want to know what is marital property and what is separate. Marital property is generally anything acquired during the marriage and therefore belongs to both spouses. Anything that was owned by one party prior to the marriage would be considered separate property and not subject to asset division in a divorce. Separate property would also be any gift or inheritance that was received by only one spouse during the marriage.

Equitable Distribution in Georgia

In Georgia, assets are divided equitably but not necessarily equally. This means that there isn’t a straight 50-50 split of assets. Rather the court will consider a number of factors and then determine what would be a fair distribution.

Factors in Determining Equitable Distribution

Length of the Marriage

If a marriage has been longer, a court may decide to divide assets more evenly with the assumption that both spouses were responsible for the accumulation of wealth. For a shorter marriage, a court may decide on a less even split based on what was brought into the marriage.

Contributions to the Marriage

A court will consider what each spouse has contributed to the marriage, both financially and non-financially. For example, the contributions of a spouse who stayed at home and raised children will be considered of equal value to those of a spouse who worked outside the home in most cases.

Economic Circumstances

A court may also factor in the economic circumstances of each spouse post divorce. If a spouse will be in a significantly worse financial position after the divorce, the court may allocate more to that spouse.

Debt Responsibility

A court will look at liabilities, i.e., the debts acquired during the marriage, such as mortgages, loans, and credit card debts. These debts are the responsibility of both parties even if only one spouse incurred the debt, except in very rare cases. The courts will attempt to make an equitable split of these, as well, and will take into account the way debt is divided when considering how to divide assets.

If you need assistance with a divorce, reach out to our Stockbridge family law attorneys at South Atlanta Family Law for advice and support.

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