Asset and Debt Division

 

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Asset and Debt Division in Divorce

How are we going to divide our assets and debts?

Under Georgia law marital assets and debts are subject to an “equitable division”. This is a legal way of saying “fair”. Many clients start with the idea that a 50/50 split of assets and debts is inherently fair. However, there may be reasons that a 50/50 is absolutely not fair. Our attorneys can discuss equitable division with you at your consultation and during your case. This is a very complex area and requires an experienced attorney to navigate the many possible alternatives.

Complex Property Division Experience

While we provide divorce representation for people from all walks of life, we do have a great deal of experience in cases involving complex property division matters. If you or your spouse owns a business or professional practice, or your marital estate involves extensive or complicated property holdings, we can help.

Asset Division in Divorce

When you end your marriage, all marital property has to be divided. This is far from a clear-cut process, and it is critical to have a skilled lawyer on your side to ensure that the results are truly fair and equitable

Division of assets and debts will affect you for years, possibly decades, after your divorce is made final. Our divorce lawyers work to fully leverage Georgia divorce laws to get the most for our clients.

The first step we take to help our clients obtain fair property division settlements is to evaluate the marital estate. We identify assets as marital property or separate property (sheltered from division) and ensure a proper value is given to all the marital assets. Only then can we go about the process of negotiating or litigating property division. As strategic negotiators and strong fighters, we are prepared to get you the best possible property division arrangement.

You might have heard that Georgia is one of the equitable division states. What does this mean? Equitable division is just a fancy way of saying fair. This creates a significant gray area in many divorce cases, because the law does not require property to be divided equally. It only requires property to be divided fairly — and what’s fair? Fair is in the eye of the beholder.

Debt Division in Divorce

The division of marital debt in Georgia has a significant impact on your finances when you're starting your life over again.

Debts in Georgia divorce cases are viewed as either marital debt or separate debt. Basically this refers to when the debt was acquired. Debt acquired during the divorce is marital, while debt acquired prior to marriage is considered separate. In a divorce, a person has full responsibility for their separate debt, and marital debt is subject to equitable distribution.