Property Division in Divorce
Learn About Equitable Distribution Laws In Georgia
Marital Property & Marital Assets
What Is Marital Property?
Marital property subject to equitable distribution in a divorce includes virtually everything a couple owns. There are some exceptions; however this is generally limited to pre-marital assets. In a Georgia divorce both real property and personal property can be considered for dividing between the spouses. Real property is real estate such as your primary residence, vacation home, land and commercial property. Personal property includes virtually all other property and assets such as investment accounts, pensions, autos, motorcycles, boats, furniture, jewelry, guns, collections, art, and more.
Equitable Distribution Laws
Equitable distribution does not mean equal distribution. When the divorcing parties cannot reach an agreement on property division the court can take control of the situation and determine how property will be distributed. There are several factors which are considered to arrive at what constitutes “equitable distribution”. Factors ranging from value of all property, economic conditions, duration of marriage, and contributions by spouses during the marriage and other elements are crucial in determining property distribution.
Property Subject To Equitable Distribution
All marital property (real or personal property acquired during the marriage) is subject to distribution. Even gifts given between spouses are subject to division if the gifts were purchased with marital funds. Pensions, retirement funds and business interests are also considered marital property if they were created or acquired during the marriage. Your divorce settlement can solidify the terms and physical distribution of real and most personal property. The division of pensions, retirement funds and certain investments usually requires a Qualified Domestic Relation Order (QDRO).
Property Not Subject To Equitable Distribution
Property brought into the marriage is not subject to division in a divorce. This includes real and personal property which was owned prior to becoming married.