Protecting Your Property In A Divorce
Determining and dividing marital property is a complex problem that can be emotionally draining for divorcing spouses. Dividing this property requires long-term planning and a thorough understanding of divorce, financial planning and tax law. Regardless of the value of marital assets, you need an experienced attorney willing to fight to get you the best resolution. Thankfully, you do not have to solve this problem alone. Since 1985, Diana Whipkey Young has earned a reputation for helping people in Georgia successfully divide their assets and protect their financial futures.
Our attorney, Diana Whipkey Young, is more than just a divorce lawyer. She is also a proven trial attorney with more than 40 years of legal experience. She will prepare your case for the courtroom if negotiations fail, she is ready to litigate on your behalf. When your 401(k) accounts and retirement assets are at stake, she will do everything in her power to defend your lifestyle and property. You can schedule your free, 30-minute initial consultation at our Marietta office by calling us at 770-615-7248.
How Is Property Divided In A Divorce In Georgia?
Only marital property is subject to the equitable division of property in a divorce. Marital property includes anything acquired during the marriage, such as a familial home or debts accrued. Generally, the property one acquired before marriage, inherited or received from third parties as a gift is not considered marital. The judge or jury in your divorce case will determine what real and personal property is marital. While nonmarital property is not considered in property division cases, it may be taken into account when making other decisions, such as determining alimony.
In Georgia divorce proceedings, marital property must be divided equitably. Equitable means what is fair. There are many factors that the court may consider in determining what is appropriate, including how much each spouse contributed to obtaining the property, the length of the marriage and a variety of other factors. Because the judge plays such a critical role when dividing property, it is beneficial to have a lawyer by your side who can effectively make your case.
Property Division: What Can And Cannot Be Divided
As an equitable division state, Georgia divides marital assets fairly based on the divorce circumstances rather than a strict 50/50 split. Divisible marital property includes assets acquired during the marriage. Examples include:
- Retirement accounts
- Joint savings and investments
- Homes and large assets acquired during marriage
- Vehicles acquired during the marriage
- Business interests developed or expanded during marriage
- Pensions accrued during marriage
- Stocks, bonds or other financial assets
However, certain types of property are not considered marital. Examples include:
- Inheritances or gifts received by one spouse
- Property owned before marriage that was not substantially changed using marital assets.
Mediation and negotiations can help ensure high-value assets remain intact. For instance, one spouse may trade their share in a business to keep the marital home or agree to a buyout for their portion of an asset. This approach can minimize disruptions and allow both parties to achieve their financial goals.
Frequently Asked Questions
Divorce can raise many concerns about property, finances and future planning. Below are some of the most common questions we address with our clients.
Will my ex get the house?
It depends. If the house is marital property, the court will determine its division based on factors such as each spouse’s contributions and future needs. In some cases, one spouse may buy out the other’s share.
Does property division change how the courts see alimony?
Yes. The division of property can influence alimony decisions, as the court considers both parties’ financial situations after the property is divided.
What is “gray divorce”?
Gray divorce refers to divorces involving couples over 50. These divorces often involve complex financial issues like dividing retirement accounts and long-term investments.
What happens to my retirement?
Retirement accounts are subject to equitable division. Contributions made during the marriage are considered marital property and may be divided through a Qualified Domestic Relations Order (QDRO).
How does divorce impact military spouse benefits?
Military retirement benefits may be divided in a divorce, depending on the length of the marriage and overlap with military service. Other benefits, like health care, may also be impacted.
Securing Your Complex And Valuable Assets
Complex assets, such as a business, investment account or investment properties, are often not easily divided in a divorce. These intricate assets often become the basis of litigation because both parties may feel strongly about what they deserve. If you face a complicated property division matter, you need the skills of an experienced attorney who will fight for you.
At Young Law Firm, LLC, our in-depth investigation and analysis help us get to the facts in the valuation and the subsequent division of complex assets. We work hard to find hidden assets and identify any “off the books” revenue streams. Our lawyer will aggressively pursue your deserved assets and fight to safeguard your property.
Learn More By Contacting A Marietta Property Division Attorney
For reliable and experienced representation from a Georgia property division divorce lawyer, call our law firm at 770-615-7248 or contact us online to set up your 30-minute initial consultation. Our Marietta office represents clients in Cobb County, Paulding County, Bartow County and Cherokee County, as well as the surrounding areas. We return all messages promptly.