Lawrenceville Property Distribution Lawyer
Dividing & Distributing Assets During Divorce
The division of property is a legal term used to outline how property will be divided and distributed between both spouses in either a divorce or
legal separation. Property is characterized as any items worth a substantial amount of money that is or was owned by either spouse before the marriage or during the marriage. It can be any assets such as houses, land, money, bank accounts, retirement savings, stocks, personal items, pets and much more.
The state of Georgia is an "equitable distribution" state. This means that upon divorce, each spouse can keep the assets he or she acquired prior to the marriage ("separate property") while assets acquired during the marriage ("marital property") is generally subject to division, regardless of whose name is on the title. There are, however, types of assets that can be acquired during marriage but still be considered separate property. These include assets that just one spouse inherits and assets that were given as a gift to one of the spouses individually. On the other hand, separate property can be divided under equitable distribution if that property has reached a certain degree of enmeshment with marital property.
How a Judge Determines Equitable Division
Property division and distribution can be achieved through judicial decrees or property settlements. A judge will not force a divorcing couple to use equitable distribution standards if the individuals have agreed to other types of property division through a settlement.
Equitable distribution does not necessarily mean the property will be divided evenly between two parties. Instead, the judge (in a judicial decree) will determine what the fairest distribution will be, which might involve one spouse receiving a greater percentage of the marital assets. Here are just a few factors a judge can consider when deciding what each spouse will receive:
- Financial circumstances of each spouse
- Each spouse's age and health
- Value of each spouse's separate property
- Each spouse's level of contribution in acquiring the marital property
- Prenuptial agreements
- Alimony obligations
Considering that there are many rules to consider when determining equitable distribution, the division process can end up being very confusing and frustrating. Hiring a lawyer who is educated and knowledgeable about divorce, legal separation and the division of assets is a crucial part of successfully determining what property should be shared or not shared between you and your spouse. The division of assets can have a major impact on your future financial stability, so it is extremely important that it is done correctly. It is easy for individuals going through divorce to be taken advantage of if they are not aware of their rights or fully informed about how the property division process works.
Fox Firm, P.C. Providing You With Excellent Legal Representation
At Fox Firm, P.C., our Lawrenceville divorce attorney represents individuals who are going through divorces and legal separations in and around Gwinnett County, Georgia.
Attorney Douglas N. Fox understands all issues and circumstances relating to the division and distribution of property under Georgia law and will help you strive for the best results possible for your case. We will sit down with you and discuss all your legal options and what your wishes are regarding how your assets should be divided. We want to make sure that you have a complete understanding of your case and that any questions that you have are answered to the fullest.
If you want an attorney who provides personal and caring representation to those going through divorce or legal separation, then Fox Firm, P.C.is the right match for you. Mr. Fox is an experienced divorce lawyer and has only your best interests in mind. Call or visit our office today so we can start providing you with the legal support you need.