What is my spouse entitled to in a divorce settlement?
In Georgia, the courts will give each spouse a fair or equitable share of their marital assets. This does not mean that each spouse is guaranteed to receive an equal share after divorce. Property, financial assets, and debt are all subject to equitable distribution
What are marital assets?
Marital assets are any assets you and your partner acquired during your marriage. Assets include property, pensions, savings, personal belongings, and money in the bank.
A spouse can also ask for spousal support or alimony, which can be granted while the divorce case is pending to help until the divorce is final.
Main Factors that influence Equitable Distribution
- Income of both spouses
- Length of the marriage
- Assets accumulated prior to and during the marriage
- Child care obligations
- Financial history and obligation of spouses after divorce
Distributing marital assets and debts can be one of the most strenuous aspects of divorce, especially in high-asset divorce cases. If you want to ensure your assets and debt are allocated in an equitable manner, you need a knowledgeable attorney by your side.
Are You Responsible for Your Spouse's Debt in Georgia?
Any debt that either spouse acquired during a marriage is subject to equitable distribution regardless of who’s mainly at fault for going into debt. Divorcing couples can allocate the debt between themselves by choosing to settle; however, if divorcing couples can not settle the Georgia Courts equitably distribute the marital debt.
Am I responsible for my husband's Tax debt after a divorce?
If you have filed jointly, both you and your spouse are responsible for any fees and debt associated with your taxable income during the marriage. If you filed separately, the IRS or state department of revenue will pursue the spouse who’s name is on the debt. A state court cannot change how a tax debt is collected, but it can consider it when dividing up the marital estate.