Who gets the money in a divorce?
Georgia is deemed an ‘equitable distribution state.’ That means, who gets the money in a divorce is a lot more complicated than one versus the other.
If you and your spouse have decided on divorce in the state of Georgia, your marital property and assets will have to be divided. Marital property is generally property obtained during the marriage. Such as a house bought in your name where only marital money was used for the purchase.
The first step in splitting assets is determining the classification of those assets:
- Marital Property
- Separate (non-marital) Property
- Separate Property acquired before marriage (unless “commingled”)
- Separate Property acquired after the date of separation
How is money split between divorce in Georgia
In the state of Georgia marital money is not necessarily divided equally or 50/50 (however equal split is common unless there is a reason to give one spouse a larger portion of the marital property). In Georgia, equitable or fair distribution is determined by the court upon divorce.
Factors for Asset Division (§ 3502. Equitable division of marital property):
- Length of Marriage
- Any prior marriage of either party
- The age, health, station, amount of sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties.
- The contribution by one party to the education, training, or increased earning power of the other party
- And more...
How do I protect myself financially in a divorce?
- Hire an experienced divorce attorney
An experienced divorce attorney will be able to mediate as a third party. With a professional and structured process, both spouses are inclined to behave and negotiate disputes better.
- Open a separate account in your name only.
For those who have not established their own credit history, it’s important to start earlier in case car loans or mortgages are needed. If this account is a bank or investment account, speak with an attorney prior to moving money into this account.
- Identify all of your assets and classify which are considered marital and separate
Beginning this process will help you be at the forefront of your divorce process. Not sure where to start? Contact a team with 42+ years of combined legal experience.
- Know Georgia’s State Laws
This is as simple as contacting a trusted divorce and family lawyer. Reading through hundreds of Google results is the last thing you want to have to worry about when preparing for a divorce. Reaching out to a professional Georgia Attorney saves you the headache and allows you to focus on what’s important.
The Millard Law Firm handles every case personally and professionally. They understand the emotional exhaustion that accompanies family law matters. As such, The Millard Law Firm makes it easy to get started. Simply contact the firm and set up your consultation. The Millard Law Firm will review your case and begin to build a plan of action that they believe suits your best interests.
