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:
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):
How do I protect myself financially in a divorce?
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.
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.
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.