Representing Clients In Marital Property Division
Outside of child custody and support, dividing marital assets is one of the biggest sources of conflict and stress in divorce proceedings. Deciding who gets the house, who is responsible for debts and how retirement accounts and other assets will be divided often turns into an emotionally charged negotiation. Even in amicable divorces, it is recommended that you have an attorney who can protect your financial interests.
At the Law Office of Erin Muldoon Haug, I can take a pragmatic look at your financial situation. I have over 20 years of experience fighting to make sure my clients get their fair share of assets and property in the divorce process.
Reviewing Your Assets During Divorce
We begin the process by doing a thorough review of all of the assets and debts acquired before and during your marriage. The laws that determine whether an asset is considered marital property can be confusing. Not all assets you and your spouse obtained during the marriage are always marital property, and not everything you had before the marriage is personal property. I sit down with you after doing a detailed analysis of your assets and property, and explain what you can expect from the court. This is the point where you decide if there is anything you want to fight for.
Standard Items Divided As Part Of Marital Property
Inheritances and gifts acquired during a marriage are considered personal property. Almost all other assets earned or obtained by either spouse during the marriage are considered marital property belonging to both spouses. Typical assets and property that are divided include:
- House, vacation properties and land
- Motor vehicles
- Retirement accounts and pension plans
- Stocks and bonds
- Businesses
Debt accumulated during the marriage is also divided equitably during the divorce. This includes all types of financial obligations, including mortgages, back taxes, car loans, credit cards and any type of bill with a balance owed.
Frequently Asked Questions About Marital Property Division In Georgia
The division of marital property can lead to a lot of confusion – and disputes. Our attorneys can answer any questions you may have about the asset division process in your divorce.
Are there exceptions to what is considered marital property?
Yes. Marital property includes any assets acquired during a marriage. However, some assets are considered exempt from the marital estate. Assets acquired before marriage, gifts to one party alone and inheritance are generally considered separate property, not subject to division. Prenuptial and postnuptial agreements can also limit what assets are part of the marital estate. These documents could designate certain property to a spouse even if it were acquired during a marriage.
Can separate property become marital property during the marriage?
Yes. In some cases, separate property becomes part of the marital estate, which means it is subject to equitable distribution laws. For example, separate property – like an inheritance – may be mixed with marital property through commingling. This could happen if separate funds from a savings account are placed into a joint account. Furthermore, making large contributions to an asset, such as making payments on a house owned prior to marriage out of marital funds, could make separate property part of the marital estate.
How are debts divided in a divorce?
Georgia is an equitable distribution state, which means marital assets and debts are divided based on what is fair. Some factors to consider include whether each spouse contributed to these debts, the income of both spouses and the reasons for the debt obligations.
Are inheritances considered marital property?
Typically, no. Inheritance is not subject to division in Georgia even if a spouse received the inheritance during their marriage. In a divorce, the spouse who is entitled to the inheritance keeps it after a divorce. However, commingling the inheritance with marital funds may cause it to become part of the marital estate.
Contact The Law Office of Erin Muldoon Haug To Protect Your Assets
For representation in dividing marital assets in your divorce, call my Savannah office at 912-421-7084 or fill out my online contact form.