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Dividing assets in a divorce can be complicated

Georgia couples seeking a divorce might be interested to hear that dividing up assets in a divorce can be complicated even for couples who have an amicable divorce. Some of the reason for this might be that people do not fully understand the intricacies of property division between spouses in a divorce. Some of how assets are divided depends upon the categorization of the asset and which state the couple lives in.

Assets are either considered separate ones or marital ones. Separate ones are ones that each person had before they entered into marriage, whereas marital ones are the ones that they obtained after they were married. Therefore, even if something is titled only in one spouse's name, it is still considered a marital asset if it was gotten during the marriage. For example, many people do not realize that they are entitled to their spouse's retirement accounts, bank accounts, brokerage accounts, vehicles, real estate and more just because their names aren't on the assets.

Separate assets also include assets such as inheritances, gift and monies for pain and suffering. However, even separate assets may become marital assets if the owner puts them in the other spouse's name as well. If couples do not have a prenuptial agreement drawn out prior to their marriage, they could end up having to divide everything in some manner.

Georgia is an equitable distribution state, which means that factors such as how long the marriage lasted, how much each spouse contributed to the marriage, who will retain custody of any children and numerous other factors all influence who gets what assets. Family law attorneys might be able to help people negotiate fair divorce settlements throughout their divorce proceedings.

Source: Huffington Post, "Understanding How Assets Get Divided In Divorce", Jeff Landers, June 14, 2013

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