There are many things to consider when you are going through a divorce. Separation of your property is a primary concern. If you own real estate with your spouse, you may wonder how you will divide these physical assets.
Georgia is an equitable distribution state, meaning a court divides marital property fairly. Fair distribution does not necessarily mean equal. The specific details of your case determine how a judge awards marital estate shares.
Do You Have Separate or Marital Property?
The division of assets process begins by categorizing property as separate or marital. Separate property refers to assets that either spouse owns independently, such as property acquired via gift or inheritance. This category also includes real estate one partner owned before the marriage. Marital property comprises assets you and your spouse earned or obtained during the marriage.
How Is Real Property Divided in a Divorce?
In Georgia, the original owner typically retains ownership of any separate property. A judge reviews many specifics of your case to determine equitable marital property division, including:
- Income and earning potential of each partner
- Financial status and assets of each spouse
- Liabilities of each party
- Future needs of each partner
What Are Your Options When Dividing Real Estate?
If you have significant physical assets, it is vital to identify your goals for a fair divorce settlement while understanding your rights and options. Utilizing the services of tax professionals, appraisers, forensic accountants, and people who manage wealth enables you to preserve your financial stability and make informed decisions.
Knowing the details of your holdings and working together with professionals helps you create an equitable divorce agreement.
