In high-asset divorces in Georgia, the division of assets can become complex. This is particularly true when one spouse is not a wage earner.
Georgia follows equitable distribution laws. This means the court will seek to divide marital property fairly, though not necessarily equally, between spouses.
Understanding marital property
Marital property typically includes assets acquired during the marriage, regardless of whose name is on the title. When one spouse is not a wage earner, their contribution to the marriage is often non-financial but can still be significant.
Factors considered in asset division
The court will consider various factors when dividing assets in a high-asset divorce, including:
Duration of the marriage: The longer the duration of the marriage, the more likely it is that the court will divide assets equally or close to equally.
Contributions to the marriage: The court will consider non-financial contributions such as homemaking, child-rearing and supporting the other spouse’s career when determining the division of assets.
Financial circumstances of each spouse: The court will look at each spouse’s financial needs and earning capacity when dividing assets.
Separate property: Assets owned by one spouse before the marriage or acquired by gift or inheritance during the marriage are typically considered separate property and may not be subject to division.
Standard of living during the marriage: The court may aim to maintain a similar standard of living for both spouses post-divorce, especially in high-asset divorces.
In cases where one spouse is not a wage earner, the court may order alimony or spousal support to ensure that they can maintain a reasonable standard of living after the divorce. Alimony payments may be temporary or permanent, depending on the circumstances of the case.
Ultimately, the goal of the court is to achieve a fair and equitable division of assets. By considering various factors, the court aims to ensure that both parties can move forward with financial stability post-divorce.
