Ordway Law Group, LLC Ordway Law Group | Atlanta Divorce & Property Division Lawyer 2024-03-13T19:03:06Zhttps://www.ordwaylawgroup.com/feed/atom/WordPressOn Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485842024-03-12T19:04:29Z2024-03-13T19:03:06ZEquitable distribution
Georgia follows the equitable distribution approach when dividing marital assets. This means the fair splitting of assets, taking into consideration various factors such as each spouse's contributions, financial situation and needs. While "equitable" may not mean a 50/50 split, it aims to achieve a just outcome based on individual circumstances.
Equitable, not equal
Contrary to some beliefs, equal distribution does not automatically apply. While the goal is fairness, it does not necessarily translate into an even split of assets in which each spouse receives half.
Influencing factors
Courts consider several factors to determine the division of assets. These include the length of the marriage, each spouse's financial contributions, the role of each spouse in child-rearing and the grounds for divorce. By weighing these points, the court aims to ensure a fair and just distribution that aligns with the unique aspects of each case.
Assets subject to distribution
Marital property, which includes assets acquired during the marriage, is subject to distribution. This can encompass real estate, investments and other shared financial and material possessions. Separate property, such as assets acquired before the marriage, may not be subject to division, though certain conditions apply.
A balanced resolution
Navigating the division of assets in a divorce requires a thorough understanding of the state's approach. While equitable distribution may not necessarily result in an equal split, it aims to achieve a fair resolution that considers the particulars of each case. Couples can also explore alternatives, such as negotiation and mediation, to arrive at a mutually agreeable outcome.
By acknowledging the factors influencing the equitable distribution approach, couples can work towards a fair resolution that considers the unique dynamics of their marriage.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485832024-02-26T19:20:39Z2024-02-28T19:20:32ZReducing emotional stress
Social media platforms can amplify negative emotions during a divorce. Seeing updates from your soon-to-be ex or mutual friends can increase stress and sadness. Staying away from social media helps minimize these emotional triggers, making it easier to focus on healing.
Protecting privacy
Maintaining privacy during a divorce shields this personal matter from acquaintances. Avoiding social media ensures that details do not become public. This protection of privacy extends to both adults and any children involved, safeguarding the family from unwanted attention.
Preventing misunderstandings
It is easy to misinterpret posts, comments and even likes on social media, leading to conflicts between spouses. Staying off social media reduces the risk of misunderstandings, making the divorce process smoother.
Remaining amicable
Information shared on social media can negatively affect negotiations. Posts about new purchases, trips or lifestyle changes can create conflicts during financial discussions. By avoiding social media, you help keep the negotiation process more amicable.
Allowing genuine support
Friends and followers may offer support during a divorce, but they can also share unsolicited advice or make judgmental comments. Staying away from social media shields you from these influences so you can make decisions based on what is best for you.
Focusing on in-person interactions for support during a divorce ensures that you receive genuine help and advice. Direct conversations with close friends and family members provide stronger support than online interactions.
About 76% of women and 59% of men use Facebook, but taking a break from social media during a divorce can symbolize a fresh start. It offers a chance to focus on personal growth and to develop interests outside of the digital world. This break can be a stepping stone to a new chapter in life.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485812024-02-23T15:27:14Z2024-02-23T15:27:14ZEquitable distribution
Georgia follows the principle of equitable distribution, meaning that marital property division is fair, though not necessarily equal, in a divorce. Marital property includes assets acquired during the marriage, such as income, real estate and personal property, regardless of whose name is on the title.
Real estate
Inherited real estate is typically considered separate property, meaning it belongs solely to the inheriting spouse and is not subject to division in a divorce. However, if that spouse commingled the inherited property with marital assets or used it to benefit the marriage, it may become subject to equitable distribution.
Personal property
Personal property inherited by one spouse is also generally considered separate property. However, if that spouse used inherited funds to purchase marital assets or improve the marital home, the other spouse may have a claim to a portion of the value added.
Appreciated separate property
If you acquired a gift or inheritance before marriage that appreciated during the marriage, Georgia law may still consider it separate property. However, any increase in value during the marriage may be subject to division as marital property.
Factors considered
When determining how to divide marital property, Georgia courts consider various factors, including:
Each spouse's financial contributions to the marriage
The length of the marriage
The age and health of each spouse
Any prior agreements between the spouses regarding property division
Each spouse's earning potential and financial needs post-divorce
Courts may also examine any misconduct or fault that contributed to the breakdown of the marriage. Depending on these factors, the court may award the inheriting spouse full ownership of the inherited property or may divide its value equitably between the spouses.
Protect your inheritance
It is important to remember that each divorce case is different. However, understanding the treatment of inherited assets and the principles of equitable distribution can help you navigate the divorce process and help ensure a fair resolution to the division of assets.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485802024-02-13T23:01:28Z2024-02-14T23:01:21ZThe stability factor
When evaluating custody cases, courts frequently assess the stability and predictability that each parent can provide for the child. A steady job with a reliable income is often perceived as a positive indicator of stability. If a parent can demonstrate a consistent work history and financial security, it can strengthen their case for custody.
Work schedule and availability
The amount of time a parent can dedicate to their child is another important aspect. Courts may view jobs that demand irregular hours, extensive travel or unpredictable schedules less favorably. Courts prioritize the well-being of the child, and a parent's availability to meet the child's needs is important. Jobs with flexible schedules that allow for active involvement in the child's life may be preferable from the court's view.
Financial stability
Financial stability is closely tied to employment. Courts evaluate the financial capacity of each parent to ensure that they can meet the child's basic needs. A stable job not only provides financial security but also demonstrates a parent's ability to support the child's upbringing. The court may consider factors such as housing, education and healthcare when assessing a parent's financial stability.
Job-related stress and parenting ability
Certain jobs come with high levels of stress and demands that can potentially impact a parent's ability to focus on their child. Stress from work can affect a parent's emotional well-being and, subsequently, their capacity to provide emotional support to the child. Courts may take this into account when determining the parent's overall suitability for custody.
Your job plays a significant role in the child custody decision-making process. Courts carefully examine the parent's ability to fulfill the child's needs. Understanding these dynamics can help parents navigate the legal landscape more effectively when seeking custody.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485792024-01-26T22:36:41Z2024-01-31T22:35:56ZUnderstanding equitable distribution laws
In Georgia, divorcing couples are subject to equitable distribution laws. This means that marital assets undergo fair, but not always equal, division. When it comes to dividing a family business, courts will consider various factors to determine an equitable distribution. Such factors might include each spouse's contribution to the business, the value of the business and the financial needs of each party.
Valuing the family business
Determining the value of a family business is an important step in dividing its worth. Appraising the business involves assessing its assets, liabilities, cash flow and market value. Couples may choose to hire professionals, such as business valuators or forensic accountants, to ensure an accurate assessment.
Dividing the family business
There are several options for dividing a family business in a divorce. A common approach involves one spouse buying the other's share of the business. This might occur through a lump-sum payment or structured buyout arrangement. On the other hand, spouses may choose to continue co-owning and operating the business post-divorce. However, this option requires effective communication and cooperation between the former spouses. In some cases, couples may sell the business and divide the proceeds under equitable distribution principles.
Dividing a family business in a divorce requires careful consideration and negotiation to ensure a fair outcome for both parties. By understanding the legal framework surrounding asset division and exploring various options, divorcing couples can navigate this challenging process with greater clarity.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485782024-01-26T02:15:20Z2024-01-26T02:15:20ZThe significance of marital assets
Upon divorce in Georgia, marital assets are subject to equitable distribution. This means that the court strives to divide these assets fairly, taking into consideration various factors. While the law seeks equity, hidden debts can throw a wrench into this already intricate process.
Discovering hidden debts
One of the challenges spouses face is uncovering hidden debts. These debts, unknown to one party, often accumulate during the marriage and could significantly impact asset distribution. In a recent survey of divorcees, 36% responded that they or their spouse hid debt. It is important for both parties to disclose all financial information transparently.
Impact on equitable distribution
When hidden debts come to light, they become part of the overall financial picture. The court considers all debts, whether known or concealed, when determining how to equitably distribute marital assets. This ensures a more accurate reflection of the financial landscape.
Unraveling financial entanglements
Unraveling hidden debts involves a meticulous examination of financial records. Courts consider factors such as the origin of the debt, its purpose and whether it directly benefited the marriage. This process aims to distinguish between individual debts and those incurred for the benefit of the marital partnership.
In the complex landscape of divorce in Georgia, hidden debts can significantly influence the distribution of marital assets. Transparency and thorough disclosure are necessary for a fair outcome.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485762024-01-16T19:34:57Z2024-01-17T19:34:50ZHealth considerations
In retirement, health becomes an increasingly important factor. If one spouse has health issues that impact their ability to work again or earn income, this can influence spousal support decisions. Courts may consider medical conditions that affect a spouse's financial independence.
Retirement accounts and assets
The division of retirement accounts and assets is one aspect of spousal support considerations. Understanding the potential distribution of pensions, 401(k)s and other retirement funds is important for both parties.
Duration of the marriage
The duration of the marriage plays a significant role in spousal support considerations. Georgia law takes into account the length of the marriage when determining whether spousal support is appropriate. Longer marriages may warrant different considerations than shorter ones.
Standard of living during marriage
Maintaining the standard of living during the marriage is a key consideration. If there is a significant discrepancy in the incomes of the retired spouses, the court may evaluate how to ensure that both can maintain a lifestyle reasonably similar to what they experienced during their working years.
In Atlanta, 12% of the population is 65 and older. Meanwhile, the median income of a household in the city is $77,655. It can drop after retirement and further decrease after a divorce.
Contributions during marriage
Contributions can be both monetary and nonmonetary, such as homemaking or childcare. Understanding the value of these contributions helps determine a fair arrangement.
Retirees getting a divorce should approach this phase of life with careful planning to ensure a fair and equitable outcome.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485772024-01-17T19:16:10Z2024-01-17T19:16:10ZThe confidential nature of mediation
In 2022, 989,518 people got divorced, and many probably would have liked to keep their processes and financials private. Traditional divorce proceedings take place in a courtroom. Fortunately, divorce mediation occurs in a private and confidential setting. The discussions and negotiations between the parties involved remain within the mediation room.
Direct communication facilitates privacy
Divorce mediation encourages direct communication between the spouses, eliminating the need for intermediaries. Through mediation, couples can discuss financial matters directly and confidentially. They maintain a level of privacy that is not always achievable in a courtroom setting. Their divorce details do not become part of the public record.
Customized solutions, confidential results
Mediation allows couples to tailor solutions that meet their unique needs. This personalized approach extends to financial arrangements, enabling the creation of agreements that reflect the specific circumstances of the individuals involved. These agreements are confidential.
Avoiding courtroom drama
Traditional divorce proceedings often involve public court hearings and legal battles. Mediation occurs outside the courtroom. This shields couples from the drama and exposure associated with public legal battles.
Maintaining financial privacy during divorce is a practical consideration. It is also a matter of preserving personal dignity. Divorce mediation empowers couples to navigate the complexities of separation without airing their financial affairs in public. This confidentiality allows individuals to move forward with their lives with greater discretion and respect.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485752024-01-04T04:20:20Z2024-01-04T04:20:20ZProperty appraisal
A professional appraisal is important. Appraisers employ various methods, such as the sales comparison approach or the income approach, to assess the property's fair market value. This foundational step provides an objective starting point for evaluating second homes.
Market trends
Understanding the real estate market trends in the specific location of the second home is necessary. Markets fluctuate, and factors such as economic conditions, neighborhood development or changes in local amenities can influence the value of properties. Analyzing these trends aids in gauging the property's current and potential future value.
Property improvements
Second homes often undergo renovations or improvements over time. These enhancements contribute to the property's overall value. Documenting and assessing these changes ensures that the evaluation process considers the added value. Renovations can include anything from updated kitchens to extra rooms.
Having all property-related documents, such as titles, deeds and any existing mortgage agreements, is also important for a smooth evaluation process.
Operational costs
About 5.11% of homes in the United States are second homes. Owning a second home comes with many benefits but entails operational costs such as property taxes, maintenance and insurance. Understanding these financial obligations provides a holistic perspective on the property’s overall value.
Comparative market analysis
A CMA involves evaluating similar properties in the vicinity that have recently sold or are currently on the market. This comparative approach helps in determining a competitive and realistic market value for the second home.
These steps can help ensure that the divorce proceedings reflect the true value of the vacation home or second home.]]>On Behalf of Ordway Law Group, LLChttps://www.ordwaylawgroup.com/?p=485742023-12-27T19:24:10Z2023-12-27T19:24:10ZImprovement in financial status
One common scenario that may render an ex ineligible for alimony is a significant improvement in his or her financial status. If alimony recipients experience a substantial increase in income, whether through career advancements, investments or other means, they may no longer require financial support.
New carriage or cohabitation
Alimony agreements often include clauses addressing an ex’s relationship status. If the recipient spouse remarries or begins cohabitating with a new partner, it may lead to ineligibility for alimony. The assumption is that the financial responsibilities and support from a new partner alleviate the need for continued alimony payments.
Failure to demonstrate need
The basis of alimony is often rooted in financial need. If the spouse receiving alimony fails to demonstrate ongoing financial need, it can jeopardize his or her eligibility. Changes in employment, financial windfalls or improved financial management may be factors that contribute to a diminished need for alimony.
Self-sufficiency and career advancements
If the recipient spouse becomes self-sufficient by completing education or career training, they may no longer be eligible for alimony. When exes show they can support themselves through career advancements or better job opportunities, the court may decide that alimony is not needed.
Retirement
The decision to retire can also affect alimony eligibility. If the paying spouse retires and experiences a decrease in income, it may lead to a legitimate request for alimony modification. Conversely, if the recipient spouse reaches retirement age and has secured financial stability through pensions, savings or other means, you can request a reevaluation of alimony.
Consensual agreement
In some cases, both parties may reach a consensual agreement to terminate alimony. If the recipient spouse no longer requires financial support, and both parties agree to modify or terminate the alimony arrangement, it can be legally documented and submitted to the court for approval.
Many situations merit the ending of alimony payments. If any of these changes apply and the date of your alimony agreement is on or after July 1, 1977, you may petition the Georgia courts for revision of support.]]>