Deciding to file for divorce is never an easy choice. Besides the emotional challenges that you have to go through, your mind is also filled with questions about how your assets will be divided and what kind of effect it will have on your financial future.
To help you gain insight into the process, here are the answers to the commonly asked questions about Georgia’s property division.
How is property divided in Georgia?
Georgia’s divorce laws follow the equitable distribution model. This means that when a couple files for divorce, their marital assets and debts will be subject to division in a manner that is believed to be fair and just.
To help fairly divide marital property, the court will look at several factors. This will include each spouse’s income and earning capacity, age and health, household contributions and economic circumstances.
What will happen to my inherited assets?
Any property owned or inherited by either spouse before their marriage will remain separate and not be subject to the property division. This also includes gifts and personal injury rewards. However, there are exceptions to this rule. If a non-marital fund was mixed with a marital asset, this will become commingled and be included in the property division.
Can I keep my retirement accounts?
Any retirement savings (pensions, 401(k) plans and IRAs) accumulated during the marriage will go through property division. However, if a person saved part of the funds in their retirement account when they were still single, only the portion earned during their marriage will be subject to division.
What if we have a prenuptial agreement?
Governed by Georgia’s laws, prenuptial agreements submitted in writing and signed before the marriage is valid and enforceable. This means that if you and your ex-spouse have an initial agreement on how your assets will be handled if you go through a divorce, the court will honor those agreed terms.
You can divide your property fairly
By understanding your rights and working on a strategic approach to asset division, you can navigate your divorce proceedings with ease and welcome your life’s new chapter with open arms.