Georgia Equitable Distribution Property Divisions: What You Need to Know
When it comes to estate planning disputes, one of the most contentious issues that families often face is the division of property. Georgia operates under the principle of equitable distribution, which means that estate property should be distributed fairly, but not necessarily equally.
Understanding how equitable distribution works in Georgia is crucial for anyone going through estate planning disputes. Turner Law addresses Georgia equitable distribution property divisions and what everyone should know.
What is Equitable Distribution?
Equitable distribution, as practiced in Georgia, refers to the fair and just division of property and assets in the context of divorce and estate planning. It is imperative to note that only marital property is subject to equitable distribution in Georgia, with separate property—such as inheritances or gifts received by one spouse—being excluded from the distribution process.
The division of property in Georgia initiates with the identification and classification of assets as either marital or separate property. Marital property generally encompasses assets and debts acquired during the marriage, providing the foundation for equitable distribution proceedings.
Factors Considered in Equitable Distribution
Once the assets are identified, the court takes into account various factors to determine their equitable distribution. Some of the key factors considered in equitable distribution cases include:
- Duration of the marriage
- Financial and non-financial contributions of each spouse to the marriage
- Earning potential and financial needs of each spouse
- Misconduct or fault leading to the breakdown of the marriage
- Health and age of each spouse
- Standard of living established during the marriage
It is important to understand that equitable distribution does not necessarily entail an equal 50/50 split of assets. Instead, the court endeavors to achieve a fair and just distribution based on the specific circumstances of each case. For instance, if one spouse has significantly lower earning potential or requires additional support due to health issues, the court may award a larger share of the marital assets to that spouse.
Voluntary Settlement Agreements
In Georgia, couples have the option to reach a voluntary settlement agreement regarding the division of property instead of leaving the decision in the hands of a judge. This approach allows the spouses to have more control over the outcome and can often lead to a more satisfactory resolution for both parties.
Court Intervention and Financial Disclosure
However, in cases where spouses are unable to reach an agreement, the court will make the final decision regarding the division of property. During this process, it becomes essential for each spouse to provide a comprehensive overview of their financial situation, including assets, liabilities, income and expenses. This information is crucial in helping the court make an informed decision about how to fairly divide the marital property.
Seeking Legal Guidance
Given the complexities involved in equitable distribution, it is highly advisable to seek the guidance of a knowledgeable Estate Planning Dispute Resolution Attorney from Turner Law when navigating the process in Georgia. Our experienced attorneys can furnish valuable advice and representation to ensure that your rights and interests are safeguarded throughout the divorce proceedings, offering much-needed support in this challenging period.
Equitable distribution in Georgia endeavors to achieve a fair division of family property based on the specific circumstances of each case. Contact Turner Law with your questions and to schedule a consultation with us in Decatur, Georgia.
Posted on the behalf of Turner Law, LLC
