When two people in Georgia are married, their financial lives are inevitably intertwined. If they subsequently divorce, all of the marital assets that belong to both spouses must be divided in a way that the court deems equitable. Although a court will do its best to divide property in a manner that it deems fair, there is a lot that could go wrong, and it is crucial for a spouse to have legal representation during this time.
Georgia residents who are artists may be surprised to learn that any pieces they have, whether in storage, hanging on a wall or on consignment in a gallery, are considered marital property and are eligible for property division during a divorce. Additionally, any tools they used to create their art may also fall into this category, similar to the way that copyrights are also considered to be joint property held by both individuals.
Couples in Georgia who are divorcing often need to work out issues regarding the division of their assets and debts, and they may also need to consider how this will affect their credit reports. Individuals should make certain that they close any joint accounts shared with ex-spouses because they may still be held responsible for those accounts. They should also remove authorized users from individual accounts since the owners of those accounts are liable for the debt.
Georgia families may recognize that custody can be a serious issue during a divorce, and pet custody is becoming a common issue for those facing divorce across the country. As battles reach the court room, many are recognizing that a pet is an important part of a family, in some cases filling a gap for a couple without children. This makes the handling of a pet somewhat different than deciding who will receive furnishings and other marital assets.
Georgia property owners who are going through a divorce may wonder how the property will be divided between the two former partners. Even if one spouse is award a house that was owned jointly in the divorce decree, both names will still be on the loan unless the owner files for a new mortgage. The mortgage will still show up on the credit report of both people despite the decree of divorce. If one person's name is on the loan, creditors can sue that person because they still have a contract with them, even if the divorce decree states that the other person is keeping the home and taking on the debt.
In a U.S. divorce, property and debts are divided according to either community property law or equitable distribution principles. Georgia, along with most states in the country, is an equitable distribution state, meaning that absent an agreement between the parties, assets and debts are divided in a manner that the court deems fair, but which may not be equal.
The number of couples using prenuptial agreements is growing, but since no one is required to report it and many people find the subject distasteful or embarrassing, the exact numbers are unknown. Prenuptial agreements carry a stigma and many people think that they are only for the rich who want to protect themselves from gold diggers. However, these marital agreements are a practical tool that could offer Georgia couples security and a chance to discuss important matters regarding finances and property division.
For divorcing Georgia couples, even contemplating the intricate process of property division can prove to be exhausting. Depending on the number and type of assets, it may be a more straightforward process or an incredibly complex one. In many cases, dealing with the couple's home can be an extreme challenge. If the home is rented, the issue is less difficult, but if the couple owns a home together, division may prove to be difficult. Often, one spouse buys out the other's share. This can be done with a new mortgage or gift or personal funds. In some cases, it may be difficult to determine which spouse will get the house. If need be, a divorcing person can see a lawyer to ask for advice on whether buying out the house is wise.
Divorce is not only the end of a relationship, but also the division of a legal and financial partnership. As such, it is imperative to protect your short- and long-term interests by obtaining a fair and appropriate division of marital property. This is easier for some couples than for others. Depending on the amount and complexity of assets a couple has acquired, the best process for property division may vary.