Most people say the worst part of getting a divorce is dividing assets and debts. Because of heightened emotions and hurt feelings, most people are typically worried about how much their spouse will get and whether they are getting a fair deal or not.
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.
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.
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.
Many spouses who consider divorce in the current economy face questions about either spouse's ability to keep a house that is worth much less than it may have been several years ago. Marital property division can be difficult under the best of financial circumstances, but negative equity in the family home can pose challenges if the house is the couple's primary asset.