Often, one of the more difficult things to accomplish during a divorce is the fair allocation of assets upon completing a legal separation. Determining what qualifies as a couple’s marital property may be a crucial aspect of this process.
In a nutshell, marital property is mostly everything of value obtained during the marriage regardless of who pays for it or in whose name the title may be. This can include money, real estate, vehicles, and pension benefits. During a divorce action, courts have discretion to divide this property as they see fit.
A Cobb County division of assets lawyer could fight on your behalf to stake a claim to marital property in a divorce. An experienced attorney could also help prevent these fights in the first place by authoring agreements that speak to how you and your spouse wish to divide your assets and liabilities in the event of a future divorce.
The court system views all marital property as equally owned by both spouses. This typically includes all property obtained by the spouses during the marriage, regardless of the name on the title.
This is in contrast to separate property, which is property individually owned by a party prior to getting married or obtained during the marriage by way of inheritance or a gift from a third-party, such as a friend or relative. According to Official Code of Georgia §19-3-9, these items remain the property of the party who owned them at the time of the marriage or acquired them during the marriage via inheritance or third-party gift.
It is important to be able to provide a true picture of one’s assets when filing a divorce case. As such, O.C.G.A. §19-5-7 states that it is illegal for any party to make any transfer of property when divorcing, except for the payment of any previous debt.
Accordingly, both parties must provide an accurate accounting of their property after the court initiates a divorce case. This accounting is how the court would ultimately divide the marital property of the litigants. A Cobb County division of assets attorney could help explain which property is marital property and evaluate the impact of a divorce on ownership of that property.
In many respects, submitting a case to a family court is a gamble. Even if a person honestly believes they have the right to certain property, a family law judge may disagree. In these matters, people may find themselves losing out on valuable property which they purchased with their own money and which only they used.
Thankfully, there is a way to retain a level of control over the division of assets in Cobb County. Specifically, all participants in a marriage have the ability to enter into a prenuptial or postnuptial agreement establishing—among other things—how the parties wish to divide their assets in case of potential divorce. According to O.C.G.A. §19-3-62, any couple may such an agreement as long as it is in writing, it attested to by at least two witnesses, and voluntarily agreed upon by both signing parties.
O.C.G.A. §19-3-66 further states that family courts may enforce a marital agreement upon motion by either party to the marriage. As a result, courts are very likely to accept these agreements as a valid contract between the spouses as to what should be done with marital property in case of a divorce. A division of assets lawyer in Cobb County could help craft a marital agreement that protects specific assets in case of a future divorce.
One of the most prominent aspects of any divorce is the division of assets. Courts view most property obtained during a marriage as marital property and are obligated to make an equitable distribution of that property.
A Cobb County division of assets lawyer could help press a claim to all assets that are important to you. This includes proving that you brought property into the marriage before the marriage, as well as arguing that your retention of that property is an equitable result. To learn more about your options, call today,