The central aspect of many divorces is the division of property. Since both spouses have an equal right to property obtained during their marriage, family courts are required to make an equitable distribution of marital property as part of the finalization of a divorce.
This may result in individuals losing out on the property that they paid for or items that were used solely by them during the marriage. A person may also experience a loss of benefits or even pension payments.
A seasoned Forsyth County property division lawyer could fight for your right to retain property during a divorce. Once hired, a dedicated divorce attorney may be able to provide the legal support and guidance you need.
Under Georgia state law, most property obtained during a marriage is considered to be marital property. This means that no matter who paid for the property or whose name the title may be, both spouses would most likely have equal claim to ownership during a separation.
This interpretation of property ownership differs from that related to the concept of separate property brought into the marriage. As stated by Official Code of Georgia Annotated §19-3-9, any separate property that either spouse owns before getting married or acquires during the marriage by way of inheritance or third-party gift remains the property of that party upon divorce.
A skilled Forsyth County division of assets attorney could offer further clarification about how these legal definitions of separate and marital property might affect a particular couple’s asset division process.
Property division disputes have a reputation for being lengthy and emotional. Arguments over the ownership of vehicles, bank accounts, homes, and other valuable property could significantly increase the tension between divorcing couples.
This fact is recognized in state law by O.C.G.A. §19-5-7, which states that it is illegal for any party to make any transfer of property other than for the payment of a previous debt. This mandate goes hand-in-hand with discovery rules that require all divorcing parties to provide an accurate accounting of their property and liabilities.
Since the court is required to make an equitable distribution of property, any failure to provide accurate accounting may lead to severe legal trouble with the court. A knowledgeable property division lawyer in Forsyth County could help litigants compile an accurate accounting of their property and liabilities, discover all relevant assets held in the other party’s name, and follow all other applicable court rules.
Any divorce must make provisions for the distribution of property and debt. While courts must make an equitable distribution of property under the law, this does not always lead to a fair outcome. An unfavorable ruling could leave you stripped of what you consider to be your separate property, and in certain cases, you may even find yourself paying an ex-spouses’ debts.
An experienced Forsyth County property division lawyer could help you pursue your property rights in any divorce case by providing all necessary information to the court, working to discover any hidden assets held by the other party, and even crafting marital agreements to quickly settle a dispute. Get in touch today to learn more about your rights.