Legal Counsel For Property Division Matters In Georgia
Amid divorce, determining what “yours, mine and ours” is can be difficult, as it can be hard to remember who legally owns each asset. When dealing with these matters, you want to work with someone who thoroughly understands Georgia’s property division laws and can effectively advocate for your needs and interests.
In Gwinnett County, attorney Jeff Hicks of The Hicks Law Group, PC is here to assist you through this complex process with confidence and approachability. With his extensive experience in family law and divorce, Jeff is committed to representing your needs and interests when splitting marital property.
A Breakdown Of Georgia’s Property Division Laws
When it comes to dividing marital property, Georgia follows equitable distribution laws. This means that marital property typically gets split based on what is fair rather than equal. Under equitable distribution, a family law judge may determine what is fair based on each spouse’s circumstances. Depending on which assets get divided, they may look at things like the:
- Financial situation of each spouse
- Earning potential of each spouse
- Health of each spouse
- Mental wellness of each spouse
- Age of each spouse
- Future needs of each spouse
Judges may weigh all these factors and others when making determinations.
What’s Considered Marital Property Versus Separate Property?
Here is a breakdown of how Georgia family courts define them:
- Marital property: Marital property can include any assets and debts accumulated during a marriage such as homes, cars, bank accounts and retirement accounts.
- Separate property: Separate property can include assets either owned by the spouse before getting married and assets each spouse receives as a gift or inheritance.
Jeff Hicks will work closely with you to identify and categorize your assets to effectively advocate for your needs, goals and interests.
How Property Division Typically Works In Georgia
In Georgia, the property division process typically involves both parties reviewing their assets with their lawyers. They may work with professionals such as a financial adviser or appraiser to determine their assets’ value and when these assets were accumulated. From there, each party’s attorney can consider evidence and other factors to explain why their client should own these assets based on Georgia’s equitable distribution laws.
Work With A Property Division Lawyer Who Values You
Attorney Jeff Hicks stands out as a dedicated Georgia divorce lawyer. His knowledge of the law and his friendly and versatile approach can help give you the confidence you need to maneuver your divorce. He works diligently to get a thorough understanding of all the assets you have. He can help you determine which ones may be subject to division. Once he has that understanding, he can gather evidence and work with professionals who can advocate for your goals on your behalf. He understands that you cherish certain assets and items and will fight tenaciously for you to have them.
Frequently Asked Questions About Property Division In Georgia
Clients going through divorce often have specific concerns about how their assets and debts will be handled. Here are answers to some of the most common questions Jeff addresses.
How are debts divided in a Georgia divorce?
Georgia treats marital debts similarly to marital assets under equitable distribution laws. Debts accumulated during the marriage are typically considered marital obligations subject to division, regardless of which spouse’s name appears on the account. This includes credit card debt, mortgages, car loans and other financial obligations incurred during the marriage.
The court considers factors including each spouse’s ability to pay, who benefited from the debt and each party’s financial circumstances when dividing debts.
What if my spouse is hiding assets?
Asset concealment is unfortunately common in contentious divorces, but Georgia law provides remedies to uncover hidden property. Jeff can utilize discovery tools, including subpoenas, depositions and financial record requests to locate undisclosed assets. Professional forensic accountants may be employed to trace financial transactions and identify suspicious activity.
If hidden assets are discovered, the court can impose severe penalties on the concealing spouse, including awarding a larger portion of marital property to the innocent party.
How is property valued in a Georgia divorce?
Property valuation typically occurs as close to the divorce date as possible to reflect current market conditions. Real estate is usually appraised by licensed professionals, while personal property may be valued through appraisals or market research.
Business interests require specialized valuators who consider factors like revenue, assets and market conditions. Retirement accounts are valued based on current account statements.
Are retirement accounts subject to division in a Georgia divorce?
Yes, retirement accounts accumulated during marriage are generally considered marital property subject to division. This includes 401(k) plans, pensions, IRAs and other retirement benefits earned during the marriage. However, portions of accounts earned before marriage typically remain separate property.
Dividing retirement accounts often requires Qualified Domestic Relations Orders (QDROs) to avoid tax penalties and early withdrawal fees.
Can I keep the marital home in a Georgia divorce?
Keeping the marital home is possible but depends on several factors, including your ability to afford mortgage payments, maintenance costs and property taxes independently. You may need to buy out your spouse’s equity interest or trade other marital assets of equivalent value.
Jeff can help evaluate whether retaining the home aligns with your long-term financial goals and negotiate favorable arrangements.
Seek The Resolute Divorce Attorney You Need – Call Now
Reach out to our attorney at The Hicks Law Group, PC to schedule a free consultation surrounding your property division matters. You can call 678-894-9097 or visit our contact page.