Couples going through a divorce in Georgia will want to know how property is divided during the divorce process. Georgia follows equitable property division rules which call for the equitable division of property between the spouses. Understanding what that means is important for divorcing spouses.
Equitable distribution means that property will be divided equitably or as fairly as possible between the divorcing couple. This does not necessarily mean the couple’s marital property will be divided in half but that it will be divided in a manner that promotes equity between the spouses and so they both spouses have as positive a financial future and footing as possible following the divorce.
Marital property is subject to the property division process during divorce and generally includes the property and assets of the couple acquired during the marriage. Marital property can include real estate such as a family home, cars, investments, income and some insurance policies among other assets. When determining an equitable property division settlement agreement, the family law court will consider several different factors including the financial assets of each of the spouses, the future needs of each of the spouses, the separate property of each of the spouses, the behavior the spouses during the divorce process and any evidence of misconduct by one of the spouses during the divorce process.
Property is categorized into marital and separate property during the property division process and in general, only marital property is part of the division process. In order to be able to prioritize and protect their interests during the property division process, divorcing spouses should understand how property division is handled in Georgia.