Couples going the divorce process know all too well that dividing up the marital assets can be a challenge. Georgia courts follow the principles of equitable distribution, meaning that courts will determine how to fairly and equitably divide up the marital assets, rather than just split them evenly between the spouses. Marital property refers to any property acquired during the marriage or with commingled/marital funds.
Before figuring out who gets what, courts will need to determine the value each asset. Courts will generally allow couples to divide up lower value assets amongst themselves (e.g. clothing, non-antique furniture) and only address marital items of significant value.
- Real estate – Valuing the marital home and vacation properties may require an appraiser to inspect the inside and outside of the property and determine the fair market value.
- Jointly owned vehicles – The Kelly Blue Book or an evaluation from an auto dealer can be used to determine the value of a jointly owned vehicle.
- Family business – A forensic accountant can evaluate the assets and debts of the business, as well as the profitability of the business, to determine the value of your ownership interest and your spouse’s interest.
- Financial accounts – Retirement accounts, pensions, checking/savings accounts, stocks, and other financial accounts can be valued and evaluated by a financial advisor to determine the total monetary value.
A valuation of the assets is essential to ensure that both you and your spouse get your fair share of the martial assets in the divorce. A family law attorney can provide you with guidance throughout the divorce process and ensure that your property is valued accurately.