In Georgia, there is a process couples must go through to divorce. This includes dividing their property.
First, one or both spouses must have been a resident of Georgia for at least 6 months before they can file for divorce. Then, one spouse can file a divorce petition with the court in the county where they or the other spouse resides.
The petition must include the reasons for divorce as well as other items that may need to be addressed like child custody, spousal support and property division. After the petition is filed, it must be served by the spouse requesting the divorce to the other spouse.
The spouses will gather and exchange information about their assets and debts, which must be divided.
Georgia follows equitable property division rules. This means that the court will divide the marital property fairly, but it may not be divided equally. Marital property generally includes asses and debts either spouse acquired during the marriage. This might include real estate, cars, retirement and bank accounts or other assets.
The court may consider several factors when dividing the property. These include the length of the marriage, the age and health of each spouse, each spouse’s future earning capacity and their standard of living during the marriage.
The court may award specific assets to each spouse, order that they sell the assets and divide the proceeds or one spouse may have to pay the other to ensure the property is distributed equitably.
Finally, their debts must also be divided. If they own a home, this may include the mortgage or other loans on the property. Credit card debt may also be divided between the couple.