Property / Asset Division
In the event that the spouses can’t reach an arrangement relating to property division in a divorce, a judge is going to rule on this matter using regulations available for the courts. Like all facets of separation law property division may differ in accordance with the authority you work with.
Some states permit the division of both individual and marital properties during a divorce evenly, meaning properties are divided equally between the married spouses. However in Atlanta, Georgia the courts have a right to separate the properties equitably but not evenly to both parties.
Non-marital possessions normally comprises of possessions that each partner brought into the marriage but chooses to keep within their own name. These assets are kept as separate marital belongings. It also incorporates gifts and inheritances that are given to one partner and are kept distinct, throughout the marriage.
In general, belongings owned just before getting married, have a higher chances of being regarded as the separate property of a single partner. These assets usually are not subject to division during a separation and this is also true for investments that a spouse brings into the marriage.
Marital property in its simplest terms suggests any assets which were attained within the marital relationship relating to both spouses.
Marital or community possessions is determined distinctly from state to state, but normally identifies property and income attained through the marriage. However, this excludes gifts and inheritances which might be kept separate. It does include employment earnings, real estate investments, home furnishings, individual properties and all similar assets which were obtained in the marriage.
When an item belongings only to an individual’s name, but was purchased during the union with marital resources, it is still deemed marital property. A pension obtained throughout the marital union is usually considered marital assets.
In community asset states, marital possessions will be divided 50/50. Within the equitable distribution states such as Georgia the court is free to uses its prudence to split the property as they deem fair. Preferences are given on a situational basis giving importance to each and every element that needs to be considered.