Call us for your next real estate closing 770-924-1400  •  400 Creekstone Ridge, Woodstock, GA 30188

Divorce is a complex and emotionally charged process, often involving the division of assets and properties acquired during the marriage. Property law plays a pivotal role in determining how these assets are distributed between the spouses.

Identifying Marital and Separate Property

Before dividing assets, it’s crucial to distinguish between marital and separate property.

  1. Marital Property:
    • Generally, assets acquired during the marriage are classified as marital property.
    • This includes income earned, real estate purchased, and other assets obtained during the marital union.
  2. Separate Property:
    • Assets owned by either spouse before the marriage or acquired through gifts or inheritance during the marriage are typically considered separate property.
    • Separate property is usually excluded from the division process, although exceptions may apply.

Factors Influencing Property Division

Courts take various factors into account when deciding how to divide marital assets:

  1. Contributions to the Marriage:
    • Courts consider both financial and non-financial contributions to the marriage, such as homemaking and child-rearing.
  2. Duration of the Marriage:
    • Longer marriages may result in a more even distribution of assets.
  3. Economic Circumstances:
    • The financial situation of each spouse, including their earning capacity, debts, and future financial prospects, is a crucial factor.
  4. Fault or Misconduct:
    • In some jurisdictions, the court may consider marital misconduct (e.g., adultery or financial impropriety) when determining property division.

Common Property Division Challenges

  1. Business Assets:
    • Evaluating and dividing business interests can be intricate, involving business appraisals and determining the fair market value.
  2. Real Estate:
    • Dividing real estate requires careful consideration, especially when it comes to the family home. Options include selling the property and splitting the proceeds or allowing one spouse to keep the home while compensating the other.
  3. Retirement Accounts:
    • Division of retirement accounts, pensions, and 401(k)s requires additional legal procedures

Property law during a divorce is a multifaceted aspect of family law that demands a nuanced understanding of legal principles and individual circumstances. Whether your jurisdiction follows community property or equitable distribution, seeking professional legal advice is crucial to navigate this challenging terrain. With careful consideration of the factors influencing property division and a clear understanding of your rights and obligations, you can work towards a fair resolution during this challenging time.At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions. We’re here to help.