In a relationship couples learn to start thinking of themselves as a unit. This ultimately means they also acquire assets as a unit. Unfortunately, when the relationship is over it is the challenge of the divorce attorney to determine which assets go to a particular spouse.
Marital property generally includes assets and debts a couple acquires during the marriage. Separate property, on the hand, includes assets acquired before the marriage, or acquired by either spouse during the marriage by a third party. An example of this could include gifts or inheritances. In the state of Georgia, during a divorce, one of the first things a court will have to do determine is what assets are marital and how they will be divided. In making this determination, Georgia courts will decide what is fair and equitable given the following considerations:
- the financial resources of each spouse
- the behavior of each spouse during the marriage, (i.e., misconduct)
- the future needs and earning capacity of each spouse
- debts maintained by each spouse.
These issues are often hotly contested. Ideally it is preferable for couples to come up with an agreement on how assets acquired during the marriage will be divided. The Faucette Law Firm has experience representing clients in the Douglasville and the Metro Atlanta area on issues involving uncontested and contested family law and divorce related matters. If you have any questions involving marital or separate property contact out law firm today for a consultation.