Marital Property And Marital Assets
What Is Marital Property?
Anything deemed “Marital Property” will be awarded based on the laws of equitable distribution. This includes almost everything acquired during the marriage. This does not include “pre-marital assets” which are property you had before you were married.
In Georgia, personal property and real property are subject to division between divorcing spouses. Personal property includes items such as retirement accounts, stocks, pensions, vehicles, boats, motorcycles, jewelry, furniture, art, equipment, etc. Real property includes real estate, such as your primary home, vacation home, rental houses, undeveloped land, and commercial property.
Equitable Distribution Laws
The term “Equitable Distribution” does not mean an equal distribution of property. The court considers many factors in deciding what constitutes “equitable distribution.” Some of the factors are the total value of all property, duration of marriage, and contributions by spouses during the marriage. The general goal is to ensure that both parties get a reasonable allocation to maintain a decent life.
Property Subject To Equitable Distribution
All marital property (personal or real property obtained while married) is subject to division between spouses. Your divorce settlement identifies the distribution of property; however, a judge can overrule any part to which you and your spouse have agreed. Dividing certain assets, such as pensions, retirement funds and some types of investments, usually requires a Qualified Domestic Relation Order (QDRO).
Generally, things each spouse owned prior to getting married are non-marital property that each spouse gets to keep upon divorce. The major exception to this rule is if the property becomes co-mingled with the spouse’s. For example, money in a savings account can be considered co-mingled if both spouses made deposits into the account after marriage.