Dividing up property can be a significant concern for many divorcing couples. The property division process is designed to help ensure a fair division of property so that the divorcing spouses can have as positive a financial outlook and future as possible following the divorce process.
In Georgia, equitable property division rules are followed. This means that the court will seek to divide property between the divorcing spouses as fairly as possible but not necessarily in half. Marital property is generally divided, while separate property is not divided when the couple divorces. This makes the classification process of property important for the divorcing couple to understand. Marital property is generally property acquired during marriage. On the other hand, separate property is property the couple enters the marriage with. It should be noted that there are several other categories of property.
The court will consider a variety of factors when making its division of property. The factors that may be examined include the financial situation of each of the divorcing spouses, the separate property of each of the divorcing spouses, if either of the divorcing spouses engaged in misconduct or waste of assets, the behavior of each of the spouses during the divorce process and the future needs of the divorcing spouses.
The court will seek to divide property fairly, which is a focus divorcing couples should maintain as they work to reach a property division settlement. A variety of different types of property will need to be divided including a family home, cars, home furnishings, retirement accounts, pensions and possibly even a family business, which is why divorcing couples should understand how the different categories of property are defined, what is divided and how it is divided during the divorce process.