In Georgia, assets and debts acquired during your marriage – called "marital property" will be divided "equitably" when you divorce. "Equitable" does not necessarily mean "equal," but what is fair to both spouses.

Not all property is considered "marital property":

  • For example, property you inherit during the marriage generally is considered your own "separate property" and is not subject to equitable division
  • Gifts given to you, except gifts you and your spouse give to each other, generally are not considered marital property

Judges have complete discretion in equitably dividing marital property and may consider any number of factors, including the conduct of the parties during the marriage. Other factors include:

  • Each party’s separate assets and financial status
  • Each party’s income and earning capacity
  • Each party’s debts and future needs

It is important to collect all the information you can about all your property, including when you purchased it, approximately how much it is worth, and details such as account numbers, serial numbers and so forth. Collecting this information before you see a Georgia divorce lawyer can save you a lot of time and money.

SOURCE: Lawyers.com