Who gets what in a divorce? This is one of the most commonly asked questions in a divorce case, as well as the most contentious. Will you lose your home, retirement savings, or family heirlooms to your ex-spouse? Not necessarily.
During the divorce process, Georgia courts will conduct a thorough review of each party’s property and finances to distinguish which ones are marital property and which are separate property.
What gets divided: Marital property
Marital property covers anything you and your ex-spouse gained, earned or bought during your marriage. Both spouses have legal claims to these assets, regardless of whose name appears on the title.
Examples of marital property include:
- Homes purchased after your wedding
- Retirement account contributions made during marriage
- Joint bank accounts and investment portfolios
- Vehicles bought together
- Business interests developed during marriage
Georgia courts consider factors such as the length of marriage, each spouse’s financial needs and contributions to the relationship when deciding on the division of property. The goal is to divide marital property fairly between parties, which may not always be an equal division. If one spouse has a much higher earning potential after divorce, then the other spouse may receive a larger portion of marital assets. Conversely, if both have similar financial situations and earning capacity, the division will likely be closer to equal.
What stays yours: Separate property
Separate property includes assets you owned before your marriage, as well as certain gifts or inheritances specifically given to you. These items typically remain yours after a divorce.
Common examples include:
- A house you bought before getting married
- Inheritance money from your parents or grandparents
- Gifts from third parties, such as your family or friends, given specifically to you during the marriage
- Your pre-marriage retirement account balance
- A car you owned before your wedding day
While pure separate property usually stays yours, lines can blur if you mixed assets together during marriage. For example, if you used joint income to pay a pre-marriage mortgage or grow a business, assets become commingled. Portions of that value can become marital property and may be subject to division.
You can take control of your financial future
Divorce can be overwhelming, but you are not without options. Start by making a simple list of everything you owned before getting married, such as your accounts or family heirlooms. Compile any important documents such as deeds, bank statements or anything showing you received gifts or inheritance money. When things get confusing, remember that getting professional legal counsel is not giving up. It is protecting yourself and your family’s security.
