Dealing With Jointly Owned Assets in a Divorce
Going through a divorce is never easy, and it is even more complicated when there are jointly owned assets involved. In Georgia, we are an “equitable distribution” state. This means that during a divorce, the courts will do their best to divide any mutually shared assets in a matter they feel is most fair, even if the distribution is not equal. Here we discuss what this could mean in the case of a divorce to inform our readers how an equitable division of assets could potentially affect you.
It’s important to first properly determine which assets are considered marital property subject to division and which would be considered separate property and therefore not subject to equitable division. In Georgia, marital property includes any assets that were acquired during the marriage (except for items received as a gift from a third party or anything inherited). Conversely, separate property generally includes assets that belonged to each respective spouse prior to the marriage, though those assets may have developed a martial component depending on the circumstances. The division of assets can become especially challenging to navigate in cases where one or both spouses owns a business.
Oxendine Law managing partner Jarrod Oxendine recently discussed this very topic on the Cellini & Dimino show on Sports Radio 680, and provided a few general ground rules for people to consider when dealing with the division of spousal assets, property, and any other jointly owned items:
In the case of a divorce or any other family law matter, it’s always better to be as prepared and knowledgeable as possible. For more information on our expert family law services or to schedule a family law consultation appointment, contact Oxendine Law at (770) 497-8688 today. We offer meetings in person, over the phone, or by video conference. Don’t forget to follow along with us on Facebook and Instagram for additional family law tips, news, radio clips, and more.