Mulberry Property Division Lawyer

One of the first tasks in the property division process is identifying what constitutes marital property and what is separate. 

This can sometimes be a complicated process, especially if assets or debts were co-mingled during the marriage. For example, if one spouse owned a home prior to the marriage but both spouses contributed to its mortgage or upkeep, that home may be considered marital property, or at least a portion of it may be subject to division.

In addition to real property, marital assets can include retirement accounts, vehicles, businesses, investments, savings accounts, and even personal property like furniture, jewelry, and artwork. A Mulberry property division attorney will carefully examine the assets and debts involved to ensure that the division reflects a fair and equitable distribution.

Separate property, on the other hand, is generally not subject to division. However, there are some exceptions if the property is commingled with marital assets. 

Key Factors That Affect Property Division in Georgia

While Georgia law does not require an equal division of property, it does require an equitable one. The court will consider several factors when deciding how to divide marital property, including:

• Length of the Marriage: The longer the marriage, the more likely it is that assets and debts will be divided equally. A longer marriage typically means more intertwined financial assets, and the court may order a more balanced division to reflect the contributions of both spouses.
• Financial Contributions: The financial contributions of each spouse will be considered. This includes income, savings, and contributions to the acquisition of assets. 
• Non-Financial Contributions: The court will consider the value of each spouse’s non-financial contributions to the marriage, such as raising children, maintaining the household, and supporting the other spouse’s career. 
• Debts: Just as property is divided, so too are debts. The court will consider how marital debts—such as mortgages, car loans, credit card balances, and business debts—should be allocated between the spouses.
• Need for Financial Support: If one spouse has a greater need for financial support after the divorce (for example, if they have been out of the workforce for an extended period or have a health issue), the court may allocate more property to that spouse to provide for their future needs.
• Separate Property: Property owned prior to the marriage or received as a gift or inheritance is typically considered separate property. However, the court will assess whether any commingling of assets has occurred and may award a portion of separate property to the other spouse in the interest of fairness.
• Tax Consequences: Property division can have tax implications, particularly for retirement accounts, real estate, and investments. A skilled Mulberry property division attorney will ensure that the tax consequences of any property division are considered in the settlement.

The Role of a Property Division Lawyer in Divorce

Our property division lawyer in Mulberry plays a key role in helping you navigate the complexities of property division during divorce. Some of the tasks we will assist with include:

• Asset Identification and Valuation: We will help identify and value all marital assets and debts. This may involve working with financial professionals to assess the value of businesses, real estate, and retirement accounts.
• Negotiation: We will work to negotiate a fair and equitable division of property. This may involve negotiating with the other spouse’s attorney or mediating a settlement to avoid a lengthy court battle.
• Defending Your Interests: If the property division process is contested, your lawyer will represent your interests in court, advocating for a fair division based on your contributions and the needs of your family.
• Addressing Hidden Assets: In some cases, one spouse may try to hide or misrepresent the value of assets. A Mulberry property division attorney will be able to investigate potential hidden assets and ensure that all property is accounted for.
• Protecting Separate Property: If you have separate property that you wish to protect, we will help ensure that it is not mistakenly included in the marital estate and subject to division.

Property division is an important part of the divorce process, and the decisions made during this phase can impact your financial future for years to come. Whether you are the primary wage-earner or a stay-at-home parent, a fair and equitable property division is essential to moving forward after divorce.

Need help with property division? Speak with a Mulberry property division lawyer today for a free legal consultation. Call us at (770) 285-1673 or contact us online to get the advice you need for your family law matters.