Many Georgia women who are going through a divorce may not realize what types of assets they are entitled to in the proceedings. The court will ask each spouse to sort all assets into separate property or marital property. Whether the divorce is going smoothly or there are many arguments over who will end up with what, there should always be research into what the state law deems each type of property.
Separate property is considered in several ways. It is the property a spouse had before entering into marriage and also what was defined in any prenuptial agreement. As long as it was not combined with any assets obtained during the marriage, any money that was inherited or that was received from a ‘pain and suffering’ portion of a judgment from a personal injury lawsuit falls in this category. Any present that was given from someone outside the marriage is also deemed separate property.
Anything else that was obtained during the time of the marriage is looked upon as marital property, even if the name of only one spouse is on a title or if one spouse is considered the owner of the property. This would mean the husband’s 401(k), stocks, motor vehicles and other property are taken into account when dividing assets. Also, any separate property that had been co-mingled with marital property became eligible for division upon divorce.
The best security during divorce proceedings is to figure out exactly what is owned by both spouses together and separately. It is also a good idea to settle property division outside a Georgia court. This action will most likely result in a settlement that is more amenable to both spouses, as opposed to having to accede to the ruling of the court.
Source: Source: Forbes, “Divorcing Women: The Truth About Your Husband’s 401(k) And Other Assets,” Jeff Landers, Aug. 8, 2013