Divorcing can feel like dismantling a life you carefully built, and dividing assets can be the physical manifestation of this emotional process. For affluent couples in Georgia, asset division becomes even more intricate due to the high value of property and the complexity involved.
The division of assets is a critical aspect of divorce, and having a clear understanding of how it works can provide tremendous reassurance during an otherwise tumultuous time.
Putting a price tag on complex assets
When it comes to divorces between affluent parties, not all assets are as straightforward as a bank account balance. For instance, some of the more complicated items that can require specific attention can include:
- Business interests
- Real estate holdings
- Retirement and investment accounts
- Collectibles and art
- Offshore accounts
These properties can require the help of professionals like forensic accountants, specialized appraisers, realtors and others to identify and value assets. They can also assist with tracking down missing property and correctly categorizing it. Lawyers experienced in high-asset divorces can connect you with qualified professionals.
The Georgia division process
In Georgia, parties must divide eligible property in a way that is fair to both people when a marriage ends. This is “equitable distribution.” Here’s a simple breakdown:
- Marital property: Things you got during the marriage are usually divided.
- Separate property: Things you owned before the marriage or inherited usually stay with you.
- Comingled property: If you mix separate property with marital property, it can become tricky to figure out who gets what.
To divide things fairly, you need to determine what everything is worth and what kind of property it is. Then, you and your spouse (or a judge) will divide the property. When deciding how to divide things, they will think about things like:
- Each person’s financial situation
- The length of the marriage
- What each person contributed to the marriage (including if someone was a homemaker)
The goal is to make sure the division leaves both of you in a fair financial position.
Looking ahead with clarity
Understanding how to value and divide assets is a big step toward feeling in control of your future. A fair division of assets gives you a solid foundation to build your new life. By staying informed and working with skilled professionals, you can approach this chapter with confidence and protect your financial interests.