There are some assets that you acquire with very little consideration and others that you spend years paying for or planning to acquire. Those more expensive assets are often a source of conflict in Georgia divorces. Couples frequently disagree about who should keep the marital home when they divorce, for example. When you understand how to handle those major assets in your divorce, you will feel more secure about your financial future as you contemplate moving on from your marriage.
Financial accounts, including investment accounts and retirement savings accounts are typically among the most valuable property couples divide when they divorce. What is the standard process for the division of these very valuable assets?
The Georgia approach to property division is an equitable one
If the courts must make a determination about the division of your property, a judge will review an inventory of your property and familiarize themselves with the circumstances of your marriage to better determine a fair and appropriate solution for dividing your assets.
Typically, retirement and investment accounts will be subject to division. If one spouse started the account prior to marriage, then a portion of the account may be separate property. The spouses may need to clearly define how much of the account is marital and how much is separate. A judge can then either order the actual division of the account or use the value of those investment or retirement assets to balance other property division decisions.
Unfortunately, a judge could potentially order you to sell some of an investment account when the market is not optimal or could order you to divide your retirement savings, leaving you with less than you planned in reserve.
You don’t have to go to court to divide your property
Couples in Georgia always have the option of negotiating through their attorneys for a property division settlement that they both agree is appropriate. Sometimes, spouses decide to go through mediation when they cannot agree on the proper way to divide their assets.
Understanding the rules for property division and your right to file an uncontested divorce instead can help those hoping to protect complex assets in a Georgia divorce.