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Complex Asset Division in Divorces

Marietta, Georgia Family Law Attorneys

Working through financial issues like asset division and spousal maintenance during a divorce can be a difficult process. Before you agree to anything, make sure you have experienced counsel protecting your best interest. The financial outcomes of your divorce will have an impact on your quality of life for years to come. Our family law attorneys have extensive experience working through the divorce process and know how to get the best possible outcome for your situation. If you have questions about the financial issues in a divorce, or any other family law matter, do not hesitate to contact us online or call our Marietta office at 770-429-1001.

Marital Property vs. Separate Property

Before the assets can be divided they need to be categorized as either marital property or separate property. Marital property is the property that spouses accumulated together during the marriage. Separate property refers to the assets that each individual came into the marriage with, or obtained during the marriage via an inheritance or gift given directly to one spouse. Marital property is what will be divided, while each individual would obviously keep what was considered their separate property.

Fair, Not Necessarily Equal, Distribution

Unlike some states that have a specific rules or formulas around how assets are divided in a divorce, Georgia courts aim to make a fair distribution based on you and your spouse's specific situation. Some of the factors that are considered include:

  • The current or projected financial situation of each individual
  • The amount of income each spouse makes currently
  • Any financial arrangements or agreements between the spouses
  • Any debt that either spouse will be carrying after the divorce

Typically you and your spouse will work together through your respective attorneys to reach an agreement. At Huff & Woods, we believe that these negotiations need to be reasonable and efficient for everyone involved. We will work hard to get what you deserve, but will also encourage you to avoid unnecessary and expensive conflict over trivial or emotionally charged issues.

Retirement Accounts and Asset Division

Retirement benefits are an extension of an individual's income, therefore some retirement accounts can be considered marital property to be divided. Dividing property that can not be liquidated (because of tax implications or other penalties) can be difficult and should be handled with great care. Some retirement accounts are split by the court issuing what is called a Qualified Domestic Relations Order (QDRO). A QDRO splits the asset into two individual accounts. This allows each spouse to have what they are entitled to in their name without facing the tax implications or early penalties that would result in cashing out a retirement account.

For questions about how Georgia Law applies to your specific situation, contact our attorneys for a consultation.

Experience on Your Side

While working through a divorce can feel like uncharted territory, the attorneys at Huff & Woods aim to guide you through the process. We work hard to understand your priorities so we can work towards the best possible result for you and your family. We keep open lines of communication with you so that you have a solid understanding of what is happening at all times. Our primary goal is to protect your interests and secure your new life. For questions on how to get started, call our office at 770-429-1001 or contact us online today.

Marietta, GA Law Office:

707 Whitlock Avenue SW, Suite G-5 
Marietta, GA 30064 (map)

Marietta, GA Family Lawyers