Property distribution between you and your ex-spouse following a divorce will always be at the top of your mind. Keeping in mind that state laws differ regarding divorces, it is important to be aware of the legal aspects surrounding your state’s divorce laws. It will ensure you know the legal landscape surrounding your divorce proceedings, especially on property division.
What makes Georgia law different when it comes to property distribution during a divorce?
Georgia follows an equitable distribution of property after a divorce
Unlike other community property states, Georgia follows an equitable distribution approach where all property acquired after marriage is split equally between the divorcees. It means that all property owned by either you or your ex-spouse during your marriage will be divided between you based on several factors. These include each parties’:
- Income and financial status
- Future needs such as medical care
- Alimony granted
- Child custody
- Education and employability status, among others
However, a valid prenuptial agreement can designate marital property to personal property, which is not up for division following a divorce.
Are retirement benefits taken into account?
Yes. Retirement benefits are part of marital property, and they will be divided among you and your ex-spouse accordingly. A court will issue a Qualified Domestic Relations Order (QDRO), which serves to order a retirement plan to pay child support, alimony or even marital property rights.
Remember, a court date is not mandatory to divide property if you and your ex-spouse divorced amicably. A divorce settlement is ideal, and it will avoid the unnecessary back and forth involved in a contested divorce. This explains why it is necessary to know your property rights as such information can come in handy and ensure that everything turns out as you would have wanted.