Complicated property division issues can turn even the most peaceful uncontested divorce in Atlanta into a conflict-filled nightmare. Aside from child-related matters, property division is one of the most dreaded aspects of ending a marriage.
As more couples seek ways to make property division easier, we have fielded several questions about liquidating assets ahead of the divorce. We will discuss this approach to simplifying property division in the following sections.
Is it legal?
If you and your spouse agree to liquidate and then do it together, it is not illegal because you are still married and can do what you like with your property. However, it is unlawful to transfer any property once you have filed a petition for divorce in Georgia. If the two of you agree to liquidate your assets, it is best to complete the process ahead of filing for the divorce.
Is it smart?
For couples with few complex assets, selling off marital property may be sensible as it could help you avoid property disputes. However, there are pitfalls to the liquidation of assets before divorcing.
For example, you and your spouse could lose money by selling your house if you cannot get fair market value for the property. The same goes for other assets like:
- Motor vehicles (cars, trucks, motorcycles, etc.)
- Boats and other recreational vehicles (ATVs, etc.)
- Vacation properties and real estate
- Art and jewelry collections
Further, you may have sentimental items that you or your spouse wish to keep after your divorce. In such situations, you still have options at your disposal. For example, you and your spouse could sell assets like real estate and vehicles ahead of filing and then create a property division agreement for the items you wish to keep.
Regardless of the path you ultimately choose, professional guidance is critical. It ensures you don’t break any Georgia property division laws and keeps you from losing too much in your divorce.