Learn More>>Divorce>>Property Division
Generally
Georgia is referred to as an "equitable distribution" state. When the parties are unable to reach a settlement, the Superior Court will take the following approach to dividing the assets; first, it will go through a discovery process to classify which property and debt is to be considered marital. Next, it will assign a monetary value on the marital property and debt. Last, it will distribute the marital assets between the two parties in an equitable fashion. Equitable does not mean equal, but rather what is deemed by the Superior Court to be fair.
How is Property Divided?
Marital property includes all property that was acquired during the marriage, regardless of how it is titled (in whose name it is). Gifts from one spouse to another are marital property if they were purchased with marital funds. Pensions and business interests that were developed by one spouse are considered marital property if they were acquired during the marriage. In fact, the only property that the court may transfer from one spouse to another is half of a retirement plan, benefit package, pension, or profit sharing.
Types of Property
There are two types of property. One type of property is real property, which is real estate. The other type is personal property, such as securities, bonds, bank accounts, automobiles, household furniture, jewelry, paintings, books, record collections, and the family pet, to mention a few.
