Duluth Marital Asset Attorneys
Division of marital property is a crucial part of the divorce process. At The Wren Law Firm, our metro Atlanta-area based attorneys effectively help clients deal with issues related to property division. Individuals often have little understanding of how Georgia family law applies to their situations when it comes to property division. Our lawyers do more than help clients achieve their financial goals; we explain the state's equitable division statute carefully, so that clients understand their options and rights.
Property Division Must Be Equitable
In Georgia, all property acquired during the marriage is considered marital property. The big exception to this rule is property acquired as a gift, an inheritance or that is specifically excluded from the marital estate by a legal agreement.
Some clients of our law firm are confused by the word "equitable." It does not mean equal, or a 50-50 split. Rather, it means that the outcome of the property division process is fair under the circumstances.
What Is Marital Property?
Marital assets can include:
- Real estate, including the primary residence and vacation home, rental properties and other real estate
- Motor vehicles, including cars, motorcycles and trucks
- Recreational vehicles, including boats, personal watercraft and campers
- Retirement funds, including 401(k) plans and pensions
- Bank accounts
- Stock options
Marital debts are also included in the division of property. These can include mortgages, student loans, credit card balances and car payments.
Clients are often surprised by how much property they actually own. It is also common for clients to not know how to classify a particular item. That is why we always begin the process with a detailed inventory, helping clients identify the marital property.
Answering Client Questions About Property Division
Typical questions include:
- I started contributing to my 401(k) before marriage. Is my entire 401(k) considered marital property?
- I inherited a rental property before marriage. Does my spouse owe me part of the income generated by the property during the marriage?
- My husband started a small business before marriage. Do I have any interest in this property?
- I took out loans to return to college after we were married. Who is responsible for these loans?
Our attorneys answer questions like these, and many more, when helping clients arrive at a plan for dividing marital property.
To learn more about this aspect of divorce, please contact our Atlanta property division lawyers at 888-220-3644 toll free to learn how we can help.
