Property division is an aspect of divorce where the assets, property, and items of value owned by a couple are divided. In Georgia, the rule of law that governs this aspect of divorce is "equitable division." Equitable division is that things be divided in equity. While property is often divided 50/50, equitable division allows for arguments that one party put more into the marriage than the other party and therefore deserves a greater portion of the assets.
Salary and income, housework, emotional support, support during the education of one party, and other aspects of what was put into the marriage by each side all come into play in the division of assets. Issues such as abuse, infidelity, drug and alcohol abuse, and other similar causes for divorce also play a part in the division of assets.
Houses are often sold and the proceeds divided. When one party keeps the marital home, they are generally required to refinance the home in order to buy out the other party. Retirements must be divided with a Qualified Domestic Relations Order (QDRO), or the ordinary taxes and penalties of taking an early disbursement will apply.
An often overlooked aspect of property division is the division of debt. Debts are usually ascribed to the party that accrued them, but the same arguments that come into play in the division of assets are used in the division of debts. In debt division, ability to pay is also a frequent argument that is used.
In order to find out more about property division, set up a consultation with one of our divorce attorneys by calling 770-461-2025.