Separate Property vs. Marital Property in Atlanta

Over the course of the average marriage, couples accumulate all kinds of property. During a divorce, a common concern for spouses is the division of this property. Some may baulk at the thought of losing half of their wealth, but is this really how divorce works in Georgia? The truth is that you may be able to keep a considerable portion of your property after divorce – and this is due to the distinction between “separate” and “marital” property. To learn more about this distinction, consider speaking with a divorce lawyer in Atlanta.

You Get to Keep All of Your Separate Property

The good news is that not all of your assets are eligible for property division during a Georgia divorce. As the name implies, your “separate property” is kept separate from this process. So what exactly is separate property?

All kinds of assets may fall into this category. However, the most common type of separate property includes any assets you acquired prior to your marriage. For example, you might have purchased a house before marrying your ex. Perhaps you purchased thousands of shares in Microsoft decades ago – long before you even met your former spouse. Whatever it might be, your property is not eligible for property division if you acquired it before you signed the marriage contract.

Your separate property also includes assets you acquired after your “date of separation.” In most cases, this is your “move-out” date after the breakup. Once you leave the family home, you can acquire assets without worrying about dividing them with your ex later. For example, you might treat yourself to a new Harley-Davidson motorcycle with your next paycheck after moving out. If you were the one who remained in the family home after the separation, this move-out date also applies to you.

In addition, separate property includes any gifts you received during your marriage. However, gifts from your former spouse don’t count. For example, your parents might have given you a designer handbag for your birthday. Finally, separate property includes inheritance – including things you inherited during the marriage.

Marital Property Is Everything Else

The remaining assets in your estate are “marital property.” These are things you acquired during the marriage, and you need to divide them with your ex. Although this can be challenging, these assets probably do not represent all of your wealth. In addition, you may be able to claim more of this marital property if you contributed to its increase in value during the marriage.

Can a Divorce Lawyer in Atlanta Help Me Keep My Property?

At Buckhead Family Law, we know that many spouses are concerned about losing their wealth during divorce. While this is a legitimate concern, you may be able to protect your financial security with various legal strategies. The best divorce strategies are carefully tailored to meet the unique needs of each spouse, so a consultation makes the most sense if you’re serious about achieving your goals. Contact our experienced Atlanta divorce lawyers to get started with a personalized property division strategy.

Sources:

theamm.org/marriage-laws/georgia/442

georgia.gov/file-divorce