One of the most difficult factors of the divorce process is deciding how marital property will be divided. The easiest way to handle property division is for the couple to come to an agreement. Unfortunately, many couples are unable to cordially decide on property matters, so they must turn to the court system to obtain an order. In Georgia, a judge determines property division based on a fair, equitable distribution standard rather than merely dividing marital property into two equal halves. A former NFL player and his wife must contemplate property division after announcing their divorce.
A former Redskins tight end and his wife have recently filed for divorce after four years of marriage. The couple was married in 2008, a year after the former football player signed a reported $30 million agreement with the Redskins. The couple's settlement agreement will likely include how the couple has decided to divide the art gallery, which they opened together.
The first concern for many divorcing couples, including the former NFL player and his wife, is who will get the house. If the couple has children, courts tend to favor awarding the home to the parent with primary custody of the children. In an equitable division state, such as Georgia, the other parent may be awarded a higher amount of other marital assets as a more equitable division. In some cases, divorcing couples may decide to sell their house and divide the proceeds from the sale.
Another concern many divorcing couples may have is how property is divided. It is important to note that not all property may be divided; the only assets considered in property division are marital assets. Marital property is generally considered to be property acquired during the marriage. Nonmarital property includes property gained before the marriage, gifts or inheritances.
Dividing marital property may be emotionally and financially challenging for divorcing couples. However, this may be an appropriate time to exercise creativity in order to spend more time on focusing on essential issues in a divorce, such as the couple's children.