One of the more challenging and complicated parts of a divorce is dividing property. For Georgia and Cobb County, Georgia, divorcing couples, once the divorce proceedings are progressing, it is easy to get lost in all the confusion. This is especially true when it comes to the details of property division. At times, a spouse can unintentionally renounce what is rightfully his or hers.
Even in the most amicable divorce, it can still get very stressful for a divorcing couple. At times, a spouse may hide or withhold assets. Often, this is what happens to a 401(k) or retirement plan. A spouse is usually under the false impression that since the 401(k) is primarily connected to the other spouse's job, it cannot be divided in a divorce. This is not always the case. A 401(k) can be part of marital property, the property eligible for division, if it is clear that it is not considered separate property.
For the benefit of Georgia and Cobb County readers, separate property is defined as assets that are acquired prior to marriage. This can refer to real estate property, inheritance that is not co-mingled or shared as marital assets, gifts, awards from personal injury lawsuits and properties designated in a prenuptial or postnuptial agreement. This means that assets that do not fall under the classification, this may include retirement plans, can be subject to division.
Georgia is an equitable distribution state. This means that if a divorcing couple is unable to reach an agreement when it comes to dividing marital property, the court will decide on their behalf.
It is important to remember that when it comes to property division, it may not be a 50-50 split. Equitable distribution means that it is what the court deems fair or equal. Georgia and Cobb County divorcing couples having trouble determining the distribution of assets may wish to seek legal assistance to guide them through Georgia's divorce laws.