Nonmarital And Marital Assets: What You Need To Know
Property division is an essential element of dissolution of marriage. Assets you owned before your marriage are yours to keep, as long as you have good records and have kept the property separate. Marital property generally includes all assets accumulated during your marriage, with the exception of gifts and inheritances. Examples of marital property include:
- Houses and other real estate
- Cars, trucks and motorcycles, regardless of whose name is on the title
- Life insurance
- Pensions and retirement accounts
- Military pensions
- Businesses, even if a spouse is not involved in running the business
Division of property that a family law judge will approve of may not be a 50-50 split. Many factors help determine a fair division of assets. Guidance from an experienced family law attorney such as Carmel W. Sanders in Macon is important.
When dividing assets in divorce, it’s important to understand the distinction between marital assets and nonmarital assets. You may assume that an asset is a nonmarital asset — and not subject to division — because you earned it and it is in your name. However, that may not be the case. As you begin the process of determining who will keep what property after a divorce, qualified legal advice can direct your negotiations efficiently.
When Marital Property And Separate Property Are Combined
In some cases, assets will be a combination of marital and separate property. For example, if you owned a home or business prior to your marriage, that asset is separate property. However, any increase in value of the asset during your marriage may be considered marital property.
Get Ready For Your Georgia Divorce: A Property Division Lawyer Can Inform And Guide You
The laws that apply to marital property division are complex. An experienced attorney can help ensure that you keep everything you are entitled to in your divorce property settlement. To request a consultation with Carmel W. Sanders Attorney at Law in Macon, call 478-207-5100 or complete our online intake form and we will respond promptly.