Lawrenceville Property Division Lawyer
Crystal Wright Law has represented families in divorce cases involving property division disputes for more than seven years. Contact our Lawrenceville property division lawyers today at 404-594-2143 for a consultation with a Lawrenceville property division lawyer to discuss how we can help with the divorce process.
Property division can be one of the most contentious and difficult issues in divorce.
It’s crucial to seek experienced legal counsel to make sure your interests are protected and you receive what is fair.
How Crystal Wright Law Can Help with Property Division During Divorce in Lawrenceville
Property division can be a bitter aspect of any divorce. Decisions made during this highly emotional time can affect you for the rest of your life. You may be tempted to give in to your spouse’s demands to end difficult discussions. Or, you may fail to consider how the division will affect you long term. In some cases, spouses even hide assets in anticipation of divorce.
You deserve an experienced Lawrenceville family law attorney who can help you through this challenging time. Crystal Wright Law was founded by attorney Crystal S. Wright. Over the last decade, our firm has developed a strong reputation for professionalism, compassion, and sound representation. Thanks to our dedication to our clients, Attorney Wright has been awarded the AVVO Clients’ Choice Award.
When you choose Crystal Wright Law to represent you in your divorce, we will work tirelessly to:
- Help you understand how property division can affect your financial future
- Analyze and offer guidance on division strategies that benefit both parties
- Represent you during mediation and other alternatives to avoid court if possible
- Ensure that separate property is correctly classified
- Determine if any assets have been hidden from you
- Present evidence for any factors that should be considered by a judge to ensure division is equitable
Even if your divorce is not contentious, it is still in your best interest to consult with an experienced property division lawyer in Lawrenceville, Georgia. We’ve been serving clients facing divorce for nearly a decade. Contact our law office in Gwinnett County today to schedule a consultation to discuss your concerns and how we can help you.
What Is Marital Property and Separate Property in Lawrenceville?
During a divorce, only marital assets and debts are subject to Georgia’s equitable distribution system. It’s crucial to determine what assets and debts are marital and which are considered separate property and not subject to division.
Separate property refers to property acquired before the marriage. Some assets acquired during the marriage can also be considered separate property, such as gifts and inheritance. Each party’s separate assets remain theirs after divorce.
Marital property refers to any assets, income, and property acquired during the marriage, including:
- Marital home
- Personal property
- Money in a checking and/or savings account
- Investment funds
Nearly any type of asset earned or acquired during the marriage is considered marital property. It does not matter how the property is titled. A vehicle titled to only one spouse but purchased during the marriage can be a marital asset. Likewise, a pension earned by one spouse is marital property subject to division.
While marital assets and separate property may seem straightforward, this issue can become complicated. For instance, separate property may become marital property if assets are commingled. An inheritance, for example, that is deposited into a joint bank account and available to both spouses may be considered marital assets. Adding the other spouse’s name to the deed on a home owned before the marriage can also make it a marital asset.
How Are Marital Assets Divided in a Divorce in Lawrenceville, GA?
Under Georgia law, the division of marital property is designed to be “equitable.” This does not necessarily mean 50-50. The court can consider many factors when deciding how assets will be divided.
Factors that influence equitable distribution include:
- Each party’s financial needs
- Each party’s earning potential, general health, age, and education
- How much each party contributed to the marriage in terms of services, skills, and financial contributions
- How long the marriage lasted
- Each party’s conduct during the marriage, such as abuse or infidelity
- Whether there is a prenuptial or postnuptial agreement
- Whether either party has separate assets
- Tax consequences
Equitable division is a subjective decision made by a judge. Your divorce attorney will work to protect you from unfair division.
If one party is in poorer health, raised children, sacrificed higher education and employment opportunities, or suffered domestic violence, they may be entitled to a larger share of marital assets.
What Happens to the Marital Home in Divorce in Georgia?
The marital home is often the largest asset in a marriage. The home is about more than money; it may be where you raised your children and where you have lived for years. Whether the home should be retained and who should get the home is often a source of conflict.
What happens to the marital home depends on many factors. Spouses are permitted to reach an agreement on what will happen to the home. If an agreement can’t be reached, the court can decide the fate of the home based on Georgia’s asset division rules.
Even if the marital home was owned by just one spouse prior to marriage, the court may consider:
- How much each spouse contributed to the home
- How much of these contributions occurred during the marriage
- How much the home appreciated before during marriage
- Whether there are minor children
Selling the marital home may ensure the profits are distributed equitably. This is not always an option, especially if the mortgage exceeds the home’s value or one spouse wants to stay in the home with minor children. In this case, one spouse can keep the home indefinitely or for a period of time. The other spouse can receive additional marital assets to offset the value of the home.
What Happens to Marital Debt During Property Division in Lawrenceville, Georgia?
Debt in divorce is treated much like assets. There are two broad forms of debt: joint debt and individual debt. Debt can still be marital debt, even if it is only in one spouse’s name. For example, say one spouse is assigned liability for joint debt and fails to pay. In this case, the creditor can pursue both parties for the debt, and both will suffer damage to their credit.
Your Lawrenceville divorce lawyer can help you understand your potential liability for marital debt after a divorce and the steps you can take to mitigate your risk. This may include paying off all joint debt during the divorce, one spouse paying the other to eliminate joint debt, and canceling joint credit cards.
How Are Retirement Assets Treated in Divorce in Georgia?
Retirement assets earned during the marriage, such as IRAs, 401(k)s, and pensions, are all considered marital assets. The entire portion of retirement accounts and assets earned during the marriage are subject to division. It does not matter if retirement assets were earned by only one spouse.
The court can consider many factors when deciding how retirement funds should be distributed. This includes contributions the other spouse made to the marriage, the length of the marriage, and whether there was a reliance on future retirement benefits.
It is common for the court to allow the spouse who contributed to or earned the retirement assets to keep the entire retirement balance. In exchange, the other spouse may receive a larger share of other assets, such as a home. If there are no other large marital assets, the account may be divided.
Contact a Lawrenceville Property Division Lawyer for a Consultation
Georgia’s equitable division rules can seem like a fair approach to divorce. However, you don’t want a court to decide your financial future without skilled legal representation. Our divorce attorney can help you reach a satisfactory settlement agreement outside of court. If this is not possible, we will argue for a property division that is truly fair and protects you.
Contact Crystal Wright Law today for a consultation with a Lawrenceville property division lawyer.
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