The divorce process is complex, and there are a number of details that a person must keep in mind.
One of the important steps that must be taken in preparation for divorce discussions is making a list of what you and your spouse own (assets) and owe (debts). Many people discover that thoroughly preparing this facilitates negotiations on how property should be divided during a divorce.
By taking adequate steps to list all of your assets and debts, you are making the divorce process easier for everyone involved. If either spouse fails to properly include all assets and debts, either by mistake or in an effort to conceal financial details, challenges can arise and the whole divorce process can take much longer.
Some cases of asset concealment might even result in subsequent litigation following a divorce. As a result, it is in your best interest to make sure that you properly list your assets and debts from the beginning.
The Division of Marital Property in Georgia
Marital property in Georgia is classified as any real or personal property that is acquired by a spouse during the course of a marriage. Courts in Georgia follow equitable distribution rules, which means that marital property is divided in a divorce based on what the court decides is fair and justifiable.
By creating a list of your assets as well as debts, you can avoid complications and accusations that you are attempting to hide property.
Logging Your Assets
Your assets include any possessions, properties, or other items that are of a positive value. Details about all of these assets should be documented before beginning the property division process. It can be difficult to decide how to record information about your assets. One of the best first steps to take is reviewing all of your important financial documentation.
For individuals who have a number of assets, it is often helpful to obtain the assistance of an accountant who can sort through these details. Some people also discover that it is helpful to hire an appraiser to determine the value of certain property.
Record Details of Your Debts
After successfully documenting your assets, it is still necessary to list any debts that you might have. Some of the most common types of debts that people have include home loans, personal loans, auto loans, medical bills, and student loans.
A large number of debts that are acquired during a couple’s marriage are viewed as marital property. Because Georgia is classified as an equitable distribution state, one spouse is always at the risk of having more than half of the marital debt assigned in a divorce.
By understanding the amount of debt involved early on, however, an experienced divorce attorney can help you prepare for this situation.
Speak With a Family Law Attorney
There are a number of complex issues involved with divorce, which is why the assistance of an experienced attorney is often particularly valuable. Contact an experienced attorney at Vayman & Teitelbaum P.C. to schedule a free case evaluation.