Clients ask us all the time: “What am I entitled to in the divorce?”
This is a tricky question. Georgia is an equitable distribution state which means whatever assets and debts are determined to be marital property are subject to “equitable” distribution between the parties upon divorce.
So the first question to answer when it comes to the division of assets and debts is what counts as marital property that is subject to division. There are some major categories that are easily identifiable as NOT marital property such as gifts and inheritances, but other items may not be as clear.
For example, one party may have a significant retirement account that normally would be considered marital property. However, if a large portion was accumulated before the marriage, that portion of the retirement account may be deemed to belong solely to the individual. Trickier questions include the issue of settlement awards, real property, and personal items. Also, while an asset might have originally been non-marital, a change in title or mixing it with marital assets might convert the asset to a marital asset.
Another issue under division during a divorce is the question of debts and who will be responsible for paying the debts upon divorce. It may seem simple if each party has credit card debt in their own names, but things can become complicated if one party used the credit card on behalf of the other, or only used it because one party was the sole bread winner.
An issue that comes up often is student loans. One party may have a large amount student loan debt. Generally, student loans are personal and belong to that individual even during and after divorce. However, some student loan exceptions may include: if there is a co-signor or co-guarantor on the loan, if the parties took the loans out jointly, if one party worked to support the other party while they attended school, or if a portion of the student loan funds was used for marital expenses (rent, car payment, etc.).
Don’t try to answer these questions on your own without legal counsel. Contact the experienced attorneys of Spooner & Associates to avoid costly missteps during a divorce.