Deciding On How To Separate Assets During A Divorce
One of the biggest issues of a divorce is deciding which properties are considered community property and which properties are separate, as a general rule the assets that weren’t accumulated during the marriage could be considered separate properties. Aside from assets, debts will accumulated during the marriage will also need to split between both people.
Your first order of business is to bring to your Atlanta divorce attorney the list of assets which you believe are joint properties and which you believe are communal assets. Your family attorney will discuss this with you and make a determination of which assets will count as separate property. However some of the assets your spouse may try to have labelled as community property and you will have to show proof that the assets are separate. There are some assets which even if accumulated during marriage would be considered separate property, these include inheritance and gifts received during the marriage. However the appreciation of the inheritance, gifts or even stocks that appreciate will be considered joint assets.
The best thing for you to do is to prior to getting married is to have a prenuptial agreement that outlines how the assets and debts from the marriage will be handled. Your prenuptial marriage agreement can also state how children during the marriage will be handled in case of a divorce, even prior to the children being born. Although many people frown at the idea of prenuptial agreement prior to getting married, it’s similar to an insurance policy.
If the decision to split assets can’t be decided on amicably the courts will need to see all your financial information and make a determination of how the assets will be divided, in most cases the decision will be final. Your divorce attorney will need to give details on how the assets that you state to be separate from the joint assets were brought were made. Any assets purchased from a joint account will be considered to be community property.
It’s best of all the financial details can be handled without going to trial, as this usually involves a great amount of legal expenses, which will need to be paid. The time that the divorce attorneys will need to spend going through all the assets with experts can be expensive.
In many cases the whole assets won’t be able to split and one of the spouses will need to pay out the other party for the value of the asset, either a compromise to swap assets can be made or in most cases the sale of the asset will be necessary. If one spouse decides to pay off the value of the asset without bringing to market to gain the full monetary of the value, an expert appraiser will be necessary to determine the value of the asset and the value the other spouse should receive. In most divorce cases the largest value is the home which is often sold, split amongst the spouses.