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Divorce: What Happens to Real Estate and Other Large Assets?

19th May 2010
By SullivJe in Divorce
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Attorneys and lawyers both understand that you worked hard for what you have.The results of your hard work may be represented by your home, car, or perhaps a significant savings or investment account.

Georgia law states that all assets and debts, large or otherwise, acquired during the marriage are to be "equitably divided" when a couple divorces. This means that such assets and debts might not get split down the middle, although that is a starting presumption. Ultimately, the way in which your assets are divided between you and your spouse, is left in the hands of the court.

In equitably dividing property and debts, the factors to consider include the contributions of each spouse to the marriage (financial and non-financial), the conduct of the spouses, and each spouse's overall earning capacity and financial condition. The court is allowed wide discretion when making these decisions.

Some possible exceptions

By seeking the counsel of an experienced Georgia and Cobb County matrimonial law firm, you may find that not all of the property owned by one or both spouses is marital property. For instance, any property you brought into the marriage, as well as property you inherited during the marriage, is deemed separate property and is not part of the marital property division. In addition, any gifts you received, as long as they were not given to you by your spouse, are exempt from equitable division. A savvy matrimonial lawyer in Cobb County Georgia, can tell you how to best protect your assets, both during your divorce and in your new life to come.

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