When two Parties are divorced, there has to be a splitting up of assets and debts. In the State of Georgia this is known as the “Equitable Division of Property.” While a great number of cases end up with a relatively equal division, equitable division does not mean equal division. The goal of equitable division of property is to provide a fair division of the property between the parties, based upon the circumstances and factors of the case, as well as the individual parties involved. 

These circumstances and factors can result in one party receiving a greater share of assets, or one party receiving a greater share of the debt. The different divisions can be based upon the parties’ respective incomes, earning capacities, custodial arrangements with children, potential premarital or separate estates, or other relevant factors. 

It is important to note that only marital property is subject to the equitable division of property. Marital property is property that was earned during the course of the marriage. For example, if one party owned a house that was completely paid off prior to the marriage, and the parties divorced, this property would not be subject to equitable division. The same goes for debts. Debts that are incurred during the course of the marriage are subject to equitable division. 

Sometimes the lines become blurred between what is marital and subject to equitable division. It is important to have knowledgeable counsel to help navigate through the issues. If you are facing a divorce and have questions regarding the equitable division of property, please give us a call at 770-939-1939.