During a divorce, property division is one of the most contentious issues. In Georgia, property acquired during the marriage is generally considered “marital property” and is subject to division between the two spouses. One question that often arises is whether both spouses should be named on the title to owned property, such as a house or car. There are pros and cons to having property in both spouses’ names. But does it affect the division of property during a divorce?
What is Marital and Separate Property in Georgia?
In Georgia, marital property is any property acquired by either spouse during the marriage, regardless of which spouse holds the title. This includes real estate, vehicles, household furnishings, and retirement accounts.
Separate property, on the other hand, is a property that one spouse owns before marriage or acquires after the date of separation. Inheritances and gifts one spouse receives during the marriage may also be considered separate property. It is important to note that even if a piece of property is titled in one spouse’s name, it may still be considered marital property if it was acquired during the marriage and used for the benefit of both spouses.
Equitable Distribution Rules
Georgia follows the principle of “equitable distribution” when dividing property in a divorce. This means that the court will try to divide the marital property fairly, but not necessarily equally, between the two spouses. In making its determination, the court will consider several factors, including the marriage’s length, the spouses’ age and health, their income and earning potential, and any prior marriages. The court may also consider the contribution of each spouse to the acquisition, preservation, or appreciation of marital property.
It is important to note that equitable distribution does not necessarily mean a 50-50 split of the marital property. Instead, the court will use discretion to determine a fair division based on the case’s specific circumstances. If the spouses can agree on the division of their property, the court will generally approve the agreement as long as it is fair and reasonable. However, if the spouses cannot agree, the court will decide on the division of the property based on the evidence presented.
Pros and Cons of Putting Both Spouses’ Names on the Property Title
There are several pros and cons to consider when deciding whether to put both spouses’ names on a property title in Georgia.
One potential advantage of having both spouses’ names on the title is that it can protect if one spouse dies or becomes incapacitated. If one spouse’s name is not on the title, the surviving spouse may have to go through probate to inherit the property, which can be time-consuming and costly. Having both names on the title can also make it easier to sell or refinance the property in the future.
However, there are also potential downsides to consider. If the property is titled in both spouses’ names, it will be considered marital property and subject to division in a divorce. If the marriage ends, the court may award a portion of the property’s value to the other spouse as part of the divorce settlement. Additionally, if one spouse has poor credit or is facing financial difficulties, having their name on the title may put the property at risk of being seized to satisfy creditors.
If your name is not on the title to the property and you get divorced in Georgia, it does not necessarily mean that you will not have any rights to the property.
If you are going through a divorce and have questions about your rights to property that is not in your name, you should contact an experienced Atlanta divorce attorney who can help you understand your options.
How Can an Atlanta Divorce Lawyer Help?
An Atlanta divorce lawyer can be an invaluable resource regarding the division of assets during a divorce. An experienced divorce lawyer will be familiar with the laws and procedures and can assist you in gathering and organizing financial documents, such as bank statements, tax returns, and retirement account statements. They can also help you negotiate a settlement agreement with your spouse or represent you in court if necessary.
Contact Our Atlanta Divorce Lawyers
At Hobson & Hobson, P.C., our Atlanta divorce attorneys can help you explore all your legal options during a divorce. We know how to protect your assets, find hidden assets, and safeguard your future during this difficult time. Our law firm has considerable resources and the experience you need to protect you and your loved ones during a divorce.
Call us at (770) 284-6153 or fill out our confidential contact form. We can set up a consultation so that you can review all your legal options.
Attorney Sarah Hobson at Hobson and Hobson, P.C. are powerful advocates for those who fight for better futures for those going through divorce and custody law matters.
