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Avoid property division fights in your divorce

| Apr 22, 2021 | Uncategorized |

You might have seen it coming, meaning that you suspected that your marriage was heading for divorce for quite some time before you actually filed a petition. On the other hand, you might be able to relate to spouses in Georgia and elsewhere who say that they were blindsided by their partners’ decisions to file for divorce or those who decided to file paperwork after discovering that their spouse was having an affair.  

Regardless of the exact details that led to a breakdown in your relationship, the months ahead will include many life changes, especially if you’re a parent. Perhaps you’ve prepared for other major events in the past, such as an important business meeting or a child’s birth. There’s always a certain amount of information you can know ahead of time but, also, a few unknowns, which might cause you to feel nervous or worried about the ultimate outcome of the situation. In a divorce, property division proceedings are often like that.  

Prepare for property division proceedings  

Dividing your marital property might evoke feelings of sadness, which is not uncommon in divorce, even if you’re the one who initiated the petition. The court will now split between you everything you once shared with your spouse. It’s natural to feel sad about such things. In this state, the family court operates under equitable property division guidelines, which means that the judge overseeing your case will determine a fair way to divide your assets, although that division will not necessarily be 50/50.  

The best way you can prepare for property division proceedings is to know what assets you possess and what liabilities you and your spouse currently have. It’s also a good idea to compile a list of your needs and the goals you hope to achieve in a settlement. Getting all important documents in order ahead of time, such as bank statements, tax information, etc., may help you avoid delays during proceedings. 

How to avoid confrontation 

The court cannot make a property division decision without first becoming aware of the exact assets you own and debt you owe. It is critical for you and your spouse to be forthright and honest in order to ensure that you will obtain a fair settlement. If yours is a highnet-worth divorce, you’ll want to be thorough and cautious to protect your financial interests.  

If you and your spouse signed a prenuptial agreement or a postnuptial contract, the terms of the agreement may affect property division proceedings. For instance, did you assign separate ownership to a specific asset in your agreement? If so, such property will likely not be subject to division in your divorce.  

Know where to seek support as needed 

You might be a financial wizard who fully understands the ins and outs of property division proceedings in a Georgia divorce. More often than not, however, a spouse headed for court has only a basic understanding of the financial issues that must be resolved in order to achieve a fair settlement.  

It’s a good idea to speak to someone who is not only well-versed in the property division laws of this state, but one who can make recommendations and provide litigation support to help you protect your interests and to ensure that you receive all that you’re entitled to as you lay the groundwork for a new lifestyle.  

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