Asset and Debt Division During the Divorce Process

1. Asset and Debt Division During the Divorce Process When it comes to preparing for your divorce, compiling a list of your assets and debts is key for the property division process. You will need to document a full list of your finances, both those shared in your marriage and any of those you own or handle independently.

2. Why Is This Important? • Done properly, you will be able to better negotiate a fair divorce settlement that protects you now and into the future. • Done improperly, your divorce could end with a flawed division of assets and debts, leaving you to sort out the confusion and possible further legal action after the divorce is final. • Also, if you intentionally falsify or leave out financial information, you could face serious consequences, including a possible contempt of court charge.

3. Georgia State Divorce Property Division Basics • In the state of Georgia, all assets and debts shared during the marriage can be considered marital property, owned in equal parts by both spouses. • While each spouse may have their own separate assets (like heirlooms or a family inheritance) and debts (like school debt), anything acquired during the marriage can be considered marital property. • All marital property is divided equitably according to Georgia state laws. Equitable distribution is not the same as equal distribution, and one spouse may receive more funds or properties than the other depending on what the court defines as fair and justifiable.

4. Listing Your Assets • Your assets refer to all properties, possessions, accounts, businesses, investments, or any other items that have an associated cash value. • It is crucial that you document all assets before the property division process begins. • Sorting through all of your assets can be difficult, especially if you and your spouse accumulated a large number of assets during your time together or if you have more complex assets like stocks or business interest.

5. Where to Start • First, start by going through all of your important financial documents, accumulating all key files into a folder: • Personal bank accounts, shared accounts, retirement accounts, and credit cards. • Real estate properties, including the marital home, any vacation homes, income properties, land, etc. • Cars and recreational vehicles, including your daily driver, and any trailers, boats, motorcycles, and so on. • Investments, including life insurance accounts, retirement funds, annuities, stocks, intellectual property, bonds, etc. • If you own a business, document all business properties and accounts. You will likely need to consult with an accountant to determine the value of your business (discuss this with your attorney). • Personal belongings of high value, such as art, jewelry, instruments, antiques, etc. You may need to consult with an appraiser to determine value (discuss this with your attorney).

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