Georgia Debt Division Information.
As in most states Georgia falls as a marital property state, which means what you acquire in the marriage is to be split as equally as possible in the divorce. The divorce courts try to be as fair as they can to both spouses in the divorce, and split the property and debt as equal as they can. Now spouses can have a write up during the marriage and can also agree with each other what they split in the divorce, without the divorce courts doing it, but if there is not an agreement between spouses, then the divorce courts step in and divide the property and debt. Not everything in a divorce is considered to be marital property, so lets take a look at what is not marital property in a divorce.
1. Property that you inherit from family or otherwise, that is named for you, is not considered to be marital property in a divorce, but your own separate property, be careful to keep all record, and do not commingle with marital property.
2. Gifts that were given to you as a gift from your spouse are considered to be separate property in a divorce, again it is good to keep all information as possible on your gifts.
Now this is a look at what the divorce courts consider when dividing your property and debt, if the spouses can not agree on anything in the divorce.
1. The divorce courts take a look at each spouses financial status, what they will be paying after the divorce, and the spouses assets.
2. The divorce courts take a look at each spouses income along with future potential earning ability.
3. The divorce courts look at each spouses debts and what the future needs of each spouse.
Remember when having the divorce courts, or if even you and your spouse are separating the debts and property to have all your information and paper work that you can find. Collecting and having this information can help when deciding what you will get in the divorce.