Working To Obtain A Fair Distribution Of Debts And Assets
Divorcing spouses will need to come together to determine an equitable division of their assets and their liabilities. This division can have a significant impact on your long-term financial future. It is important to speak with a lawyer who can help you obtain a fair outcome that helps you successfully navigate into the next phase of your life.
The attorneys at McMahan Perry & Phillips, LLC, commit to obtaining the best result we can for our clients. We take the time to thoroughly analysis your assets and liabilities and use this understanding to develop a plan that prioritizes your interests following divorce.
The Division Of Debt And Assets In Georgia
There are two factors courts will consider when determining what will ultimately be a fair division of property. The first is dividing the spouses’ belongings into marital and separate assets:
- Marital assets and debts are acquired by the couple during the course of their marriage, such as retirement savings and credit card debt. The court will divide these assets between both parties during divorce proceedings.
- Separate assets and debts are acquired outside of the marriage and are omitted from divorce proceedings. Separate property may include assets acquired prior to the marriage, as well as any gifts or inheritances acquired by a single spouse.
Once all marital assets are identified, the court will divide them between both spouses equitably. An equitable distribution is a 50-50 split, but that does not have to be the case. A judge may award one spouse based on several factors, such as age and financial need, among others.
Pursuing Every Option To Resolve Your Legal Matters
Our firm always seeks to solve your asset division dispute as amicably as possible. With a licensed mediator on our team, we can reach an agreement via negotiation that works for both parties. However, when mediation is not in your best interest, our seasoned litigators will fight for you in court.
We invite you to contact our Carrollton office to schedule an initial consultation. We proudly represent clients in Carroll County and throughout west Georgia.