Table of Contents
What is Legitimation?
- How Does Legitimation Work?
- Why is Legitimation Important?
- Reach Out To FBA Law Today
What is Marital Property/Assets?
Marital property is defined as any assets acquired during a marriage. In the event of a divorce, determining the division of marital and separate property can be a complex process, which could be assisted through the use of mediation. In broad terms, marital property includes assets and debts that a couple acquires during their marriage. This can include homes, vehicles, retirement accounts, and even debts. Separate property, on the other hand, refers to assets that were owned by either spouse before the marriage or that were received as a gift or inheritance during the marriage. It’s important to note that laws and rules regarding the division of these properties can vary greatly between jurisdictions.
Valuing and Dividing Marital Property
The process of valuing and dividing marital property can be a complicated one, and it is often where disputes arise during a divorce. The first step is to make a comprehensive list of all marital property, including tangible items like houses and cars, financial assets like bank accounts and retirement funds, and intangible assets like patents or royalties. The valuation of these assets must be done fairly and accurately, often requiring the assistance of financial experts or appraisers. In some cases, the value of an asset can be determined by its current market value, while in others, it might be based on its potential future value.
Once all assets have been identified and valued, the division can begin. This process is usually guided by the principle of equitable distribution, which does not necessarily mean an equal split, but rather a fair one based on various factors such as the length of the marriage, each spouse’s economic circumstances, and contributions to marital assets.
Engaging Legal Counsel and Gathering Documentation
Engaging legal counsel and gathering proper documentation is a crucial step in any divorce procedure. For clients of FBA Law, this process is streamlined and efficient, ensuring that no valuable time or resources are wasted. Our legal team works closely with clients to compile a comprehensive list of all assets and liabilities, which includes not only tangible items but also intangible ones such as intellectual property rights or business interests
Our lawyers also guide clients in gathering and organizing necessary documentation such as property deeds, vehicle titles, financial statements, tax returns, and other relevant records. These documents play a pivotal role in establishing ownership and value of assets and debts. It’s also important to trace any potential separate property that may have commingled with marital assets throughout the marriage.
Property Division Scenarios and Outcomes
Property division scenarios can vary greatly depending on the specific circumstances of the divorcing couple. For instance, one common scenario involves the division of the marital home. In such a case, one party might be awarded the home but may need to buy out the other party’s interest. Alternatively, the asset might be sold and the proceeds divided between the two parties. Another common scenario involves the division of retirement accounts. This can be particularly complex due to the intricate tax implications and potential penalties involved with dividing such accounts.
Modifying the Final Judgment and Order
Modifying the final judgment and order is not a straightforward process and often requires legal expertise. In the state of Georgia, changes to the final decree of divorce are allowed as it relates to custody, visitation, change support, and alimony under specific circumstances such as a significant change in financial status, health condition, or living condition of either party.
FBA Law is not only well-versed in Georgia’s modification laws but is also adept at strategizing amendment petitions, ensuring they best represent the altering circumstances of their clients. Our comprehensive approach includes an in-depth evaluation of the existing agreement, the recent changes, and how these changes impact the client’s financial stability or parenting capabilities.
Understanding Obligations After Divorce
Understanding a prenuptial agreement, property, debt, and support obligations after divorce can seem overwhelming, but the right guidance can make all the difference. By choosing the experienced Georgia divorce attorneys at FBA Law, you can navigate this complex process with confidence, assured by their expertise and dedication to their client’s cause. Our experienced team will work diligently to protect your interests and ensure you fully understand your obligations and rights in the aftermath of divorce. With our professional advice and comprehensive services, you can make informed decisions tailored to your unique circumstances, ensuring a smoother transition to your post-divorce life.
