Marital vs Nonmarital Property
South Metro Atlanta, GA Area
Over 44 Years of Experience
Nominated for The National Black Lawyers - Top 40 under 40
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Confidently Manage Your Property Division
When facing divorce or separation, understanding the difference between marital and nonmarital property is essential. This distinction is crucial because only marital property is subject to division under Georgia’s equitable distribution laws. The Law Offices of McGuire & Bullard, serving South Metro Atlanta, offers thorough guidance on property division. Our family attorneys provide tailored solutions to safeguard your assets and ensure fair distribution.
- Marital Property - In Georgia, marital property refers to assets and debts acquired by either spouse during the marriage. This includes income, real estate, personal property, investments, retirement accounts, and any other assets accumulated from the date of marriage until the date of separation. Marital property is subject to equitable distribution, meaning it is divided fairly, though not necessarily equally, between the spouses.
- Non-Marital (Separate) Property - Non-marital property, also known as separate property, includes assets owned by either spouse prior to the marriage, as well as inheritances or gifts received by one spouse individually during the marriage. Non-marital property is typically not subject to division in a divorce unless it has been commingled with marital property in such a way that it becomes indistinguishable.
This complex process doesn't have to be faced alone.
Contact us for guidance on marital vs nonmarital property matters.
Key Considerations for Property Division
Identifying marital or nonmarital property can be tricky. The Law Offices of McGuire & Bullard can assist in researching the following factors:
Acquisition Date
The date when an asset was acquired is a primary factor in determining whether it is marital or non-marital property. Assets acquired before the marriage are generally considered non-marital, while those acquired during the marriage are deemed marital. This applies to both physical assets and financial accounts.
Source of Funds
The source of funds used to acquire an asset can also impact its classification. For example, if one spouse uses their inheritance (a non-marital asset) to purchase a property, that property may be considered non-marital. However, if marital funds or joint accounts are used, the asset is likely classified as marital.
Commingling
Commingling occurs when non-marital assets are mixed with marital assets in a way that makes it challenging to distinguish between the two. For instance, depositing an inheritance into a joint bank account can transform that money into marital property. The commingling of assets can complicate the division process and may require tracing to determine the original nature of the assets.
Appreciation and Contributions
Any appreciation in the value of non-marital property during the marriage due to marital efforts or contributions may be considered marital property. For example, if one spouse owns a business before marriage, but both spouses contribute to its growth during the marriage, the increased value may be subject to division.
Process of Identifying and Classifying Property
Correctly classifying marital and nonmarital property is key to a fair divorce settlement. The Law Offices of McGuire & Bullard takes the following steps to accurately assess your property:
- Inventory and Documentation: The first step in property division is creating a comprehensive inventory of all assets and debts. This includes gathering documentation such as bank statements, property deeds, appraisals, and account statements to establish ownership and value.
- Valuation of Assets: Accurate valuation of assets is crucial for equitable division. This process may involve professional appraisals, especially for real estate, business interests, and valuable personal property. Proper valuation ensures that both marital and non-marital assets are appropriately identified and divided.
- Tracing and Evidence: If there is a dispute regarding the classification of an asset, tracing may be required to determine its origin and how it was maintained during the marriage. Tracing involves following the asset’s history and transactions to establish whether it has retained its non-marital status or become marital property due to commingling or contributions.
Protect what's yours by consulting our experienced attorneys.
Why Choose The Law Offices of McGuire & Bullard
For marital vs nonmarital property issues, selecting the right legal team is crucial. Our firm offers:
- 44+ years of combined experience
- Customized client solutions
- Georgia State and Henry County BAR membership
- Woman-owned and minority-owned perspective
- Established since 2013
- Nominated for The National Black Lawyers - Top 40 under 40
- South Metro Atlanta expertise
- Dedication to fair property division
Let our committed team guide you through this challenging process with expertise and empathy.
Secure Your Property Rights Today
Protect your financial future by clarifying marital vs nonmarital property issues. The Law Offices of McGuire & Bullard offers the knowledgeable representation you need during this crucial time. Our family attorneys will work diligently to protect your non-marital assets and ensure equitable property division. Contact us to schedule a consultation and begin securing your property rights.
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