Types of Property/Assets

In any divorce proceeding, the division of property is a critical aspect and Georgia law recognizes various type of property with distinct legal implications. Understanding the nuances of marital property, separate property, premarital property and inheritance is essential for achieving equitable outcomes for divorcing spouses. At Boyd Collar Nolen Tuggle & Roddenbery, our attorneys are here to guide you through these distinctions and advocate for your interests as we navigate the division of assets in your divorce.

Martial Property

Martial property is any real or personal property, assets or income acquired by the spouses during their marriage. The marital home, furniture, vehicles and any property purchased by the spouses during their marriage may also be considered marital property. Our team partners with forensic accountants, financial analysts, business valuation specialists and other experts to address the intricacies of your case effectively. From navigating multistate and international property issues to evaluating complex financial assets such as trust funds, stock options, restricted stock units, pensions, benefit plans and other compensation packages, our team is equipped to handle the complexities of property division with precision.

Separate Property

Separate property, sometimes called nonmarital property, is the property that one spouse brought into the marriage. Under Georgia law, each spouse’s separate property is not subject to equitable division because it was not generated or purchased during the marriage. If a spouse’s premarital property is comingled with marital property, there are ways to trace those funds, assets or property and parse them out upon divorce. Generally, there are two categories of property considered separate property: premarital property and inheritance.

• Premarital property is the property that one spouse generated or acquired prior to the marriage. It is not subject to equitable division upon divorce.
• Inheritance is property acquired by one spouse during the marriage by inheritance, gift, bequest or devise. It can be money, real estate or any other type of asset. Under Georgia law, inherited property is considered separate property, even if acquired during the marriage. It is important to note, however, that depending on the actions taken with the inherited property during the marriage, it could later become marital property and be subject to equitable division.

Our attorneys have successfully advocated for our clients’ interests in various asset matters, including real estate, severance pay, deferred compensation, stock options, stock awards as well as pension and retirement accounts.