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Myths About Assets, Debts And Alimony
When it comes to assets, debts and alimony, many people have the same concerns. Just know that many common beliefs are simply not true!
Will I get 50 percent of all assets?
Not necessarily. In divorce, Georgia does not require the division to be 50-50. Sometimes a 50-50 division is not right, fair and just, so Georgia follows an equitable division standard. Your premarital assets will be indicated as your assets, and assets acquired during the marriage will not be taken away simply because they are not in your name. An equitable division ensures that you have the best shot at being stable after a separation and property division.
“Is it true that if the house is in my spouse’s name, it is her/his house no matter what?”
Everything acquired during marriage is considered marital property, even if it is solely in one party’s name. Things such as 401(k) accounts, the house, retirement funds, stocks, bonds, debt, rental property and premarital assets will be considered. Because Georgia is an equitable division state, all of these assets will be separated equitably.
“I make more money. Am I going to have to pay alimony?”
Alimony is based on one spouse’s need and the other spouse’s ability to pay. No one is guaranteed alimony. The length of the marriage is also a factor. Having an attorney who understands the nuances regarding rehabilitative and permanent alimony is important.
“The debt is in my name. Am I going to have to pay it?”
All debt acquired during a marriage is marital debt and is divided equitably between the parties. This means that a judge can determine how the debt is divided and how it will be paid.
“I was just served and the petition is asking for me to pay attorney’s fees! Will I have to pay?”
A lot of factors go into whether a party will be obligated to pay attorney’s fees. Don’t panic. Most petitions request fees and sometimes they are awarded, but there is no guarantee either way.
Have Further Questions?
Miriam Arnold-Johnson, PC, is ready to represent you in your family law matters. We will answer any questions you have and dispel any preconceived notions. For candid and helpful legal advice, contact us today at 404-692-6274, or feel free to send an email.
Our firm is in Snellville, Georgia. Attorney Arnold-Johnson represents clients throughout Gwinnett and all surrounding metro counties.