A key part of any divorce proceeding is the division of assets, debts and
property. As Georgia is an equitable division state, the courts will use each party's individual and joint assets to help determine how marital assets, debts and property will be divided. Equitable division is not the same as equal division, so not all debts and assets will be divided straight down the middle.
For example, if one party incurred more debt than the other party, or had some of the existing debt prior to entering into the marriage, the judge may rule that party will maintain those particular debts after the dissolution of the marriage. If one party has more assets, or a significantly greater income, the judge may rule that party needs to take over a larger portion of the marital debts, pay spousal support or increased child support payments.
In some divorce cases, one or the other party may attempt to hide monetary assets and property ownership in an effort to prevent the other party from obtaining those assets during the divorce. The problem with this is that it is illegal and there are legal ramifications to hiding assets during a divorce. Even making a false statement about assets, debts or other issues during divorce proceedings can lead to a perjury charge, fines, and the potential dismissal of your case.
If you or a loved one needs legal assistance or representation during divorce proceedings, contact Henrickson & Sereebutra right away. As soon as you do, our Marietta divorce lawyers will be able to answer your questions, review your financial situation and work diligently to help you protect your assets and rights during your divorce proceedings.