You’re wondering is Georgia a community property state.
Are you going to be getting 50% of your assets you’ve busted your butt to earn during your marriage or are you going to “get what’s fair?”
Even worse, is your spouse going to get a ton of your money that they don’t deserve?
This article covers the ins and out of Georgia’s marital property and community property laws.
So, let’s dig in.
What Does Community Property Mean?
Community property means marital property. It’s any assets, income, or debts that are acquired during the marriage. Community property can also be a separate property that has used marital funds to upkeep during the marriage. Community property means that both spouses own the property equally and there is an absolute 50/50 split in a divorce.
What is considered community property in divorce?
In a divorce, community property is considered everything that the spouses own together. Community property includes income, assets, and debts that either spouse acquired. But, community property is not considered gifts or inheritance in a divorce.
What is a community property state and how does it work?
A community property state is a state where spouses own an absolute 50/50 split of everything acquired during the marriage. This includes all income earned, debts acquired, and property acquired during the marriage. In community property states, everything is split 50/50 during a divorce.
Is Georgia A Community Property State?
Georgia is not a community property state. Georgia is an equitable distribution state. In a community property state, there is an absolute 50/50 split of all property acquired during the marriage. Equitable distribution divides property fairly, which is not always 50/50.
What is considered community property in Georgia?
When it comes to what is considered community property in Georgia, it’s critical to know that Georgia does not recognize community property where assets and debts are split 50/50 down the middle. Georgia follows an equitable distribution method where they split assets and debts ‘fairly.’
Is Georgia a 50 50 state when it comes to divorce?
Georgia is not a 50/50 state when it comes to divorce. Georgia is an equitable distribution state where things are split ‘fairly’ between the spouses. But, equitable distribution can mean a 50/50 split, unless one spouse deserves a larger amount of the marital property.
Who gets the house in a divorce in Georgia?
Who gets the house in a divorce in Georgia depends on when the house was bought. If the house was bought before the marriage, then it’s separate property and the original owner keeps it. If the house was bought during the marriage, it’s marital property and subject to equitable distribution.
Community Property Divorce
For community property divorce, the marital property is divided equally between the spouses and each spouse gets to keep their separate property in the divorce. A community property divorce indicates that the marital property is split absolutely 50/50 down the middle.
When does separate property become community property?
Separate property becomes community property when marital funds are used to upkeep separate property. If a house is separate property, but marital funds are used to pay the mortgage, then the house that’s separate property is now community property.
Community Property Rules
Community property rules state that the assets and debts are split exactly 50/50 down the middle. And, per community property rules, all assets and debts acquired during the marriage are subject to division.