What is Considered Marital Property in Georgia? Navigating Divorce as a Business Owner

Table of Contents: 

What Is Marital Property in Georgia?  

Tips to Navigate Divorce for Business Owner in Georgia 

Protecting Your Georgia Business During Divorce 

Brown Dutton & Crider’s Experienced Attorneys Can Protect You and Your Business During Georgia Divorce 

If you are a Georgia business owner facing the complexities of divorce, you are likely concerned about the fate of your business assets and how they’ll be divided once everything is said and done. We recognize the importance of protecting your hard-earned assets, especially when a business is involved. Understanding marital property laws in Georgia is crucial to protecting your business during this challenging time. In this blog article, we will delve into what is considered marital property in Georgia and how it affects Georgia business owners. 

What is Marital Property in Georgia? 

Georgia follows an equitable distribution model for property division. This means that unlike community property states, where assets are divided equally, Georgia courts aim to distribute property fairly and equitably. Georgia divorce property division is based on fairness and the unique circumstances of your specific case rather than a 50/50 split.  

In Georgia, marital property generally encompasses assets acquired by either spouse during the marriage. This includes income, real estate, retirement funds, investments, and more importantly, businesses that have been established or expanded during the marriage. 

However, it is essential to note that not all property acquired during marriage is automatically classified as marital property. Assets obtained through inheritance or gifts to one spouse, as well as those defined in a prenuptial or postnuptial agreement as separate property, are excluded from the marital estate.  

Tips to Navigate Divorce for Business Owners in Georgia 

For Georgia business owners, the division of assets in a divorce can significantly impact the future of the company. To determine if your business is considered marital property, you need to: 

➡️ Complete a Business Valuation: Assessing the value of a business is a critical step in divorce proceedings. This involves reviewing financial records, determining the company’s worth, and discerning the portion attributable to marital efforts versus premarital or separate contributions. 

➡️ Look at Active and Passive Appreciation: In Georgia, the increase in value of a business during a marriage can be classified as marital property. However, distinguishing between active efforts by both spouses contributing to the growth versus passive appreciation due to market fluctuations or external factors is crucial.  

➡️ Understand Equitable Distribution: Georgia follows the principle of equitable distribution, meaning assets are divided fairly but not necessarily equally. The court considers various factors like each spouse’s financial contributions, the duration of the marriage, and the role each played in the business’s success. 

Protecting Your Georgia Business During Divorce 

Protecting your business during divorce in Georgia requires strategic legal guidance. Hiring an experienced divorce attorney can make all the difference in your case: 

✅ They provide legal expertise: Experienced attorneys will navigate the complex terrain of divorce with you, employing strategic approaches to safeguard your business interests while striving for an amicable resolution. 

✅ They collaborate with business valuation specialists: Divorce attorneys should collaborate with reputable valuation experts to accurately assess the worth of your business, ensuring a fair representation of its value in divorce proceedings. 

✅ They will advocate for you and your business: Your attorney will advocate fiercely on your behalf, employing negotiation tactics and litigation strategies to secure a favorable outcome for you and your business. 

Brown Dutton & Crider’s Experienced Attorneys Can Protect You and Your Business During a Georgia Divorce 

At Brown Dutton & Crider, our attorneys understand that the divorce process can be confusing and difficult to navigate alone, especially as a business owner. We will stand by your side, offering tailored legal counsel to protect you and your business during this challenging time.  

Your business matters and we are here to help you safeguard its future. If you have questions about your situation or are interested in meeting our team, contact the attorneys at Brown Dutton & Crider today. Call (678) 730-2578 or book a consultation now.