Loss of Continuing Benefit and the Factors That Affect the Division of Property in Georgia Courts
Deciding how to divide property and assets in a divorce can be a complex process. Court judges consider a wide range of evidence to determine the value and ownership of assets and decide how to distribute them to both parties.
There are many factors that impact the court’s decision on the division of marital property. Loss of continuing benefit is one of the aspects that courts consider among many others.
Consulting with an experienced attorney can give you the legal resources and support you need to protect your assets.
Protecting Your Assets in a Divorce
Ownership of assets is one of the most important considerations to make in a divorce. You and your spouse may agree on how your shared assets will be divided.
But in many cases, both parties are unable to agree on the terms of the division of assets, and the courts must then decide for them.
The assets acquired during the marriage will be subject to equitable distribution, which is the process courts use to divide and allocate assets fairly.
These assets can include personal items, real estate property, stocks and other investment assets, automobiles, and even outstanding debts.
Many states have community property laws that divide marital property equally between both parties. But Georgia is an equitable distribution state, and its courts prioritize fairness over equality when dividing shared assets.
Loss of continuing benefit considers whether a spouse will lose some financial compensation as a result of the divorce.
Marital and Separate Property in Georgia
When and how your assets were acquired will play a major role in the outcome of your divorce. Property and assets that were acquired before you were married are considered “separate” while those acquired during the marriage are classified as “marital” property.
Marital property can include any wages earned by you or your spouse during the marriage as well as any interest you may have earned from personal or business investments.
Separate property can include real estate purchased before the marriage, inheritances, gifts, and financial accounts.
Some separate assets can be commingled with marital assets. For example, one spouse may use money from a previous inheritance to fund a shared business interest.
When separate assets are commingled with marital assets, they may be subject to equitable distribution in Georgia family courts.
How Loss of Continuing Benefit and Other Factors Will Determine How Your Assets Are Divided
Family court judges consider the loss of continuing benefit when deciding what assets will go to you and your spouse.
They look at you and your spouse’s earning capacity as well as the legal guardianship of children. Evidence of adultery, abuse, and other grounds for fault can also influence a judge’s decision on property division and distribution.
If there’s a significant gap between you and your spouse’s income and future financial opportunities, they may be granted a larger portion of the marital assets to offset the disparity.
The presence of medical conditions and other health concerns may also entitle you or your spouse to a larger percentage of your shared property.
Having an experienced legal professional can help you get the outcome you want in a court proceeding while protecting your assets and financial interests.