In Georgia, assets acquired during a marriage are typically classified as joint property belonging to both spouses equally. This includes items such as real estate purchased after the wedding date, vehicles obtained while married, bank accounts opened or contributed to during the marriage, retirement benefits accrued during the marriage, and any increase in value of separate property if that increase resulted from marital efforts or funds. For example, if one spouse owned a house before the marriage, any increase in its value due to mortgage payments made with joint funds during the marriage is considered marital property. Conversely, inheritances, gifts received by one spouse individually, and anything owned separately before the marriage are generally considered separate property.
Understanding property division is crucial in situations like divorce or legal separation. A clear categorization of assets helps ensure a fair and equitable distribution of property between spouses, preventing potential disputes and facilitating a smoother legal process. This principle of equitable distribution, while not necessarily equal, aims for a just allocation based on factors like the length of the marriage, each spouse’s contributions, and their earning potential. Historically, many jurisdictions operated under different property regimes, often disadvantaging one spouse, usually the wife. The concept of equitable distribution arose to address these historical inequities.
