Hey y’all, it’s Paige Navarro! I wanted to answer a quick question that we get a lot from anyone who is considering a divorce or is about to go through a divorce. If your name is not on the title to your residence or the mortgage, you may be wondering:
“Do I have an interest in my marital residence even if my name is not on it?”
The answer essentially is: if the property is obtained during the marriage, or if your marital efforts have increased the value of that property, it’s likely that that property is considered “marital property” and is eligible for “equitable division.” Aside from your home, marital property can include cars, each spouse’s 401Ks (at least retirement portions accrued during the marriage), and any other assets or debts acquired during the marriage.
How Will the Marital Property Be Divided?
Assets that are determined to be marital property will then have to be divided by the judge through equitable division. In Georgia, equitable division does not necessarily mean equal distribution. He or she can divide things equally or by some other percentage, i.e., 60%/40%, 70%/30%, etc. The distribution of the property is determined by the judge based on the circumstances of the case, which can include:
- Each spouse’s financial status
- If any alimony is being awarded
- Each spouse’s behavior towards each other during the marriage
The end result is this: if your name is not on the property, but it was acquired during the marriage; or, if your marital efforts have increased the value, it’s very likely that we’ll be able to make that argument to the judge. We will likely be able to get you at least some portion of the equity in that marital residence.
We know the divorce process is tough. Having an experienced and supportive divorce attorney on your side can help smooth the process. If you have any more questions about the division of marital property, call us or contact us.