5. Divorce Decree Flashcards
(48 cards)
What is the effect of a divorce decree?
A divorce decree permanently ends the marriage and determines property division, alimony, child support, and custody rights.
What is Equitable Division?
Georgia’s ‘equitable division’ principle divides marital property based on both monetary and non-monetary contributions, aiming for fairness under the circumstances.
Does Equitable Division require that the spouses’ shares upon divorce be equal in amount?
No, equitable division aims for overall fairness in asset distribution, not necessarily equal shares.
What is the first step in the Equitable division analysis?
Identify all property owned by either or both spouses and classify each asset as separate or marital.
What is marital property in Georgia?
Marital property is all property acquired by either spouse, individually or jointly, during the marriage, except separate property.
Can marital assets continue to accrue until the date of the final decree ending the marriage?
Yes, marital assets may continue to accrue until the date of the final decree ending the marriage.
What is Separate Property in Georgia?
Separate property includes gifts, legacies, property acquired before marriage, property excluded by agreement, and property awarded by judgment.
Do courts treat the separate property of one spouse as subject to equitable division?
No, separate property is not subject to equitable division.
What is the second step in the equitable division analysis?
Valuation of property. Property value must be established through evidence or agreed upon by the parties with court approval, determined as of the trial or hearing date.
Apportionment
Does a separate asset that appreciates in value during the marriage in itself transform that asset into marital property?
No, appreciation in value does not transform a separate asset into marital property.
Apportionment
What happens if the value of a separate asset is increased through marital funds or significant spouse labor?
It may be apportioned into separate and marital components.
Apportionment;
What is the source-of-funds rule?
Allows a spouse to retain an interest in nonmarital property proportionate to their contribution.
What happens when property types are commingled?
Contributed property assumes the marital or nonmarital status of the receiving estate.
However, if marital and nonmarital properties are mixed into newly acquired property, it is deemed marital property.
What is the first step in determining the marital residence’s status?
Look to see how the house is titled. If a residence is titled as a jointly held property, then it will be considered marital property.
Pensions and Retirement Accounts;
Both vested and unvested employee retirement accounts are marital property to be equitably divided to the extent accumulated during marriage.
Stock and Stock Options
If a stock that was separate property appreciate due to market forces or stock splits during the marriage, it remains _________
separate property
Stock and Stock Options;
If the stock’s value increases due to the efforts of either spouse, the increase is considered_________
martial property
Are professional degrees and licenses subject to equitable distribution?
No, they are not subject to equitable distribution.
Is a professional practice and goodwill subject to disposition as a marital asset?
Yes, they are subject to disposition as a marital asset.
How do Georgia courts divide personal injury damages?
They divide into marital and separate property components based on compensation type.
The damages are the separate property of the injured spouse to the extent that they represent compensation for pain and suffering of the individual spouse.
To the extent that the amount represents compensation for medical expenses or lost wages during the marriage, it is a marital asset.
Any amount included for loss of consortium is the separate property of the spouse who suffered the loss of consortium.
How are lottery winnings classified in Georgia during a marriage?
Generally considered marital property.
Expectancies;
Although a future interest in property may be treated as a current property interest subject to equitable distribution, an expected inheritance from a parent (where the parent is still alive at the time of the divorce) is
NOT subject to distribution.
What is alimony?
Alimony is an allowance out of one party’s estate made for the support of the other party when living separately.
What are the four types of alimony?
- Temporary alimony
- Rehabilitative alimony
- Permanent alimony