Numerous determinations need to be made when a divorce occurs, including the distribution of all marital property to the two parties. Property division can become one of the most heated as it dictates who is granted assets and the proportion to which they're granted to each respective party.
NBA player Tim Duncan and his wife recently settled their divorce case out of court. Duncan's wife filed for divorce a few months ago amidst allegations that both parties were cheating. The former couple opted to settle their case out of court to avoid unwanted publicity, so no details of the divorce are currently available. The couple has two children together and have been married for the last twelve years, composing most of Duncan's professional basketball career.
There are two methods for distributing property in the event of a divorce, community property and equitable division. A few states apply the community property method in which all property is considered community or separate property. All community property is then distributed evenly between the couple, while the original owner retains all separate property. The majority of states apply equitable division, including Georgia, in which property is divided equitably, but not necessarily evenly, between the parties. Any property acquired by one spouse prior to the marriage of obtained as an inheritance or a gift during the marriage is exempt from equitable property division. One party may be awarded a larger amount of the community property based on the circumstances of their case.
Determining how to equitably distribute property amongst divorcing spouses can be incredibly difficult. Seeking the guidance of an attorney skilled in dealing with such divorce-related matters can provide a divorcing spouse with a better idea of what to expect and all responsibilities associated with being granted certain types of assets.
Source: Huffington Post, "Tim Duncan Divorce Finalized In Secret Hearing," Aug. 21, 2013