Property division can be complex and heated, especially when significant assets are involved. Spouses should be aware of their rights and obligations when going through the property division process.
The Georgia divorce between reality TV star Porsha Williams and former NFL player Kordell Stewart has been finalized. In the divorce agreement, Porsha will not receive alimony from her former husband, nor will she receive any of his retirement assets or homes. Additionally, she will be responsible for paying off her own credit card debts. Kordell, on the other hand, keeps both of his homes, in addition to vehicles, benefits and full interest in his businesses. According to reports, Porsha lost her previous home before the marriage because of a failure to pay taxes. Her name was therefore not put on any of the couple's assets and they were to be considered separate property.
When a couple divorces, their property and assets must be distributed by agreement or order of the court. Whether property is subject to distribution is based on how it is classified. If property is determined to be separate property, it will not be distributed between the parties and will instead go to the party that brought it into the marriage or owned it. Any property brought into the marriage by one party or acquired by them through inheritance or gift is considered separate property. On the other hand, property that is classified as marital property is subject to distribution between the parties. Marital property is any assets or debts acquired by the parties during the course of the marriage.
Once the property has been classified, it must be distributed according to the laws of the state where the divorce is taking place. Georgia, like the majority of other states, applies the equitable distribution method. Under equitable distribution, property is distributed between the spouses according to what is fair based on the circumstances of their case, which is not necessarily equally.
Spouses should be aware of the complexities of property division and the laws governing such distribution in their state. A family law attorney can assist a spouse throughout the property distribution process and help him or her achieve the best outcome possible.
Source: Wetpaint, "Porsha Stewart's Divorce Settlement Finalized: What Did She Get From Kordell?," Samantha Lear, Mar. 12, 2014