A divorce can be a stressful and emotional time for any couple to go through. On top of the emotional toll, there are also legal and financial implications to consider, such as what happens to a joint bank account. In Georgia, there are specific laws and guidelines that determine what happens to a joint bank account in a divorce. Here’s what you need to know:
Understanding community property in Georgia
Georgia is not a community property state, which means that all assets and debts acquired during the marriage are not necessarily divided equally in a divorce. Instead, Georgia follows an equitable distribution model, which means that assets and debts are divided fairly and reasonably based on a number of factors, such as each spouse’s financial contributions to the marriage, their earning potential, and their needs and obligations post-divorce.
The fate of a joint bank account in a Georgia divorce
Since Georgia does not follow community property laws, the fate of a joint bank account in a divorce will depend on a number of factors, such as who contributed to the account and what the money was used for. Here are a few scenarios that could play out:
Scenario 1: Both spouses contributed equally to the account
If both spouses contributed equally to the joint account, then it’s likely that the account will be divided equally in the divorce. This means that each spouse will receive 50% of the account balance.
Scenario 2: One spouse contributed more to the account
If one spouse contributed more to the joint account than the other, then the account may be divided proportionally. For example, if one spouse contributed two-thirds of the account balance and the other contributed one-third, then the account may be divided accordingly.
Scenario 3: The joint account was used for marital expenses
If the joint account was used to pay for marital expenses, such as mortgage payments, car payments, or household bills, then the account may be considered marital property and subject to division in the divorce.
Scenario 4: The joint account was used for non-marital expenses
If one spouse used the joint account for non-marital expenses, such as gambling or personal purchases, then they may have to reimburse the other spouse for their share of the funds that were used for non-marital purposes.
How to protect yourself and your assets
To protect yourself and your assets in the event of a divorce, it’s important to keep your finances separate and maintain your own individual bank account. However, if you do have a joint bank account with your spouse, make sure to keep accurate records of all deposits and withdrawals, and document any non-marital expenses that were made using the account.
Consulting with a divorce attorney
Divorce can be a complicated and emotionally charged process, and it’s important to have a skilled and experienced attorney on your side. A divorce attorney can help you navigate the legal and financial aspects of a divorce, including the division of joint assets such as a bank account.
Conclusion
In a Georgia divorce, the fate of a joint bank account will depend on a number of factors, such as each spouse’s contributions to the account and how the funds were used. To protect yourself and your assets, it’s important to keep accurate records and consult with a skilled divorce attorney.