Though not always the case, spouses who have only been married for a couple of years naturally acquire fewer marital assets than those together for longer. And for spouses who find themselves separating before they can even acquire assets together, it may come as a concern whether they have to go through property division during the divorce proceedings.
Mutual agreement to no-asset divorce
Divorcing spouses can decide for themselves to skip property division altogether if there are no assets to divide. Prior to the petition to divorce, the spouses can enter into an agreement stating that there is no property to divide. This will still be subject to the court’s review to ensure that there are no hidden assets and that the provisions are fair and just. When spouses mutually agree on the divorce terms, it can significantly minimize the duration of proceedings.
Take note of debts
In a divorce, Georgia courts equitably divide not only marital assets but also debts between spouses. This means that even if you did not acquire marital properties during the marriage, the court will equitably distribute any debts acquired between spouses. Of course, the court will consider several factors to decide what is a just and equitable distribution.
Many consider property division one of the most challenging steps in a divorce. But with little to no marital assets, divorcing spouses may be able to go through a simpler and quicker process. Spouses, however, are still highly recommended to carefully go through finances for any possible concealment. It is important to pay close attention to details to protect each party’s rights.
