Dividing property pursuant to a divorce is done based on the rules of the state in which a couple resides. These rules are different from state to state and spouses must be aware of their responsibilities to accurately report assets and not try to hide them or deceive the other party regarding their value. Georgia happens to be an equitable distribution state.
The wife of the CEO of Kforce has recently filed a motion to amend her divorce petition on the allegations that her husband and a law firm conspired to inappropriately transfer 600,000 shares in the company. She claims they made this move in order to reduce the marital assets that would be subject to distribution between the parties. Among the other allegations surrounding the case, the law firm in question represented both spouses and when the divorce began, the firm acted in favor of the husband at the expense of the wife by helping him transfer stock to trusts and to his children from a previous marriage. The wife also alleges that the husband and others spiritually abused her during the marriage.
During a divorce, some states apply the community property method in which property is classified as separate or marital property, and marital property is divided evenly between the spouses. The majority of states, including Georgia, use the equitable distribution method instead. Under this method, property is classified the same way, but the property subject to distribution is divided based on what is fair under the circumstances, rather than equally. So, one party may receive more assets than the other if there are circumstances that support such a determination. In classifying property, separate property is any asset that a spouse brought into the marriage, or acquired through inheritance or gift. Marital property, on the other hand, is an asset acquired during the marriage and that is subject to distribution in the event of a divorce between the parties.
Property distribution can be hotly contested during a divorce, as each spouse wants the maximum amount of assets to live on after the divorce. A party seeking a divorce may want the guidance of a family law attorney to explain their rights and required documentation for property division and help them receive the most assets allowed in their case.
Source: Tampa Bay Business Journal, "Dunkel divorce filing alleges Kforce CEO, law firm conspiracy," Jane Meinhardt, Dec. 4, 2013
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