In the State of Georgia the answer is both Yes, and No. It may matter a lot for tax purposes, but in most other instances, no, it does not matter. What matters is not whose name is on an asset, but rather whether the asset is marital or non-marital. Whose name is on the asset is generally irrelevant to a determination if the asset is marital or non-marital.
However, there are some instances where whose name is on the title is relevant. As an example, in some cases, by putting your spouse’s name on property, whether jointly or solely, can commute the asset from non-marital to a marital asset. This can be very significant in many cases.
Each issue must be individually examined. But, for the most part, whose name is on the title will not be relevant, except for some tax purposes, and except for some exceptions to the general rule. Your spouse, as an example, will have a marital interest in your 401K account, no matter if his or her name is not on the account, if the funds in the 401K account are otherwise marital in nature.
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Scott Shaw is founder and principle of Shaw Law Firm PC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.