No one plans to get divorced when they get married, and it is no one’s ideal experience. However, divorce does happen, and it can result in complicated and sometimes ugly battles over marital property when both parties are trying to protect real estate assets they gained before and during the marriage. Ideally, divorcing spouses should both work towards the most mutually beneficial and amicable outcome, but if you are going through a divorce in Georgia and think your assets might be in jeopardy, then it’s good to prepare yourself. Here are our 3 tips for how to protect real estate assets during divorce in Georgia, especially when the end goal is selling the home.
Tips for protecting your assets
Your top priority while trying to protect real estate assets when facing divorce in Georgia should be to keep a clear head so you can proceed logically and rationally. Going through a divorce can be turbulent and emotional, but its vital that you maintain focus in order to protect your hard-earned real estate property. You don’t want to wake up a few months from now and realize that the divorce court proceedings left you high and dry. It’s important to prepare yourself for the processes of divorce in Georgia so nothing takes you by surprise. Here is where you should start.
1. Get a divorce lawyer or mediator
While hiring a divorce lawyer isn’t necessary during the divorce process, it is something to consider in order to best protect real estate assets. A divorce lawyer might cost a bit of money, but they will be able to guide you through the divorce process in a number of ways:
- They can explain the general process for dividing assets during a divorce.
- They can help you classify your assets as separate or marital property.
- They can organize claims of separate property and correlating evidence.
- If you are going to court, they can walk you through the court procedures and ensure you are prepared and well-represented.
- They are professionals—it’s their job to keep a level head if you find yourself in a situation where you can’t.
Alternatively, you can consider hiring a mediator to help you and your spouse facilitate the agreement independently. This will be less costly and more efficient than paying attorney fees and going to court. A mediator will guide you and your spouse towards productive agreements about how best to split your marital property so you can move on as quickly as possible.
2. Learn about how courts divide assets during divorce in Georgia
Even if you hire an attorney or a mediator, it is smart to educate yourself about how property is divided during divorce in Georgia. This is the best way for your protect any real estate assets. First, assets are classified as either martial or separate property.
- Marital property includes assets that both partners contributed to during the marriage. For example, a home purchased during the marriage, or a property that each spouse contributed to by investing in renovations or updates, would qualify as marital property.
- Separate property, on the other hand, includes assets which are solely owned by one partner. This can be a property that one of the spouses purchased and fully paid off before the marriage, or a home that was inherited by one of the spouses.
Of course, there can be exceptions to any of these rules, and the details of your situation can impact exactly how property is classified and therefore split. This is why it can be a good idea to hire legal help if going to court to protect real estate assets. A divorce lawyer will be able to guide you through classifying your property as marital or separate if you are unsure.
Once property is classified, it will be up to either the court or the spouses themselves to split the assets. We live in an “equitable distribution” state, meaning that during divorce in Georgia, marital assets are divided fairly, rather than equally. This means that the division of assets is dependent on the individual details of your situation and the discretion of the court.
However, if you and your spouse can negotiate on your own terms or with the aid of mediator, these rules are moot. You are free to divide your assets in any way that you can both agree on. This would be the ideal way to protect real estate assets, but it may not be an option for everyone.
3. Inventory any non-marital property
Once you have an understanding of what both marital and separate property are, you need to review your assets and inventory any property that you believe will qualify as separate, or non-marital property.
It’s important that you provide any relevant documentation and evidence for your claim. In court, it will be necessary for you to prove that the property in question qualifies as separate and not marital property. This is the only way to ensure that the property legally remains yours when the court is splitting the assets.
Please also note that any prenuptial agreements that you and your spouse have can impact if your property is classified as marital or separate.
4. Value any marital property
The next step is to ensure that you know how much your marital property is valued at by having it appraised by a professional. The financial value of marital assets largely impacts how courts divide property in Georgia, combined with other factors. Even if you opt for handling the division of property through a mediator, it will be helpful to know the value of your assets so you and your spouse both know how to split everything as fairly as possible.
5. Account for your investments
You should be aware of the ways that you impacted the value of your property so you can ensure that you receive your fair portion of the proceeds if you choose to sell. For example, if you alone contributed to updates or repairs in your house that increased its value, either before, during, or after the marriage, you may be entitled to a larger portion of the proceeds after selling. Additionally, if you or your spouse has been making post-separation mortgage payments, this can alter the amount to be divided between you, and the distribution of the proceeds should be adjusted to account for these mortgage contributions.
Selling Your House Fast During Divorce in Georgia
If you and your divorcing spouse want to offload your marital property as quickly as possible, you might consider selling to a professional homebuyer. House buying companies can purchase your home as-is, offering a cash payment in order to close in as little as a month. By selling to a homebuyer, you can bypass the hassle of the traditional selling method by making a direct sale: no repairs, no additional fees, and no banks required.
Sell your house in Georgia for cash today with We Buy Houses In West Georgia. Fill out the form below to get your no-obligation cash offer started now!