Going through a divorce can be a challenging experience, and it’s best to eliminate any possible confusion that can make the situation harder. Understanding the intricacies of asset division is one of the best ways to make your divorce in Georgia go smoothly, especially if you’re deciding on something major, like who gets the house or how to divide any funds from selling the house. The division of real estate assets is a circumstantial process during divorce in Georgia; it is dependent on the unique traits of unique situations, but the basic deciding factors of who gets the house are largely the same.
Classifying Assets
Before you, your spouse, or a court can decide how to divide property in a divorce, all assets have to be classified as either separate or marital. Separate property includes property which only belongs to one spouse. Marital property, on the other hand, includes any asset owned by both spouses, though the property might not be legally in both spouses’ names. These are the assets which must be divided during divorce, and they usually include the marital home.
The lines between marital and separate property blur depending every case, so if you have questions about more specific qualifications of your property, consider contacting a divorce lawyer or a mediator to guide you through the process.
Factors in Asset Division
Once your marital assets have been determined, there are a number of factors which impact how courts choose to divide those assets. Property allocation during divorce in Georgia is determined by equitable distribution, which means that assets are divided fairly, rather than evenly, in court proceedings. Who gets the house in a divorce is up to the discretion of the court based on the unique circumstances. A few factors which often play into the court’s decision are:
- The total value and equity of the property
- Any remaining debts or mortgage payments on the property
- The physical and financial contributions of both spouses to the marital home
- The age and health (physical and mental) of each spouse
- The financial circumstances of each spouse
- Each partner’s income and earning capacity
- The reasons for the separation and divorce
- The custody of any children
The court will review these circumstances to determine how best to divide the marital home and any other jointly owned real estate properties. More often than not, the house will be sold and the proceeds split proportionately according to both spouses’ contributions to the home during the marriage. Alternatively, one spouse could negotiate to buy their partner’s legal interest in the property in order to gain sole ownership. In most divorce cases where children are involved, the spouse with primary custody will be granted the home; this is the most concrete rule of deciding who gets the house during divorce in Georgia.
However, there are exceptions to every rule. Because the division is up to the discretion of each court and every unique situation, there are few hard-and-fast rules to tell for certain which spouse, if either, will retain sole ownership of the home. In many situations, the spouses in court could even negotiate joint or temporary ownership of the property depending on the needs of their family, usually with the needs of any children of the marriage in mind.
On the other hand, spouses who divide their assets through a mediator will have much more flexibility in terms of how they choose to divide their assets. Working with a mediator allows the spouses to decide for themselves how best to split any marital property, whereas spouses in court are primarily at the mercy of the legal proceedings.
Is there are way to protect your real estate assets during divorce in Georgia?
There are several steps you can take to protect your real estate assets when going to divorce court. The most important thing is to keep a clear head while it is debated who gets the house. This is the best way to make sure you don’t get short-changed. Remain aware of the factors listed above and consult with a divorce lawyer in order to prepare for your case. Also remain aware of your property’s history and produce evidence of your contributions to the marital home. This will ensure that the allotted share decided by the court is as fair as possible.
Conclusion
In Georgia, it can be nearly impossible to tell who gets the house in a divorce. So many factors impact a court’s decision, but the most important thing is that you prepare yourself. Take stock of your contributions to the marital home, provide evidence of your financial investments in the property, and consult with legal professionals to get most fair outcome for all parties.
Selling Your House Fast During Divorce in Georgia
If you and your divorcing spouse want to offload your marital property and split the proceeds 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.
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