Your family home has a lot more than just financial value, it has sentimental and emotional ties, too. That’s why figuring out how to divide it during a divorce can be particularly challenging and difficult. Oftentimes, deciding the fate of your home can involve a lot of conflict and dispute.
You might be wondering what rights you have to your home and what your options are. How do you decide who gets the house or what you should do with it after your divorce?
Georgia Property Laws And Divorce
Property laws are usually determined by state for divorce proceedings. Georgia is like most states and does not recognize community property. That means that you and your spouse are not entitled to equal ownership of property acquired during your marriage. That can make things more complicated.
In most cases, your family home is considered marital property, if you and your spouse bought it during your marriage. If it’s up to the courts, your home will be divided based on a variety of factors including:
- Financial status
- How much separate property is involved
- Future needs
The courts distribute property based on what they believe is fair.
What Are Your Options?
In some cases, you and your spouse can come to an arrangement regarding your house before the courts need to get involved. You have a few options for negotiating how your house will be distributed or handled. You can:
- Sell the house and divide the profits
- Come to an arrangement where one party buys out the other or makes a deal to take ownership of the house
- Continue to co-own the house and figure out a plan to navigate co-ownership
These are just a few potential options you can explore when coming to an agreement. However, you will need to carefully consider all your choices during this process.
Your house may have a lot of value, both immaterial and financial and it’s worth considering all the ramifications of your decision. You may want to start fresh in a new place, or you may want to give your kids consistency and stay in the house they grew up in. Divorce can involve many difficult decisions and it’s important to make them carefully.