Sell Your House During Divorce In Georgia in 2024

Introduction

A society expects married couples to experience a lifetime of marital bliss. But this isn’t the case; occasionally, bad things happen, and a marriage might end in a contentious divorce. Each partner wants to sell your house during divorce in Georgia.

The family home is typically the most extensive and costly item a couple buys together. But an obvious question emerges: what would happen to it in the event of a divorce? Is your only choice to sell the Georgia residence and divide the proceeds? Not at all!

Explore how to sell your home during a divorce in Georgia and continue reading the blog.

What Type of Property Matters in Georgia?

The laws governing the division of marital property in your state can significantly impact the terms of your settlement and selling a house during divorce. Mostly, it depends on whether you reside in a state with equitable distribution or communal property.

Community Property

In a state where community property exists, the earnings made during a marriage, the assets obtained, and the debts committed are divided equally between the two parties, regardless of their financial contributions. Both spouses equally contribute to maintaining the martial institution.

Therefore, even when only one spouse works and provides income for the family, the stay-at-home person is still responsible for caring for the family. Before one spouse adds the other to the title or bank account, assets owned before marriage become marital property. Any single spouse can’t sell a house during a divorce in Georgia.

Equitable Distribution

Unlike the previous scenario, equitable distribution aims for justice in dividing marital assets and debt following the divorce trial. Selling a house as a part of a divorce settlement gives both parties an equal chance. Fair does not necessarily mean equal because the divorce court would consider several things, including but not limited to parties’ post-divorce:

• Age
• Health
• Employability
• Income
• Financial status

After the divorce is finalized, the court decree usually includes spousal support.

Division by Mutual Agreement

Mutual agreement is an alternative method of allocating assets and debts without the inconveniences of legal proceedings. Neither Georgia divorcing spouse needs to hire a divorce lawyer or contact the court if they can agree on dividing their assets and obligations.

Large asset amounts are irrelevant because a voluntary agreement between spouses operates outside of judicial oversight. It ignores the need to adhere to state property division laws.

How to Divide a Property in Georgia During Divorce?

Selling a house during a divorce in Georgia is complex. Before taking any action related to a divorce in Georgia, it is good to speak with a legal company that can counsel you on your best options.

Divide Big Assets in Georgia

Divide the substantial assets with your spouse if you have shared assets. This may include but not limited to:

• a boat
• multiple cars
• a stock portfolio
• a vacation home

For instance, one spouse receives the family home, the collection of high-end cars, and the stocks, while the other gets the vacation house and the boat.

There is no need to wait for a real estate transaction, so this can save you time and prevent negotiations over the assets’ future value.

However, discussions erupt while selling your house during a divorce in Georgia. Get help from real estate appraisers to reach a just compromise. If there is not much amiability in the divorce, this can become difficult.

Sole Ownership for One Spouse

A partner can sell your house during divorce in Georgia to transfer the financial and legal stake to the other spouse. Pay roughly half of your home’s market value, depending on where you live. After that, apply for a new loan in your name only. Pay the monthly mortgage on a single salary and take on all liability risks. Maintain enough cash to manage property.

Selling a House During Divorce in Georgia

What if there is a difficult divorce?

You wouldn’t want to interact with your ex any longer than required if marital adultery was the reason for divorce. You would like to go on with your life as quickly as possible.

Make a wise decision and sell your house during a divorce to split the money received. You receive cash instead of splitting significant assets or buyouts, which need talks and appraisals in Georgia. As in the case of co-ownership, you will no longer be financially connected to one another when you sell.

Sell Your Home During Divorce To Birddog Investment Group

Are you struggling to sell a house during a divorce in Georgia? Contact Birddog Investment Group for a smooth sale. To avoid the complications of divorce, it’s better to discuss the matters regarding selling a home with your partner. With substantial results from the discussions, both partners can avoid serious consequences. At this stage, the intervention of real estate experts becomes inevitable—contact Birddog Investment Group to sell a property during a divorce in Georgia.

Conclusion

A fair legal evaluation is vital to know whether all of your property is marital or separate during a divorce in Georgia. The amount you will receive in a divorce depends on this evaluation. The split is equitable because Georgia is not a community property state. Whether to buy out your other partner or sell your residence is a decision you can make in consultation with the legal system and your real estate partner.

Frequently Asked Questions (FAQs)