While there are many reasons one might wish to keep a home following a divorce, it may make sense in many cases to sell the home instead. Here is what Georgia residents need to know when evaluating what to do with a marital house.
Georgia couples that are divorcing will also be negotiating over what share of the assets each person should get. Part of this negotiation might include the decision to sell the family home. In order to get the most for their home, divorcing couples should work together to get it ready for sale and through the selling process.
Homeowners in Georgia who have gone through a divorce should carefully consider how they handle their mortgage. In many cases, refinancing a mortgage once held by both ex-spouses may be the best decision.
As part of a divorce settlement, a person may be ordered to pay some or all marital debts. This may mean that a Georgia resident is required to make car loan payments even if his or her name isn't on the account. However, if a person's name is not on the account, there is no need to make payments absent a court order.
When a Georgia couple gets a divorce, one of the decisions that must be made is how property will be divided. The first step is deciding what is marital property and what is separate property that belongs to individuals. Marital property will tend to be assets that are acquired during the marriage such as income, real estate, some insurance policies, stocks and bonds, and vehicles. Separate property may include assets that each person brought into the marriage, inheritances, gifts and any items that the two people divorcing agree count as separate property.