Owning a home is a significant life milestone. If you acquired a home while married, then it will almost certainly be classified as marital property. Thus, in the event of divorce, who gets to keep the marital home may become a subject of serious contention.
Dividing the value of a marital home is, without a doubt, a huge undertaking with several factors that should be taken into account. Here are a few options you may consider based on the facts of your divorce.
Sell the house
If neither of you wants to live in the house or if neither of you can afford it on your own, then you can sell off the home and add the proceeds to the value of your broader marital estate per Georgia marital property division laws.
Agree on a buyout plan
If one spouse expresses interest in keeping the home, the other party must be duly compensated. For this to happen, you may consider a buyout. This can happen in a couple of ways:
- The departing spouse may receive other assets in exchange for their share of the home
- The departing spouse may receive payment over time
The only risk to the buyout arrangement is that the buying spouse may end up over-paying for the home should it depreciate.
Co-own the home
Still, you may co-own the home with your spouse and rent it out for income or wait to sell at a later date. Do keep in mind, however, that co-owning means that you will be financially tied to your ex.
Protecting your interests
A marital home can be heavily contested during divorce. Learning more about Georgia marital property laws can help you safeguard your rights and interests when handling the subject of property division more broadly and your marital home specifically.