People getting a divorce often worry about who will get the family home and other real estate. What happens to real estate in a divorce in Georgia depends on whether the family home is a marital asset. It also depends on whether the couple has children who have been living in the home and whether there are enough assets to achieve a fair division without selling the couple’s real estate.
Property division questions can get complicated and it is important to have a skilled attorney to guide you. Our family and divorce attorneys are skilled negotiators. Our team will work hard to ensure you meet your goals in your divorce.
How to Determine Whether Property Is a Marital Asset
Marital property is anything you or your spouse acquired together or as a couple, since you were married. It does not matter who paid for it, who uses it, or whose name is on the title or registration.
Property you owned before marriage and property you inherited or were given as a gift is considered separate property. However, one spouse could acquire an interest in the other’s separate property if they contributed to the increase in its value. A family law attorney can explain whether either of you might have an interest in the other’s separate property.
The family home and any other real estate purchased after you got married is marital property and you both have an interest in it. Georgia law requires an equitable distribution, which means the split need not be equal, but it must be fair.
How Equitable Distribution Works
People sometimes worry that a divorce will force them to sell their real estate. That is a legitimate concern, but a skilled legal professional can usually avoid it. However, when the couple has no minor children, selling the family home and dividing the proceeds may be the simplest way to handle property division.
When there are children, a judge often awards the family home to the spouse who spends the most time caring for them. Even when parents have joint custody arrangements, the children usually spend more time with one parent than the other. Courts often decide that it is best for the children to continue living in the family home most of the time.
When the family home is the couple’s most valuable asset, the spouse who receives the home may have to buy out the other. Judges try to avoid property division arrangements where the couple must liquidate their assets. When one spouse gets the family home, they may transfer other assets of appropriate value to the spouse who gives up the home.
Negotiated Settlements Usually Provide the Most Satisfactory Results
There is no formula that determines a fair distribution of assets. Instead, judges consider factors like:
- The length of the marriage;
- Each spouse’s financial contributions to the household;
- Each spouse’s homemaking and childcare activities;
- The value of each spouse’s separate property;
- The standard of living the couple enjoyed while married.
The judge can consider any other factors they think are relevant to making a fair division.
What a judge thinks is equitable under the circumstances might be very different from what you or your spouse think is fair. Couples who negotiate a property settlement retain control over the process and can come to an agreement they both think is fair. Many couples work with a mediator and their divorce lawyers to resolve property division issues outside of court.
Property division negotiations can be challenging, especially when a couple has complicated finances. Working with an attorney with a sophisticated grasp of finance and tax matters is important. A member of our family law team can provide you with peace of mind that your financial future is in good hands.
Consult an Experienced Family Law Attorney About Real Estate and Divorce
Financial worries are often a part of the divorce process. When you own your home or other real estate, you may be concerned the divorce will force you to sell.
When couples negotiate their property settlement, they can be more flexible and avoid a forced sale in many instances. Working with one of the skilled members of our family law team will help you meet your financial goals in the divorce. Call the Atlanta Divorce Law Group today.
