If you and your spouse are planning to get a divorce, you might be wondering who gets to keep the house under Georgia law. Numerous factors can impact property-related issues in your case, making it advisable to work with an attorney who is familiar with asset division and marital property.
Whether you want to keep the house or have a different outcome in mind, our firm can help you pursue the best outcome for you. An attorney from our team can protect your interests and manage all aspects of negotiating an optimal property settlement.
Marital vs. Separate Property in Divorce
When you are facing divorce proceedings, you will want to consider how the division of your marital assets will proceed and what assets will be kept separate. Marital assets are those acquired by either spouse during the marriage. Separate property includes any assets acquired by either spouse before the marriage and certain assets accumulated during the marriage, such as gifts or inheritances.
Depending on how and when the family home was acquired, it may be treated as marital property or separate property. However, in most cases, the family home is classified as a marital asset, and each spouse is entitled to an equitable share of its value. Georgia is one of many states that adheres to the legal principle of equitable distribution.
This means that marital assets are divided fairly and equitably, although that may not mean that they are divided equally. Separate assets are not subject to division under equitable distribution laws. However, there are circumstances where separate assets can become commingled with marital assets and may be subject to division.
There are several vital steps involved in dividing marital property, including conducting an inventory as well as determining the appropriate value of all assets and liabilities belonging to both parties. Next, these assets must be categorized as either marital property or separate property. Finally, the assets and liabilities would be divided.
How the Family Home Is Treated in a Divorce
Property division proceedings may involve a wide range of assets, including retirement accounts, businesses, artwork, automobiles, and bank accounts. Still, the division of the family home and how it is treated will often be one of the most central issues in a divorce case.
If you purchased the family home while you were married to your spouse, it is marital property. A few narrow exceptions exist where the family home may be classified as separate property, such as if it was purchased and paid off before the marriage or was an inherited home.
A divorcing couple does not need to live separately or have one party move out of the house to seek the dissolution of the marriage. While filing for divorce does not necessarily force you to sell the house, a judge may order its sale if you and your spouse disagree about how to divide the family home.
An attorney can help you determine the value of the home, understand the equity, and negotiate with your spouse for a fair exchange of assets or to buy out your spouse. If you and your spouse are unable to reach an agreement about how to handle the house in the divorce, the case may proceed before a judge to determine.
Contact a Georgia Divorce Attorney for Legal Assistance With Dividing Assets
If you are facing divorce in Georgia and have concerns about what happens to the house, you should consult with a family law attorney who has experience in property division matters. Our firm can help you address these sensitive issues while safeguarding your right to marital assets.
Whether the matter of the family home can be resolved through negotiation or mediation, or the case proceeds to court, you need an attorney advocating for your interests every step of the way. Contact the Atlanta Divorce Law Group today to discuss your concerns in a one-on-one legal consultation.
