For most couples, the family home is their most valuable asset. During a divorce, this will be subject to property division. In Georgia, property is divided equitably in a divorce. This means that the court will carefully assess the financial circumstances of each spouse, and make an equitable judgment from there.
It’s possible that you and your spouse may be able to come to an agreement on the family home without high levels of conflict or court intervention. Here are some of your options.
Sell and share the proceeds
Selling the house and splitting the proceeds equitably is one way to resolve the issue quickly. This way, you and your spouse get to start afresh, with some money to put toward your new homes.
Divorce can be tough emotionally and continuing to live in the family home might bring back bad memories.
Another option is for one spouse to buy out the other. This may be ideal if one spouse wants to continue living there with the children. The more stability children have during divorce, the better they tend to cope with it. Continuing to live in the family home is a great source of stability.
This is a big financial commitment for the buying spouse, so they must carry out due diligence and make sure that the arrangement is sustainable.
If you’re in no rush and remain amicable with your spouse, then co-ownership could be a viable option. Again, this gives you the option of not having to move your children. You’ll also be able to wait and sell the home when the market is most favorable.
Ownership of the family home is just one of many divorce considerations. Having legal guidance behind you will help ensure that you make decisions that protect your interests.