Margaret Gettle Washburn, P.C.
(770) 676-1191
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What will happen to our home in a divorce?

A marital home is one of the most significant assets many couples in Georgia own. In fact, for many people, it is the most significant asset. People put a lot of money, time and energy into owning a home which means that the investment isn't just financial. A marital home can also come with a lot emotional value.

This is why it can be so overwhelming to approach the subject of dividing up the home in a divorce. People are often very upset when it comes to moving, selling a home or living in a home that carries emotional value. If you are in this situation, however, you should know you have several options in terms of what to do with the marital home that can help you move forward in the direction you wish.

Most people will consider one of three options, according to this Reuters article.

  1. Selling the home: You and/or your spouse may want to sell the house if neither of you wants or can afford to keep it. In cases where the sale leaves you with a profit, you and your ex can divide that. However, you may have to agree to a loss if the home is likely to sell for less than it's worth.
  2. Renting out the home: If you and/or your spouse are not prepared to sell the home but neither of you wants to continue living in it, you may want to rent it out for a certain period of time. In these situations, it will be crucial to decide who will take over specific responsibilities like collecting rent, managing the property and responding to renter questions and concerns.
  3. Keeping the home: If you or your spouse wants to keep the home, the property will likely need to be reappraised and the person staying in the home will pay the other person his or her share of the equity. The person staying will also typically need to reapply for a new mortgage and may choose to redo the loan.

The resolution you ultimately reach will need to depend on the individual circumstances surrounding your house and your relationship with your ex. Discussing your concerns and wishes regarding your home and other real estate assets with an attorney can be crucial.

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Margaret Gettle Washburn, P.C.
4799 Sugarloaf Pkwy
Building J
Lawrenceville, GA 30044

Phone: 770-676-1191
Fax: 770-963-2828
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