Georgia has a relatively high divorce rate, compared to other states in the country. According to recent data, there are approximately 11 divorces for every 1,000 residents.
There is much for a divorcing couple to determine throughout the divorcing process. One of the biggest matters is who ends up with the house. In Georgia, a judge divides assets equitably, which is different from assets being divided equally. A judge considers many factors, including whose name is on the deed. There are several different ways a court may decide who receives the house after a divorce.
Buy out
One possibility is one spouse receives the house and uses it to raise children. Over a period of time, the spouse may buy out the former partner. After all children turn 18, it is also possible for the parent to sell the house and divide the profits between the two former partners. To determine who would actually live in the house, the court would consider the length of the marriage, each spouse’s income and the property’s overall value.
Joint ownership
It is unlikely a divorcing couple will want to share the same abode following a separation. However, one spouse can remain in the house while the other finds another place to live. The partner who lives elsewhere still makes mortgage payments and may need to partially pay for any repairs needed around the property. This allows the house to still build equity.
Sell the home
This is arguably the easiest route to take, so divorcing couples should seriously consider it. Essentially, the house is put on the market and sold before the former spouses divide the money earned between each other. There are some considerations to make before going down this route. Both partners should be able to purchase or rent another place to live following the court proceedings. This is the simplest option for couples who do not want to continue being involved with one another’s finances.
