Deciding on an equal distribution of liquid assets and minor belongings can be a difficult but often simple process. However, a family home or other shared property is not as easily split, especially if there is significant sentimental attachment.
While each case holds unique circumstances and varied outcomes, there are general guidelines for the division of the real estate in a divorce.
Georgia is an equitable distribution state. This means that any real estate owned by a married couple will likely fall into two categories: marital property or separate property. The ownership of any real estate that is part of the first category, marital property, qualifies for distribution discussions during mediation or court proceedings to decide who will retain possession. Houses and land that fall into the second category are exempt from the division process under most circumstances.
Division of property
Deciding how best to divide a home filled with shared memories and nostalgia is a difficult task, and oftentimes it is not possible for both parties to be happy with the outcome. Many factors impact the decision of who will retain a house. Each person’s ability to maintain costs, such as mortgage and property tax, as well as both parties’ income potentials are usually considered. In cases where child custody is also a factor, the custodial parent often maintains ownership of the family home.
Even though complicated disputes like these rarely provide equal separation of assets, it is important to keep in mind that a fair resolution is usually reached.