When a couple goes through a divorce in Cartersville, Georgia, the division of assets, including the family home, becomes a crucial aspect of the process. Here’s an overview of how property division, specifically the family home, is handled in Georgia.
Equitable Distribution State
Georgia is an equitable distribution state, which means that assets and debts are divided fairly between the spouses, but not necessarily equally. The court will take various factors into account to determine an equitable distribution.
Marital vs. Separate Property
Before dividing assets, it’s essential to classify them as either marital or separate property.
- Marital Property: Assets acquired during the marriage, including the family home if purchased while married.
- Separate Property: Assets owned by either spouse before the marriage, or received as gifts or inheritances during the marriage.
Division of the Family Home
There are several ways the family home may be divided in a divorce:
1. Sell the House and Split the Proceeds
The most straightforward option is to sell the house and divide the proceeds equitably. This is often the preferred choice when both spouses cannot agree on who should keep the home or when neither spouse can afford to keep it.
2. One Spouse Buys Out the Other
One spouse may choose to buy out the other spouse’s interest in the house. The spouse who wants to keep the house typically refinances the mortgage to remove the other spouse’s name and pays their share of the equity.
3. Co-own the House
In some cases, the couple may agree to co-own the house temporarily. This usually happens when they have minor children, and both spouses want to minimize disruption to the children’s lives. Once the agreed-upon period ends, the house can be sold, or one spouse can buy out the other’s interest.
Factors Affecting the Division of the Family Home
When determining how to divide the family home, the court may consider various factors, such as:
- The length of the marriage
- Each spouse’s contribution to the acquisition and maintenance of the property
- Each spouse’s financial resources and needs
- The value of each spouse’s separate property
- The future needs of minor children, if any
We Are Home Buyers vs. Traditional Sales
Selling your home through a traditional real estate transaction can be a time-consuming and stressful process. You’ll have to deal with repairs, inspections, and staging, and you may have to wait months or even years for your property to sell. In contrast, home-buying companies like us offer a fast and hassle-free way to sell your home for cash. We purchase homes in any condition and can close the deal within weeks, providing a stress-free solution to selling your property.
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- Accept the offer: If you accept our offer, we’ll move forward with the sale.
- Close the deal: We can close on your property in as little as seven days.
In Cartersville, GA, the family home’s division after divorce depends on various factors, including the equitable distribution principle and the distinction between marital and separate property. The house may be sold, with proceeds divided, one spouse may buy out the other’s interest, or the couple may co-own the home for a certain period. The court considers multiple factors when determining how to divide the family home equitably.
At We Are Home Buyers, we take the hassle out of selling your house! We’ll purchase it quickly and won’t ask for any extra fees or hidden charges. Additionally, you won’t have to worry about any repairs or renovations; meaning the money you receive at closing can immediately be used to pay off all your debts!
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