A couple that gets divorced in Georgia will likely need to decide what to do with the marital home. In some cases, it will be sold and the proceeds split in an equitable manner. However, an individual does have the right to pursue sole ownership of the property. This assumes that the other spouse is willing to be bought out and live somewhere else. There are several ways in which a person may obtain the funds to buyout a spouse.
For instance, it may be possible to use a home equity loan or line of credit to cash out equity in the home. A portion of that money would then be used to pay the departing spouse. However, it is important to note that using either type of loan means that a person will pay interest to a lender over many years or decades.
The departing spouse may also accept a share of a bank or brokerage account in lieu or receiving the cash value of a home’s equity. However, this may not be helpful as it could drain a person of money or other items that he or she needs to live comfortably as a single individual. Family or friends may be willing to front the money needed to purchase a marital.
Those who seek to keep the marital home in a divorce may want to express that desire to a family law attorney. He or she may be able to devise a strategy that would allow a person to retain that asset as part of a divorce settlement. Custodial parents may be able to make a strong argument that keeping the home is in their child’s best interest. There is generally no deadline as to when the property must be sold after a divorce.