The Home As Marital Property
In Georgia, divorce assets are classified based on whether they are separate or marital property. Separate property refers to assets or funds the spouses purchased or received independently before entering the marriage. Marital property, however, is what is gained by both spouses during the marriage. In the majority of cases, this includes the shared home.
Because the shared home is marital property, both spouses have equal claim to the home until an official court ruling declares otherwise. However, some factors may influence this decision.
What Factors Affect Who Gets The Marital Home?
First, who wants to keep the home? In some cases, one or neither spouse will want to keep the home. Perhaps there are too many memories attached to the house, or neither spouse can take on the cost of being a single homeowner. However, if both spouses want to keep the home, there are a couple of ways this could be settled. One spouse may offer to buy the other spouse out or offer them a higher number of other assets in exchange for the rights to the home. This is an agreement that can be negotiated with the help of a divorce attorney. If the spouses cannot reach an agreement, the courts will make the final decision.
If the decision moves to the courts, they may consider separate investments into the home. If one spouse put more of their separate income toward renovating, repairing, or otherwise maintaining the home, this may be considered.
Additionally, the custodial parent may have a better chance of securing the right to the home. In order to keep life as stable as possible for the children, the court may rule that the custodial parent can have the home so that the children do not have to move, switch schools, etc.
Divorce Representation in Cumming, Georgia
It’s important that you fight for what is rightfully yours. At Miles Hansford & Tallant, LLC, our divorce attorneys can help represent your interests at negotiations and hearings. We want to ensure that you get a fair amount of your marital assets and are set up for future success. Call us at (770) 574-6688 to speak with our family law team today.