How Divorce in Atlanta Affects the Family Home

Pew Research Center states that for most American families, their home is the most valuable asset in the estate. This means that during a divorce, the family home often becomes a very important topic of discussion. Many spouses approach divorce wondering what might happen to their primary residence. Do you get to keep your home? Will you have to sell it? These are questions you might want to ask an experienced family law attorney in Atlanta.

A Family Home May be “Separate” or “Marital” Property 

During a divorce, the family court divides all property in the family estate into two categories: Separate property and marital property. Marital property must be divided according to the equitable distribution system in Georgia, which means that each spouse receives approximately half of these assets. If your family home is marital property, you will need to divide it with your ex. Your home is marital property if you acquired it during marriage.

If you acquired the home before your marriage, it is separate property. You can keep 100% of your separate property, and you do not need to divide it with your ex. If your ex purchased the home before your marriage, they get to keep it.

Strategies for Dividing the Family Home 

The most flexible property division strategies for family homes occur through alternative dispute resolution (ADR). This involves private negotiations with your former spouse, guided by mediators, arbitrators, or collaborative lawyers. You can pursue this option if an “uncontested divorce” is possible, and you believe you can negotiate in good faith with your ex.

During these discussions, you can work out a deal that serves the family’s best interests. Both spouses need a place to live after the divorce, but only one can live in the family home. As a result, it might be necessary for one spouse to hand over a “buyout” in order to keep the family home. This buyout should be worth approximately 50% of the home’s value. With this approach, the other spouse can purchase another property.

What if I Rent? 

If you rent your home, you do not need to worry about dividing this property because you do not own it. However, at least one spouse will need to leave the residence. If you leave the home, you will need to find a new place to live. If you remain in the family home, you may quickly find that the rental cost is no longer sustainable with a single income.

 Can a Family Law Attorney in Atlanta Help Me? 

If you’re wondering what might happen to your family home during an Atlanta divorce, consider speaking with an experienced family law attorney. These legal professionals can help you understand what might happen to your home once the divorce process is over. They may also help you implement strategies to keep your family home – or at least a significant portion of its value. To learn more about these strategies, contact Buckhead Family Law today.

Sources: 

womenslaw.org/laws/ga/statutes/title-19-domestic-relations

pewresearch.org/2023/12/04/the-assets-households-own-and-the-debts-they-carry/#:~:text=We%20find%3A,than%20White%20and%20Asian%20households.