Going through a divorce can be complicated and stressful, especially when you have to figure out what to do with the house. To sell a property during a divorce in Georgia, specific laws and procedures must be followed. In this blog, we’ll go over the information you need to know to help you sell your house while divorcing in Georgia.
Divorce & Property Division in Georgia
Many couples acquire assets and property during their marriage that they sometimes share. Upon divorce, a couple will usually divide assets between them. As a result, the division of property is one of the most challenging aspects of a divorce.
Georgia is an equitable distribution state, which means that marital property is divided between spouses justly and fairly. Property division generally falls into two categories: separate property and community property. Since different types of assets are handled differently during divorce, knowing what assets fit into each category is crucial.
Separate Property
Property owned solely by one spouse is called separate property. In general, it includes properties acquired before marriage, inherited properties, and gifts given to one spouse. During the property division process, any assets acquired with the separate property are also considered separate assets.
Community Property
On the other hand, property acquired during a marriage is considered community property. Additionally, any real estate, assets, or proceeds from them jointly belong to the couple.
Dividing Assets & Property
The fact that one spouse owned the property prior to marriage does not automatically entitle them to keep it. There is a possibility that the judge could assign more value to that house. However, it will probably still be considered marital property and distributed accordingly.
When the value of a couple’s property is determined, it is usually divided equally. In some cases, however, the court may award a larger portion to one spouse based on a variety of factors, such as:
- Age difference
- Property type
- Abilities and education
- Separate property value
- Debts owed and future expenses
- An individual’s fault for causing the divorce
- Earning capacity or income differences
Who Gets to Stay in The House Until The Divorce is Final?
It is common for the parent who spends the most time with the children to remain in the marital home. If the house is co-owned, neither spouse can evict the other unless domestic violence is an issue.
The Process to Sell the Home
In a best-case scenario, the real estate asset is sold, and the profits are evenly divided among the owners. Three options are available once a couple has reached a decision and is ready to sell their house.
List the House
When spouses communicate well and are friendly, they may be able to come to an agreement to list the house together. Both parties will have to sign a contract stating the terms of the sale and ensure that both names appear on the title. Upon sale, profits from the sale of the property are split equally between the spouses.
This is a good choice for couples who are familiar and knowledgeable with the home-selling process since they will handle negotiations and marketing. It may, however, be necessary to invest money in repairs if the house needs a tune-up to make it more attractive to potential buyers.
Hire a Realtor
When spouses are unable to communicate with each other or collaborate, a divorce real estate agent can help. These professionals specialize in assisting people selling their homes during divorces and handle all paperwork and negotiations.
It is the agent’s responsibility to set a reasonable sales price for the property and market it. Afterward, they will handle all showings and open houses on behalf of the couple and negotiate directly with buyers.
However, remember that hiring a real estate professional involves paying an agent closing fee after the deal closes. Additionally, since the house needs to be in tip-top shape for showings, repairs, and cleaning may still be a necessary investment.
Sell the House to a Home Buying Company
Another option is to sell the house to a home-buying company that provides a cash offer and buys the house as-is. It’s usually a faster and easier way for couples to sell their home since no showings are required, there are no additional fees, and there are no repairs necessary.
Sell Your House Fast in Georgia with Favor Home Solutions
At Favor Home Solutions, we understand how difficult and complicated it can be to sell a property during a divorce. The process of selling your home with us is simple, stress-free, and straightforward. When you work with us, you don’t have to worry about hidden fees or extra costs- we’ve got you covered! Our fair cash offer will put money in your pocket in as little as 14 days so you can start a new chapter in your life. Get in touch with us today!
