In a divorce, many decisions need to be made regarding the division of assets and finances. This process also involves choices concerning child custody, determining who gets what property and how things like retirement funds are going to be distributed. The financial aspects of divorce can be incredibly important in the overall process. Consulting someone about these aspects may be wise for divorcing couples in Georgia.
One thing that has to be determined in a divorce is which party will keep possession of the family’s current house or whether either party will stay there. Some couples decide that selling this property is the best choice. The money that is made from this sale can then be split between the two parties.
Another option concerning property is buying out one party. In this case, if one of the former spouses has the financial ability, he or she can offer to buy out the other’s half. It is important to create a written agreement of this sale and the transfer of the title. Furthermore, a divorcing couple may choose to stay in the house until it is sold or until the divorce is finalized. While this works for some couples, it can create a stressful and emotionally tense environment, especially if children are involved.
The house is merely one part of the division of assets that has to be considered when one is going through the divorce process, but it may be important for one of the ex-spouses. The two parties can seek assistance from someone with experience dividing assets and property in order to come to a quick and stress-free conclusion. In Georgia, many resources are available to assist with the division of assets in divorce.
Source: The Huffington Post, “Divorce Confidential: The Fight for the Family Residence“, Caroline Choi, April 24, 2015