What Happens to Your Home in a Georgia Divorce?

The family home is often the most valuable asset a couple owns and one of the most contested in divorce. Here is how Georgia handles the family home during divorce proceedings.  

Is the House Marital Property?  

If the home was purchased during the marriage with marital funds, it is generally considered marital property and is subject to equitable distribution. If one spouse owned the home before marriage or received it as an inheritance, it may be treated as separate property though this can become complicated if marital funds were used to pay the mortgage or make improvements.  

Your Options for the Family Home  

In most divorces, the parties have three main options: sell the home and divide the proceeds, one spouse buys out the other's interest and keeps the home, or in rare cases involving minor children, the custodial parent remains in the home temporarily until the children finish school.  

What About the Mortgage?  

Whoever keeps the home will need to either refinance the mortgage in their name alone or assume the existing mortgage (if the lender permits). Simply having one spouse's name removed from the deed does not remove them from the mortgage obligation which is a common and costly mistake.  

Get a Professional Valuation  

Before agreeing to any settlement involving the family home, make sure you have a current, independent appraisal. Real estate values change, and an accurate valuation is essential for a fair division.