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Planning for the status of a house after a divorce

| Apr 16, 2020 | Divorce |

During a divorce, a family home in Georgia could require working out an arrangement to help ensure that one spouse remains living in it. If he or she cannot afford to maintain it on a single person’s income, a divorce court may consider some negotiated options. 

Property acquired during a marriage legally belongs to both spouses; Peach State family court judges divide assets between the two individuals based on fairness. Under certain circumstances, however, one spouse may end up buying the marital home by paying the other spouse a fair share of its equity value. 

As reported by USA Today, refinancing a mortgage may allow an individual to accomplish a spousal buyout. The individual taking ownership of a house then assumes the new mortgage and the responsibility for paying it. He or she typically takes on additional ownership liabilities such as the home’s taxes, insurance and maintenance. 

Support payments may help an ex-spouse with children afford the house 

A parent awarded full custody may wish to keep the house for the children’s convenience. If a single parent does not qualify for a mortgage refinancing, however, child support and alimony payments may help meet the requirements. 

The spouse ordered to provide financial support must also have the ability to afford the children’s housing, education and medical needs. In certain cases, both spouses may remain on the mortgage or title until their minor children become adults. 

A house sale may also accomplish the desired results 

A house that does not have a large mortgage attached may provide another option for a post-divorce settlement. As reported by Forbes magazine, a couple could decide to appraise their home or request a professional broker’s opinion of its value. They could then sell the home and divide the proceeds fairly between them.