You and your soon-to-be-ex-spouse built your lives together in your Georgia martial home. But now, the time has come to decide how to handle the property in your divorce. You need help understanding how to split your home’s value.
NerdWallet lays out three options that you may find useful. Decide how to best start the next chapter of your life in your marital home or a new place.
Keep the house
Maybe either you or your current spouse wants to remain in the house. The person who wants to remain can refinance the property to become the sole owner, which requires qualifying for the new mortgage with just a single income rather than two. When one spouse wants to keep the house, it is best to have the property valued by two separate appraisers, to reach a fair agreement on the home’s worth.
Put the home on the market and divide the proceeds
If neither of you has the income or finances to take on the mortgage alone, you can sell the home and split the proceeds in half. This is the easiest way to divide the home’s value, but it may take a while for you to sell the property.
Stay in the house
Real estate market conditions and financial situations could make it hard to either sell or refinance the marital home. If so, you and your soon-to-be-ex may like the idea of remaining in the house together. Know that this option requires you and your current spouse to get along, so be realistic about how well the two of you can continue living under one roof.
This information is only intended to educate and should not be interpreted as legal advice.