What to know if you want to sell assets before a divorce
- posted: Jun. 13, 2019
Divorce can be an expensive process where both spouses could lose a lot of money in the process. As you start looking through your property around the house, you may come across something you feel won’t get any use from you in the future, so selling it may help you with any financial problems that could arise after the separation.
However, you shouldn’t put that item in an online auction just yet. Trying to sell old items recklessly during this period could land you in serious trouble during the divorce. You should first understand what restrictions are in place if you plan on selling certain property before you finalize the divorce in Georgia.
When is the best time before the divorce is finalized?
In Georgia, it is against the law for either spouse to transfer property after they file a divorce petition. The only exception is if you do it to pay off a preexisting debt.
To avoid any complications during the divorce process, you should sell these properties before you file for divorce if you or your spouse cannot wait until afterward. It might make it easier for the court to divide your assets with more cash and less physical properties, but doing it after the petition can be risky for both of you.
Communication is crucial
The most critical parts about these sales are whether or not they are separate or marital properties, and if you have your spouse’s consent to sell them. Any property you got before the marriage or something you received as a gift is separate property. Anything you got or shared during the marriage is marital property.
Before you sell anything, you need to talk to your spouse to confirm if the properties you plan to sell are separate or marital properties. There may be some confusion over which items are yours and yours alone. If you do know that the item counts as marital property, then you need their consent before you sell it. If you sell it without their permission, it will be used against you during the proceedings. This one mistake may give your spouse an advantage when it comes to the asset distribution.
It may be beneficial to examine every property with your spouse and determine which items both of you don’t think you will need after the divorce. Then you can sell them online or in person at a pawn shop or garage sale together. If you have any further questions on selling properties before your divorce is final, contact a divorce attorney to explore your options.