Divorce is a trying time, which is why it is important to make sure that you are positive about ending your marriage before proceeding. Not only is it difficult to divide property, it is also common for people navigating the process to experience overwhelming emotions about having their assets divided between them and their former spouse.
To better prepare you for the divorce process, the following will review some of the most commonly asked questions concerning property division.
Is it Possible to Get Back Pre-Marital Property Contributions?
Provided that you can demonstrate you made contributions to property before entering into a marriage, you will likely be able to recoup these amounts. In many cases, however, it proves difficult to demonstrate exactly what you contributed.
In addition to the challenges involved with separating marital property, sometimes an individual might have failed to keep or over time lost records of what improvements or contributions he or she made to a property before marriage.
How Will Non-Residential Property be Treated during Divorce?
Georgia courts will apply the same type of analysis to a property where a couple did not live as a court would to the couple’s residence. As a result, it is important to understand that you will almost certainly not be able to keep a property out of the divorce process by the mere principle that you never lived there.
Does it Matter if a Spouse’s Name is Not on a Property?
With few exceptions, a spouse’s name not being on a property has little effect. If the property was a marital asset, courts will pay little to no attention to whose name is on the deed. Courts will still likely view the asset as divisible between divorcing spouses.
Do Houses Always Have to be Sold During a Divorce?
No, this is not always the case. In reality, the property will either be retained by one of the spouses or will be sold. The option that a court ultimately selects will depend on a number of factors including:
- Whether either spouse has any interest in retaining ownership of the property
- Whether either spouse has the ability to pay mortgage or other debts associated with the property
- Whether the spouses can come to an agreement about who should retain the property
If a court ultimately does decide to divide a house, it will do so in terms of equity. Following the sale of a house, equity is almost easy to determine. If one of the spouses retains ownership of the property, courts will be tasked with deciding what price to compensate the party who gives up the property. This is often one half of the fair market value of the home minus any outstanding debts on the property.
While spouses who hold on to properties are sometimes required to pay cash to the party who gives up the residence, other times courts simply offset this value against another asset.
Contact a Skilled Divorce Attorney
Even though the division of property during a divorce can be a challenging process, the assistance of an experienced divorce attorney can help greatly. Contact Vayman & Teitelbaum P.C. today to schedule a free initial consultation.