Divorce is a sour topic for all, but hopefully I can help shed some light on what this means in practical terms with Georgia real estate.
Georgia, like most states (besides nine), is a Marital Property State, meaning no matter who holds title or ownership of the property, if it was acquired during marriage, it becomes marital property. (This includes houses, cars, retirement accrued during marriage, assets and debts, business assets, and gifts between spouses.) Separate property includes gifts from anyone other than spouse, third party inheritance, and acquisitions before marriage.
In Georgia (a Marital Property state), “equitable distribution strategy” is used where the court decides the division of property to be fair to the parties. Factors the court considers include length of the marriage, income brought into the marriage, age and health of each spouse, earning potential of each spouse and more.
Divorces are usually not fun and can be messy. If the divorce is final, closing attorneys have a roadmap on how proceeds will need to be distributed. However, if it’s filed but not yet finalized, closing attorneys will need to work with divorce attorneys to determine who holds proceeds and distributions.
I am always here to help through situations, please reach out if you or someone you know could use my services.