Georgia’s divorce laws require an equitable distribution of property, which means dividing your marital assets fairly with your soon-to-be ex-spouse. If you wish to take ownership of your shared residence, you may need to negotiate a fair buyout or apply for a new mortgage.
Couples with valuable property may trade them with each other during a divorce. For example, keeping a house may require you to give up another shared asset such as a vehicle, boat or business. You may also offer your spouse a fair price and purchase a desired asset.
How may I obtain cash for a buyout?
The equity value of your home may provide you with the funds you need to buy your spouse’s share. As reported by Bankrate.com, you may refinance a mortgage in your own name and then use the proceeds to pay your spouse for his or her portion. The court, however, may need to see that your soon-to-be ex-spouse received a fair share of the home’s equity.
A professional appraisal may provide you with an accurate property valuation. You may need to search recent sales and compare their closing prices to your home’s equity. Depending on the agreement you make with your spouse, a fair share may end up a 50-50 split.
How might financial support affect maintaining a home?
To qualify for a new mortgage or refinancing, you may need to provide a lender with proof of income. If you require financial support from your ex-spouse to afford a mortgage, the courts allow time to negotiate a payment plan.
Planning ahead for life as a single parent typically requires a budget that considers all your future income needs. Your budget may also include the child and spousal support payments you may either make or receive.