Separate Maintenance: Who Really Owns Real Estate in a Divorce?
If you are struggling in your marriage, you may be ready for separate maintenance and to file for divorce. But outside of the problems within your relationship, there are other factors to consider as you pursue your separation. The division of real estate assets can quickly become a highly contested aspect of your divorce proceedings, causing them to drag on for months or years. If you are concerned about property division in your divorce, the experts at Daniele Johnson & Associates will use their exceptional knowledge of the law to protect what matters most to you.
Separate Maintenance: Real Estate Division in a Divorce
In Georgia, the division of real estate assets is not governed by legislative statutes. Instead, it is decided by the judge overseeing your case. While community property is not recognized by Georgia law, the court will make determinations to distinguish separate property and marital property. However, there are times when separate property can become comingled in your marriage, complicating this process.
Since Georgia is an equitable division state, the judge can distribute the property assets based on what they think is fair, though fair does not always mean equal. As a result, it can be difficult to distinguish individual assets from joint assets
So, how does the judge determine the equitable division of assets?
How Contribution Affects Property Division
Contribution is the key element the judge will take into consideration when ruling on property division in a divorce. In many cases, the higher-earning spouse is likely to be awarded real estate assets because of their financial contribution to the payments. However, it is not always that simple. In many marriages, both spouses make equal monetary contributions towards the mortgage. There are also other determinations the judge will factor into their decision-making process including spousal misconduct and non-equitable contributions like childcare.
As a result, fund analysis is a valuable tool used to determine how real estate assets should be split in your divorce.
Using Fund Analysis to Divide Real Estate Assets
With fund analysis, lawyers and judges can break property division into percentages that belong to each spouse. This begins by sorting the individual contributions made by both spouses towards the home. If joint marital funds were used, they will be calculated to reduce the mortgage balance. This remaining amount will then be divided into percentage values assigned to each spouse based on their individual financial contributions.
If you and your spouse plan to sell the home, the proceeds will be split based on these percentages. However, if one spouse wants to continue living in the home, they have the option to buy out the other spouse’s portion to retain ownership.
Separate Maintenance: Daniele Johnson & Associated Can Help You Through Your Divorce
Determining the division of real estate assets in a divorce is a complicated process. Let the experts at Daniele Johnson & Associates help you manage your filing with ease. Contact us today to schedule a consultation.
At Daniele Johnson & Associates, we support you so you can begin living the life you deserve.