Georgia Divorce and Family Law Attorney
Who gets the house is often one of the most heated questions in a divorce. Some spouses may fight bitterly over who will get awarded the house in the divorce. However, before making a decision based on emotions about the house or based on wanting to “win” in the divorce, you should carefully evaluate whether you even want to keep the house at all.
You should first consider whether or not you can truly afford the house. If you are awarded the house in the divorce, you will most likely be responsible for making the mortgage payment, paying for maintenance, paying for utilities, etc. Most likely, your income will be decreasing at the same time.
If you do decide you want to keep the house, you may owe your spouse some money. If there’s a significant amount of equity in the home, that equity will need to be split. You will need to buy your spouse’s interest in the home, which can be tough if that is your largest asset.
As part of the divorce and property split, you will want to consider whose name is on the mortgage. You may believe that if your spouse is receiving the home, you are no longer responsible for the mortgage. That’s not true – if your name is on it, you are still legally responsible until either it’s paid off or you are removed from it. The fact that you are still on the mortgage can make it tough to get another home loan in the future.
In many cases, it may be best for both spouses to sell the home and split the equity. However, if children are involved it may be easiest for the children to continue living in the home. You may have a number of different legal options. Call Shalamar Parham, Atlanta Divorce Attorney, at 678-439-1482. She can work with you to determine what your best course of action is. Call to learn more about your rights.