For many divorcing parties across the United States, and certainly in Georgia, property division is a key consideration during the dissolution process. That is especially true for marriages of tenure, that is, those that have lasted for a number of years, thus allowing for a couple’s accretion of substantial and different types of assets. And, of course, the division of assets is always a key feature in high-asset divorce proceedings.
Generally speaking, the asset that ranks at the pinnacle for most divorcing couples is the family home.
And that is certainly not surprising. For years, it was probably — along with kids, if any — the primary family focus and the target for the biggest monthly financial outlay. Over time, and owing to both continued mortgage payments and increased home value, the house becomes of central economic importance to most couples.
One thing made crystal clear by the recent national economic collapse and housing crash, though, is that the simple combination of continued housing payments and the passage of time does not automatically equate anymore to increased home equity in all cases. Over the past few years, the ominous phrase “being underwater” has been heard by and responded to with angst and frustration by millions of homeowners, many in the divorce process.
Where questions surrounding a house or other real property feature prominently in a divorce, it is vital that a divorcing couple fully understands all central matters relating to disposition of the home, especially in a case where the property might be worth less now than in previous times.
An experienced divorce attorney with a proven background in property division matters can answer questions, provide clarity and represent a client with diligence regarding any issues relating to the division of assets in the divorce process.
Source: LoanSafe.org, “Mortgage options while going through a divorce,” Evan Bedard, July 14, 2013