Options for the family home in a high asset divorce

When a high asset divorce lands on the family table, many Georgia couples anticipate a complex property division process or a frenetic legal battle. They have reason to dread the prospect, as most complex, high asset divorces are fraught with battles. After all, with so much at stake in terms of high net worth assets and marital property, both parties want their fair share.

While divorces with high assets at stake are often complicated, Georgia couples should note that it is possible to get divorced without completely thrashing one another. Of course, it takes a degree of cooperation when possible as well as individual representation by experienced divorce attorneys. However, even when couples cannot work together peacefully, there are options to consider.

The marital home, in particular, is often the subject of discord. Both spouses have likely become attached to the property, not only for its financial worth but for its sentimental value. Selling the property, paying off the mortgage and dividing any proceeds is one of the easiest ways to handle the matter, but it can be difficult for one or both spouses to let go.

Another option is for one spouse to keep the home and refinance the mortgage, which may be a challenge if the spouse who wants the home does not have a great deal of wealth. Yet another option is ask the lender if it is possible for one spouse to assume the mortgage. Still another option involves coming to some sort of agreement about who remains in the home while leaving the mortgage as it is, but this can be risky.

The marital home is just one of the issues in a high asset divorce. Couples in Georgia will benefit from seeking professional advice from an attorney with prior experience in high net worth divorces.

Source: Bankrate.com, “Breaking up the mortgage after divorce,” Polyana da Costa, accessed Jan. 27, 2016

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