Splitting the Marital Home in A Georgia High Asset Divorce

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When the topic of a high-asset divorce is put on the table, many Georgia, Georgia residents may assume that it often involves a legal battle and complex property division. That is not surprising because most complicated divorces are cases in which both spouses fight over the marital properties and substantial assets that they have acquired during the marriage.

However, there are ways to resolve property division without arguments and disagreements. According to sources, divorcing couples should carefully sort out their property-division plans while going through the divorce process. In doing so, the marital assets, such as the residential home, mortgage contract and other properties, can be assessed accurately.

Particularly when it comes to the marital home, a divorcing couple may agree to sell the asset, provided that both spouses will obtain a fair share from the proceeds. If that is the case, both parties may need to evaluate the current value of the home, together with a plan for the expenses and capital-gains taxes. Selling the home may be the most sensible approach in the case of a complex, high-asset divorce. However, a couple that has an amicable divorce may also consider being co-landlords by renting out the home.

In an instance where one spouse desires to keep the home, he or she may have to pay the "equalization payment" to the other spouse. To figure out the amount of the equalization payment, an appraisal may be necessary to evaluate the current market value of the asset. Additionally, refinancing and remaining mortgage costs should be taken into account.

A marital asset, such as a residential home, is just one of the properties that needs to be divided in a high-asset divorce. Under such circumstances, property-division plans may allow both spouses to settle the divorce in ways that may be cost-effective and less stressful for those involved.