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.