If you share a home with your spouse, it could be considered marital property. Generally, marital property must be divided in an equitable manner, and a judge could take many factors into account when determining if a settlement is equitable. A divorce attorney in Atlanta could help you decide what to do with a home when ending a marriage.
Should You Keep the Home?
While it may be beneficial to try to keep the property in your possession, it isn’t a good idea to do so solely for sentimental reasons. Instead, consider whether you could qualify for a mortgage or afford a mortgage payment on your income alone. It is also important to consider whether you can pay to keep the lights on and keep the place warm during the winter. If not, it may be best to let your former spouse buy you out of your part of the house, or put it on the market.
The Possible Tax Benefits of Selling a Home
Selling a home allows you to gain access to some or all of the positive equity that has accrued since it was purchased. If you and your spouse sell the home prior to finalizing the divorce, the capital gains exemption may increase to $500,000. This could allow you to keep most or all of the profit realized from liquidating a principal residence. Your divorce attorney in Atlanta may explain how to time a sale to minimize possible taxes owed.
Do You Have Kids?
If you have children, it may be nice to keep the home as it can provide a sense of continuity in an otherwise uncertain time in their lives. However, even if your kids like where they live now, they will likely adjust to a new home or apartment in due time.
Ryan Lewis and Associates can help with any real estate needs that you have in the Atlanta, GA area.
