A divorce can affect many aspects of our lives, including where we live. Many divorcing spouses in Georgia choose to sell the family home, but is this the right choice for you? The news is filled with stories about celebrities selling off their million-dollar residences as the result of a divorce. But why do they do this? What are the benefits of selling your family home during a divorce, and what other options are there?
If you are considering what might happen to your family home, it is probably a good idea to get in touch with a qualified, experienced family law attorney in Georgia. These legal professionals can assess your unique situation before recommending the best course of action for you. In addition, your attorney can help you with virtually any other aspect of your divorce. These include matters related to child custody, child support, spousal support, and much more.
Why Divorcing Spouses Choose to Sell
Divorcing spouses may choose to sell their family homes for a number of reasons. First of all, they may simply need the cash. After the marriage ends, spouses are suddenly on their own. They may have been dependent on each other to fuel their previous standard of living. In some cases, one spouse may have been totally dependent on the other financially. If this is the case, the sale of a family home can provide spouses with enough money to handle the financial pressures of the immediate future. At the very least, it can provide them with enough time to become self-sufficient.
Divorcing spouses may be forced to sell if they cannot agree on who should retain ownership. If both spouses want the property and neither party is willing to back down, a judge might order the liquidation of this asset. After the home is sold, both parties receive a portion of the proceeds. Finally, spouses may agree to sell properties if neither party wants to accept the costs of maintaining it.
Trading Assets Instead
You can trade assets instead of selling your home. For example, one spouse can keep the home while the other spouse keeps another piece of property of equal value. This can help spouses avoid the time-consuming process of selling a property, which may delay the overall divorce considerably. In addition, you can avoid selling at a time when the market is not ideal.
Tax Implications
You also need to keep potential tax implications in mind. In most cases, divorcing spouses can avoid a portion of the capital gains tax when they liquidate a family home. Married couples have a capital gains tax exemption of up to $500,000. However, this exemption is only valid for a few years, so it is best to act quickly if you want to sell your home.
Enlist the Help of a Qualified Attorney Today
Leaving the family home is never easy, but sometimes liquidating this asset really is the best option for everyone involved. That being said, you still need to approach this process with an efficient mindset. The best way to ensure you are getting your fair share is to work with a qualified, experienced family law attorney in Georgia. Reach out to Lankford & Moore Law at your earliest convenience, and we can guide you towards a positive legal outcome. Book your consultation today.
