Can I Keep My Home and Pay Off My Spouse for His or Her Share of the Equity at a Later Date?
Probably the easiest way to divide up the marital home in a divorce is to sell the home and equitably divide the proceeds from the sale, particularly when neither you nor your spouse can afford to maintain it on your own. However, what if one spouse wishes to keep the marital home until a later date? This situation might occur either because you want to continue raising your children in the marital home, or for another reason altogether.
In some cases, there may be other assets sufficient to provide your spouse with his or her equitable share of any equity that exists in the marital home. If there are no such assets, however, you may be required to refinance the marital home and pay your spouse his or her portion of the equity. Sometimes, though, refinancing is simply not a possibility.
Another possible way to resolve this situation is for one spouse to retain the marital home and pay the other spouse his or share of the equity at a later date, such as when the last child turns 18 years of age. Absent an agreement, however, it may be difficult to obtain this sort of order from the divorce court; many spouses need or want their money now rather than later, and are unwilling to wait a lengthy period of time before receiving these funds.
With all of the possible scenarios related to division of the marital residence, you definitely need an experienced divorce attorney who can help you devise the strategy that is best for you. Shaw Law Firm LLC has handled countless divorce cases in the metro Atlanta area. We know the ins and outs of Georgia divorce law, including those laws related to the division of marital property, and we know what it takes to achieve our client’s goals.
Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.
Scott Shaw is founder and principle of Shaw Law Firm LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.