What happens to the house in a divorce?

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What happens to the house in a divorce?

Neither can afford it independently.

Asked on September 10, 2011 under Family Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for your situation.  Well the simplest answer to the question is what ever you two decide will happen to the house.  Courts prefer that the parties to a divorce action come to an agreement about their assets and how to divide them or what to do with them.   If neither of you can afford the house alone then it does not make sens to assign the asset to either of you.  You could decide to sell the house and split the profits.  Your whole financial situation plays a part in all of this as well.  If the value is less than the mortgage then you are going to have to decide how to proceed.  A short sale with a waiver of the deficiency (very important) may work best.  Good luck to you both.


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