Dealing with real estate in divorce or death:
Georgia is not a Marital Property State, in some states it is referred to as Community Property.
So, what does this mean? Any asset that was acquired by either party may be considered a
Marital Asset. In this case, the general assumption is that the asset is a result of the efforts and
resources of the union. If you own real estate jointly with your spouse or acquired real estate or
other assets during the course of your marriage, your personal ownership interest is subject to
the marriage.
If you are faced with a divorce, your ownership interest in real estate and other martial assets
will be subject to court review. When deciding how to divide the assets between a martial
couple in Georgia, the courts use equitable principles, weighing multiple factors to determine
what is just and fair. Even retirement plans, pension benefits and 401ks may be subject to the
court’s jurisdiction in a divorce proceeding.
A court may award property to either spouse in a divorce. If the court awards real property, in a
divorce proceeding the court can issue a direct award of the real property to either spouse,
order that one spouse execute a deed to convey his interest to the other spouse or they may
require that the property be sold and the proceeds from the sale be distributed according to the
equitable determination made by the court. In most cases, the court requires one party to sign a
deed to the other. If this is the order of the court, deed signing is a critical component of the
award. Until the deed signing is carried out, the conveyance of the ownership interest to the
receiving spouse is not completed.
In cases, where one spouse dies leaving behind a joint ownership in property, the surviving
spouse does not automatically gain full ownership of the property just because their spouse has
died. If the surviving spouse does not have a survivorship interest in ownership, they are
generally deemed to have only a ½ interest in the property. The remaining interest will be
subject to the deceased spouse’s last will and testament. In the event there is no will, the
deceased spouses’ interest may be subject to the Georgia Intestacy Laws.
If you are wondering what interest you have in your real estate, reach out to us for a
consultation. Don’t let uncertainty or questions overshadow your piece of mind.
