Atlanta courts have the power to divide all assets shared by the parties to a divorce. Location does not matter in asset division, as a judge could make rulings on property held in other states as well. For example, if a couple lives in Atlanta and owns a beach house in another state, the latter would recognize Atlanta’s order for dividing the asset. The role of the Atlanta court in the division of assets is to make sure that all property is disclosed and equitably divided. For more information, contact a seasoned property division lawyer.
When parties cannot agree on how to divide their property, a judge may order them to sell the assets. Sometimes it is easier to sell the shared property rather than have other things offset the assets in question. If the parties of a divorce cannot agree on how their assets should be divided or whether one party should buy out the other, the courts may tell them to sell the property and divide the proceeds.
A judge would set the regulations for the sale. For instance, a court must determine who is responsible for a home’s mortgage, taxes, insurance, utilities, and general maintenance while it remains on the market. They would identify which spouse may choose a listing agent and for how long as well as decide the listing price. If the parties cannot agree on this, the role of the Atlanta court in the division of assets is to implement a mechanism to set the list price.
Atlanta courts require parties to accept an offer within a certain percentage of the listing price and would determine how the proceeds are to be divided. Additionally, when repairs or improvements are needed to sell a property, the court has means to cite those issues as well.
A property settlement agreement is between the parties about how they settle their property division. Divorcing couples are encouraged to independently draft these agreements and decide for themselves which assets will belong to whom. The role of the Atlanta court in the division of assets is to assist estranged spouses with allocating shared property. A property settlement agreement, existing properties, and shared debts are all taken into consideration when the parties divide their assets.
A person should have realistic expectations about a property settlement agreement. Likely outcomes are an integral part of getting both parties to a divorce to reach an agreement. An experienced property division attorney may offer a range of reasonable expectations and probable outcomes. Divorcing spouses do not always like the options presented to them, but they need to be informed about the outcomes so they can decide whether they want to settle the case or take their chances in court.
If you have any questions about the role of the Atlanta court in the division of assets, contact a seasoned lawyer today. Let an accomplished attorney help you with this process.