Foreclosures in a Georgia Divorce
Cases where foreclosure proceedings and divorce proceedings occur simultaneously are very common. Divorcing couple would have taken a mortgage and would be going through foreclosure and divorce at the same time. Or maybe foreclosure proceedings begin after the divorce petition has been filed. This could happen when couple has separated and one has left marital home to live elsewhere and at the same time has stopped mortgage payments.
Division of Property in a Divorce Foreclosure
Property is divided according to equitable distribution by court in the divorce decree. But if the property is undergoing foreclosure proceedings, it would not be divided since the property is then considered to be the right of the creditors. The liability of a property that is on the brink of foreclosure depends on whether couple is married when the foreclosure proceedings begin as well as title present on property.
In the event of divorce not having been completed, couple is considered to be legally married and hence both spouses are liable for property even if it is going into foreclosure and title of property is only in one spouse’s name. If divorce has been finalized and has come through, then couples are not married any more and liability of property depends only on the name on property deed. Thus is both spouse’s names are present on the property deed, both are responsible for payments even if the divorce has been finalized and one of the spouses has moved away from the marital home responsible for mortgage payments.
You would need expert guidance and legal counsel from an experienced and competent Columbus GA divorce attorney in order to understand the circumstances completely. You certainly do not want to be burdened with mortgage payments if your name is not on the deed. These facts have to be brought to notice of court and needful actions taken.
These are serious issues since concerned spouse’s credit rating could be affected. If both spouses are liable for foreclosure property, then both pf their credit scores can take a beating. This is another financial stress added to the already present financial turmoil and divisions taking place during a divorce.
Your ability to borrow money in future can be drastically and significantly affected if you are also proved to be liable during a divorce foreclosure. You require legal help from a local divorce attorney who has considerable experience in real estate matters in order to ensure that all your rights are protected during the course of a divorce foreclosure.