Ending a marriage is typically a challenging process for all parties involved. Kentucky spouses may struggle to keep emotions at bay. However, decisions made at this time will likely have a post-divorce impact, and a clear head is required. Property division can be particularly difficult, especially when it comes to the family home because both parties may have an emotional attachment to it.
There are typically three options for dealing with the family home — it can be sold and the profits shared, it can be kept or one spouse can buy the other spouse’s share. Each option will need careful consideration. Selling the property can be the option that makes sense, but aspects to consider include commissions to real estate agents, closing costs and transfer fees. Furthermore, costly repairs or renovations may be required to get the property market-ready. All these costs will reduce the amount each spouse will share after division.
Sometimes emotions drive one spouse to want to keep the house — either as his or her part of the marital assets or by buying out the share of the other party. Issues to consider before making this choice include the costs of maintaining the home along with any mortgage payments. This applies particularly to older properties where roof repairs or replacements may be necessary, or a property might need a new furnace, window repairs, septic upgrade and more.
Because it is so difficult to make decisions about the family home without being emotional about it, many choose to seek the support and guidance of an experienced divorce attorney. A Kentucky divorce law lawyer can help the divorcing spouse focus on reality and the future. The attorney can provide practical advice in all aspects of property division, with the goal of helping the client achieve post-divorce financial stability.
Source: hometownlife.com, “Emotional tie to marital home can be costly“, Henry Gornbein, Sept. 7, 2017