One of the largest assets you will likely have in your divorce is the family home. Your first instinct may be to fight for the house to keep it and continue to live there. However, that may not be the right thing to do depending on your situation. It is a good idea to think about what you would like to do with the family home prior to any discussions or appearances in a Kentucky family court.
Forbes explains that you should consider what your finances will be after the divorce to get a good idea of whether you should keep the family home. It can help to try to remove the emotions from the situation. Looking at this as a practical decision can help you to make the right choice in the end. There are three things to consider when making up your mind.
1. Can you share ownership?
If you and your spouse get along and the divorce is not contentious, you may be able to continue as is. Whoever currently lives in the home stays there, and you both maintain responsibility for the mortgage payments. If you decide to do it this way, whoever gets the house would probably have to give up other assets to make the total asset division equal. It would also require specific language in your divorce decree to ensure you both hold up your end of the deal.
2. Could you sell it?
Selling your home may make the most sense if you can sell it quickly and make a good profit. However, if you have little equity or the market is not favorable, then selling may not be the best choice. You do not want your divorce held up waiting for your home to sell.
3. Can you afford to buy it?
If you have the money or assets to exchange for it, you could negotiate to buy out your spouse’s half of the home. This would allow you to keep it and take over ownership. Keep in mind, though, you will need to be able to get a loan by yourself to take over your mortgage by yourself.
There is no one right choice when it comes to what happens to your family home. This is something you must decide based on your own situation.