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Is it possible to keep the family home after a divorce?

On Behalf of | Mar 31, 2021 | Family Law |

Divorce is going to change every aspect of a person’s life, including where he or she lives. While it’s normal to want to stay put and remain in the family home, this is not always the most beneficial option. It can be expensive and complex for someone who is adjusting to being on one income. For those who want to remain in the family home, it could be affordable in certain circumstances.

Staying in the house

There are many reasons why someone would want to remain in his or her home, but it is important for a Tennessee spouse to determine if this is truly affordable for him or her before making this decision. It may be necessary to buy out the other spouse’s share of equity, and it’s important to get the lowest price possible. It is also critical to consider the potential cost of taxes and other expenses that come with owning a home.

There are also monthly costs that could come with retaining the family home, such as HOA fees. Unexpected repairs can be costly, and one spouse may not be able to afford these expenses, even with spousal support and his or her own income. When deciding whether to pursue keeping the family home, it’s critical to think long-term.

What’s best for the future?

When making decisions during the divorce process, it’s important to think about what is truly sustainable for the future. It may be helpful to work with an experienced Tennessee legal ally who can help one pursue the best possible outcome for his or her divorce, especially during the sale, purchase or valuation of a family home.