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Is it wise to keep the family home in a divorce?

On Behalf of | Mar 17, 2023 | Divorce |

Divorce will change virtually every area of a person’s life, including, possibly, where he or she lives. Moving is often one of the most difficult aspects of a divorce, and many spouses decide they would like to remain in the marital home. However, keeping the family home is not always an easy process or the wisest choice. If a Tennessee spouse wishes to keep his or her home, it will be helpful to understand exactly what to expect from this. 

Reasons to stay in the home 

There are multiple reasons why someone would want to stay in his or her home. Emotional ties, continuity of lifestyle and familiarity are only a few of the motivations behind trying to retain this important marital asset. If a spouse retains the home as part of his or her divorce settlement, one of the first steps will be to remove the other spouse’s name from the deed, and possibly refinance. 

However, it is critical to first consider whether keeping the home is a financially viable decision. In many cases, one spouse may not be able to afford to stay in the home on only one income. In some situations, it is prudent to sell the home and split the proceeds, then choose a more affordable place to live. 

The right choices for the future 

There is no one-size-fits-all solution for deciding what to do with the family home in a divorce. An assessment of the individual situation can provide insight into the ideal approach for dealing with real estate in a divorce. A Tennessee spouse will benefit from speaking with an attorney before making any important decisions about his or her future.