The process of ending your marriage is not easy, even if you and the other party resolve to remain amicable and cooperative. There are complex legal and financial matters to consider, including the division of your marital property. This is the distribution of all assets collected, purchased, received or earned over the course of the marriage, and this could include your family home or the equity you have in the home.
While it is not easy to face the prospect of losing your Tennessee family home, however, it may not be prudent to keep it. It is in your interests to know about all of the options available to you and how you can shield your long-term financial interests. While it is an emotionally charged issue, it is beneficial to keep your focus on the future when making important decisions, such as what to do with real estate.
Weighing the pros and cons
Divorce is a process that brings a significant amount of change, and the last thing you may want to do during this time is move. While leaving your home may not be a comforting or pleasant thought, staying in the home during and after the divorce may not be best for your long-term financial stability. As you weigh the options available to you, it might be helpful to consider the following:
- One option is to simply sell the home. You and the spouse could share the proceeds between the two of you, or you could negotiate how to share the profit from the sale.
- If one spouse wants to remain in the home, he or she could offer to buy out the other. Any agreement should be clear, and the terms should be fair for both parties.
- You and the spouse could continue to own the house together, perhaps agreeing to a deferred sale of the home.
There could be tax implications, legal complications and logistical challenges to any of these choices. This is why it is helpful to seek the guidance and support of a knowledgeable professional as you navigate each step of the divorce process. This support is important as you seek terms that will allow you to have stability and security now and years to come after your divorce is final.