One of the most complex issues to address when ending a marriage is deciding what will happen to the family home. Buying or selling a home is a major decision at any point, but it may be especially complicated during a divorce. Homeowners navigating this process will have to determine if it is best to sell their home or stay in it after the process is final. It is important to understand the potential benefits and drawbacks of either decision before making this decision.
Benefits of keeping the house
In some cases, it may make financial sense to keep the home. A Tennessee spouse who can afford to do so may want to stay in the home as real estate is a valuable asset. It can also provide a sense of stability for the children as well. A spouse who has recently gone through a divorce may find it helpful to remain in the home after a time of significant change.
Drawbacks to keeping the house
There are times when keeping the home may not be the wisest choice. The spouse who chooses to remain in the home will have sole responsibility for the mortgage, taxes and other costs associated with home ownership. Long-term, it may be too complicated and cost-prohibitive to remain in the home.
Make the best possible decision
It is not always easy to know what to do with a home during or after a Tennessee divorce. It may be helpful to seek the guidance of an experienced attorney when making decisions related to real estate. An assessment of the specific situation can help an individual make the best possible decisions.