Every year numerous couples in Tennessee choose to end their marriages. Those who own homes together are forced to decide what they are going to do with the property. When it comes to the marital home, there are a few options available to divorcing couples.
Option number one: keep it. More couples are choosing to keep their homes post-divorce. They may do this because they have children and keeping the home grants their children security. They may do this because each party lacks the resources to pay for their own places. Whatever their reason, it is a personal decision and works for some couples.
Option number two: sell it. Selling the marital home and splitting the proceeds is a great way for each party to, hopefully, get money out of the house and move on. If the mortgage is underwater, though, each party may need to be prepared to cover the debt that will follow selling their home for less than their mortgage amount.
Option number three: one party keeps it. It is not completely uncommon for one spouse to want to keep the home. If he or she can afford to do it, it may be possible to buy out the other spouse or grant him or her a greater share of other assets so that the final property division settlement is fair. Those considering this option should discuss it in detail with a financial advisor and legal counsel before signing or agreeing to anything.
When property division involves figuring out what to do with the marital home, it can take time to come to terms that both sides agree is fair. After all, for many divorcing couples in Tennessee, their home is the most valuable asset they have. It is normal to want to take one’s time and consider all of the options. Legal counsel can offer guidance on this issue and help the client achieve a fair and balance property division settlement.