Property division issues re the family home in a Kentucky divorce
Deciding to divorce may be the biggest decision some Kentucky residents make at a certain point in their lives. However, that one major decision will come with numerous other smaller but still significant choices as individuals go through the dissolution of their marriage. Property division is one process that can come with a multitude of decisions.
Deciding what to do with the home is likely one of the biggest property decisions that many people will have to make. One option is to sell the home entirely, pay off the mortgage and both individuals move on. With this option, there are financial impacts to consider, such as taxation on proceeds or how to handle the remaining mortgage balance if the house does not sell for a profit.
The second option for handling the home is for one individual to keep it. A variety of reasons could go into a person’s desire to keep the family home, and if the other party agrees, hashing out the details of potential buyouts and attending to the mortgage may allow the interested party to maintain the home. Of course, this decision could come with financial impacts of its own.
The attachment to a home can vary from person to person. Therefore, this aspect of property division may prove more difficult for some individuals than others. Nonetheless, Kentucky residents going through divorce may wish to determine their individual stances on their homes and decide how they would like the division handled. Consulting with experienced attorneys could help individuals feel more confident in their decision making.
Source: marketwatch.com, “What to do about your home in a divorce“, Shawn Leamon, March 16, 2017