One of the most valuable assets you may own, financially and emotionally, is the family home. This can make it tempting to dig your heels into the ground during a divorce and fight with all you have to keep it. However, you must take a step back and think, “Is keeping the family home really worth it?” After all, homeownership in Kentucky is expensive, and you may not be able to pay for the mortgage, upkeep, insurance and taxes on the family home on a single income. There are other alternatives to consider when it comes to property division and the family home.
Co-Own the Home Post-divorce
One option that may work for some is co-owning the home post-divorce. This may be especially attractive if a couple has children that they wish to keep raising in the family home, or if neither spouse can afford to buy out their ex’s interest in the home. Couples who choose this option will have to make it clear who will be responsible for which expenses, such as the mortgage and utilities. It is important to note that each spouse will remain responsible for late payments missed by their ex if they both still own the home together, despite what a divorce decree may say.
Sell the Home Post-Divorce
A more practical option for some is for both spouses to sell the family home and split the proceeds. This can provide them with a clean break with one another as they move into the future post-divorce. It can also provide them with some much-needed cash. Keep in mind that depending on the situation, you may own capital gains taxes on the profits made by selling the home. You will also have to reach an agreement with your ex on the listing price of the home, any negotiations in the sales process and a closing date.
Consider All Your Options for the Family Home in a Divorce
If you decide that fighting to keep the home in the property division process is not for you, it is important to consider your other alternatives. Co-owning the home is unusual, but it may work for some. Others may find that selling the home is in their best interests. Family law attorneys understand Kentucky property division laws and may be able to provide legal advice, which this post does not contain.