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What will happen to your marital home during divorce?

On Behalf of | Dec 19, 2019 | Firm News |

It would be nice if dreams and intentions always worked out. Of course, as you and many other Kentucky residents undoubtedly know, many dreams and the best of intentions do not always have the outcomes you anticipated or desired. In your case, you may have thought that you and your spouse would stay married and live in your ideal marital home for the rest of your lives. Now, you are facing divorce.

As part of your divorce case, you may be thinking about what to do with that once-perfect marital home. You and your soon-to-be ex-spouse may have spent weeks or months looking for the perfect home after you tied the knot, and you could not have been more excited when you found it. Instead of excitement, you may now feel dread about what will happen to it.

Keep or sell?

It’s natural to consider your personal feelings for the property. Though saying you want to keep it or sell it may not directly influence the outcome, knowing how you feel may help you strategize when it comes to working toward the outcome you want. If possible, you may want to discuss the matter with your spouse. Some options to consider include the following:

  • Allowing one person to stay in the home until the children reach adulthood, and then selling it
  • Having one spouse buy out the other spouse’s interest in order for the buying spouse to keep the property
  • Selling the property outright and splitting the proceeds between the two of you

This step of the property division process can be more difficult than some people realize. You may have strong feelings about the home because you moved in after your marriage and watched your children create many memories there. On the other hand, you may no longer feel sentimental about it because it became a place where many fights or other marital issues came about.

Considering the options

If you and your spouse can come to an agreement, you may be able to save time when it comes to this particular issue. If you cannot decide, the court will step in to make a decision. In order to gain more information on how to address the marital home during divorce, it is wise to speak with an experienced attorney.