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Making informed choices about the family home in divorce

On Behalf of | Mar 12, 2023 | Family Law |

Dissolving a marriage can be an intimidating process and those facing similar circumstances in life might face a variety of difficult choices while preparing a strategy to safeguard their futures. One example of a topic that might be an area of concern for many could pertain to knowing how to address the family home. This type of asset could play a significant role in the outcome of a divorce and knowing what factors to address regarding a home could help individuals in Kentucky better prepare to make informed choices about their futures. 

Vital factors 

Those who remain uncertain of how best to approach the family home may benefit from addressing numerous vital factors prior to choosing a path. For instance, while the family home may hold significant sentimental value, pursuing sole ownership may also carry substantial monetary responsibilities. Taking time to evaluate the costs of upkeep and maintenance of the home and addressing the possible tax concerns involved may be vital to determining whether seeking ownership is a viable option.  

Knowing the possible challenges of taking on such obligations after transitioning away from a two-party income to life on one’s own could also be integral. In some cases, a significant portion of a couple’s marital wealth might be tied up in the family home. As such, the pursuit of ownership may prompt a need to relinquish possession of other marital assets in exchange for sole ownership.  

Addressing the options 

With so much at stake, being thorough when addressing factors such as the family home could prove essential to preparing to protect one’s interests during a divorce. Individuals in Kentucky who are in search of advice in addressing all their available options might benefit from retaining the services of a family law attorney in the initial stages of the process. An attorney can help evaluate a client’s questions and concerns and provide insight into preparing to make informed choices while creating a strategy for legal proceedings that aligns with his or her future interests and needs.