If you’re going through a divorce, one of the most significant issues can be deciding who, if anyone, will keep the marital house. This often becomes especially complicated matter when one spouse wants to keep the house, but the financial and practical realities may not support that desire. While the home is frequently the couple’s most valuable asset, the mortgage on the house can also be the couple’s biggest debt. Deciding whether you should keep the house after divorce requires a thorough look at your finances, family obligations, and long-term stability.
If you desire to keep the marital home, it is important to consult with an experienced Tennessee divorce lawyer early in the divorce process. A legal professional from J. Ryan Johnson Law can help you understand your rights, evaluate your options, and make decisions that align with your long-term goals.
Is Keeping the House Worth It After Divorce? Factors to Help You Decide
Once the marital home’s equity is determined, there are several possible outcomes. The couple may choose to sell the home and split the proceeds, or one spouse may “buy out” the other’s share. In some cases, one spouse may stay in the home for a designated period of time (i.e. until marital children are grown or in college.) While the emotional attachment to keep the house may be strong, it’s important to weigh the financial implications before making a decision. The following are important things to consider:
- Do you have children? If so, who will have custody and is it in the best interest for them to remain in the home?
- Does the house have any equity? If so, how much will you have to pay to “buy out” your ex?
- Does the house have a mortgage? If so, can you afford it along with the monthly upkeep?
- Would it be better for you to sell the house and split the proceeds with your ex?
If you are still having questions, it is recommended to consult with an attorney for legal advice.
Who Decides Who Gets The House in a Tenneessee Divorce?
Ideally, it is best if both parties work together to reach an agreement on how to divide their property, including the marital home after a divorce. Unless there is a prenuptial agreement in place that already outlines how the property will be divided, this must be determined during the divorce process. This can be accomplished if both parties are willing to work together, assisted by attorneys, either through negotiations or by participating in mediation.
However, in some cases, a couple may be unable to work together productively. Sometimes, one ex-spouse can be particularly difficult and will purposely try to derail any agreement. Each person typically enters the process with strong opinions about what should happen, which can make it difficult to reach a mutual resolution. If no resolution can be reached, a family law judge will make the decision in accordance with the state’s equitable distribution laws.
Equitable Division of Property in Tennessee
The state of Tennessee uses the principles of equitable distribution to split assets after a divorce. This means that the marital home, like any other assets acquired during the marriage, will be divided fairly after the marriage. It is important to know this is not necessarily an equal 50/50 split, but what is equitable, or fair in the eyes of the court. The court considers a range of factors to determine what constitutes a fair outcome, and these factors vary depending on the circumstances of the couple’s situation.
Contact J. Ryan Johnson Law to Help You Throughout the Divorce Process
If you contemplating or going through a divorce, deciding whether to keep the house can be a challenging decision. There are numerous factors to consider, and it’s crucial to approach the process with careful thought. Always seek guidance from an experienced Tennessee family law attorney to ensure your rights are protected and to help you secure the best possible outcome for you and your family. Don’t be pressured into any major decisions! Contact J. Ryan Johnson Law to schedule a consultation to determine a clear plan moving forward.
