What's going to happen to your stuff after divorce? If you are like many people facing the end of your marriage, you probably have grave concerns about how this process will affect your financial well-being and property rights. What's going to happen to your family home? Will you be able to afford staying there?
There are several options regarding what to do with the family home. No two situations are the same, and the right choice for you depends on your goals for the future and other details. No matter what you decide to do, it is in your interests to think about what will truly be best long-term, not just what sounds best in the moment. When you have the right perspective, you will be able to pursue terms that allow you to have a strong and stable future.
Options for dealing with the house
If you and your spouse decide to negotiate a property division settlement out-of-court, it allows you more control over the final terms than if you had chosen to go to court. There are several different options for how you can deal with the family home, and you may find it beneficial to carefully consider all of the following options before moving forward:
- Sell the house – It's an emotional decision, but sometimes, it makes sense for a couple to sell the family home and share the proceeds. This will give you the financial resources you need to buy a new place and start a new life.
- Keep the house – If you have young kids, you may want to keep the home for the sake of the kids, allowing them to stay in the same house. You and your spouse will need to carefully think through a practical schedule and routine for making this work smoothly.
- Buy out the other spouse – If you wish to keep your family home, you may be able to buy out the other spouse's share or negotiate for it in lieu of other assets. It's important to consider what you can truly afford, such as taxes and upkeep expenses.
The choices you make during this process will affect you and your children for years going forward. You do not have to agree to terms that will leave you struggling financially, but you may not want to give up your home unless it is absolutely necessary. You may find it beneficial to speak with a Tennessee family lawyer regarding your potential legal options and seek guidance regarding the most appropriate way forward.