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Options for dividing a home during a divorce

One of the most complicated conversations that Kentucky couples need to have when going through a divorce is determining what will happen with the family home. Unlike other assets that can more easily be divided, the home has memories and emotions attached to it. Couples usually have three options that they can choose from when deciding what to do with the family home after looking at practicalities and the emotional well-being of the entire family.

An option that is usually simple is to sell the home and then divide any money that was made from the sale. Each individual will then find a new home where they will be able to start over.

Some couples who are going through a divorce decide that one person will keep the home and the other one will sell their share of equity to the spouse who is staying. In order to calculate the correct buyout price, the couple will first need to determine the current value of the home. The individual buying out the home will then have their name solely on the deed, and both names may still be on the mortgage.

In order to maintain stability for children who are growing up, some couples decide to maintain joint ownership of the family home. They will both continue to contribute to mortgage payments, major repairs on the home and insurance. The couple will usually have to come to an agreement that makes sense for both individual's financial circumstances.

Determining what to do with the marital home during divorce is a big decision. Some individuals turn to an attorney before they begin this process. An attorney may be able to provide information about property division, spousal support, child support and other matters that relate to the divorce process.

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