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What options are there for the family home in a Tennessee divorce?

On Behalf of | May 6, 2021 | Property Division |

When a Murfreesboro couple decides to get married, divorce is the furthest thing from their minds. Like all newly married couples, they believe their marriage will last forever. Unfortunately, this isn’t always the case and sometimes a divorce becomes imminent. For a high-asset couple, the divorce proceedings can be even more complicated. Asset division is a source of many problems and the family home can be an important area to consider.

There are several options that a couple has with how to deal with the family home in a divorce.

Sell the home

Most couples choose to sell the family home and split the proceeds. If the couple choose this option, they will need to work together to set a listing price, come to an agreement on any repairs that need to be made, etc.

Keep the home

Some couples decide to keep the home and sell it at a later date. The later date may be when the kids graduate from high school or another milestone. After that date has passed, the couple can sell the house and split the proceeds.

Buy out the other spouse

If one spouse would like to remain in the family home, they can choose to buy out the other spouse’s share of the house. They can then refinance the home in their own name.

Divide large assets

High asset couples often have multiple assets worth a lot of money. One option for the family home is dividing large assets worth roughly the same amount, such as the family home, vacation home, or large stock portfolio.

A legal professional who is skilled in divorce can help their client understand their options when it comes to asset division in a divorce. They understand that their client is going through one of the toughest times of their lives and will work hard to make sure they receive good advice so that they are able to emerge from the divorce in a good place.

 

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