If you are going through a divorce in Tennessee, it is time to make many decisions about your future. It can be even trickier if you have children or if the divorce is not an amicable one. One decision many couples face is what to do with the home after a divorce. Zillow provides four options for how to handle the family home as you divide all your assets.
If there are multiple large assets at play in the divorce such as a large stock portfolio, vacation homes and a primary home, it may be easiest to just divide the assets as evenly as possible. For example, one person may take the homes while the other may take the portfolio. This is a fast way to finalize your divorce.
Another option is for one spouse to buy out the other party. To gain sole ownership of the house, one spouse must pay half of the property’s current market value. This option is valuable for those who want to keep consistency for their kids and for houses in a less than favorable housing market.
Couples can also co-own a divorce home. This can be tricky if you and your spouse have a hard time agreeing on things. If you choose to co-own the home it is important to agree on how payments will be made, when they will be made, how much each spouse pays and who gets the proceeds of the home when you eventually sell.
Finally, you also have the option to sell the marital home and start fresh. This is one of the most common options as it gives both spouses the chance to break free from the marriage. Money made from the sale can also help with settling debts and setting families up in new living situations.