Preparing to untangle finances and divide marital property can be one of the most difficult aspects of going through a divorce. If your marriage is ending, you probably have a lot of questions, including what will happen to the family home?
The house and other real estate properties likely make up a significant part of your marital wealth. That means these assets could play a major role in the outcome of your divorce. Let’s think about how the family home could factor into a divorce in Kentucky.
Real estate assets in a Kentucky divorce
If you’re going through a divorce involving the family home, these are some important things to consider:
- Marital or separate: One of the first steps to take could involve determining whether real estate assets are marital or separate property, as this may determine whether these assets will play a role in the property division process.
- Buyout of interests: If you’d like to have sole ownership of the home or a vacation property, you may have the option to buy out the other party’s interests. However, this might not always be preferable, or even possible. Talk to an experienced divorce attorney about your options.
- Negotiations: If a buyout is off the table, you could also consider relinquishing ownership of other marital assets in exchange for sole ownership, but determining if this is a viable path can be complex at times.
- Selling the home: There may also be some scenarios in which the healthiest financial decision for everyone may involve selling the property and dividing the proceeds.
When deciding what to do with the family home, it’s also important to consider the following: 1) the cost of upkeep and maintenance of the property and 2) whether you’ll be able to manage expenses after the financial changes that come with divorce.
Get the professional guidance you need
Remember: you don’t have to go through this process alone. If you have questions about property issues in your divorce, help is available, and getting legal advice about your situation may be essential to making decisions that protect your future. Please see our Kentucky property division overview to learn more.