When couples in Kentucky consider divorce, handling the division of real estate can be one of the more complex aspects of property separation. It’s always difficult to divide assets during a divorce, and real estate can’t be neatly split in half. Many separating couples choose to sell the home, pay off any remaining mortgage and divide the proceeds to invest into new accommodations. However, some individuals develop a strong emotional tie to the marital home, especially if children are involved.
Soon-to-be exes may choose to keep the home after a divorce. However, there are some challenges that can accompany this option. In many cases, refinancing the mortgage into one person’s name can be challenging, and it may be difficult for that person to make the payments on only one income. If the house is already owned outright, on the other hand, the value of the home could be accounted for with the value of other assets in property division. It is important in this case to obtain an accurate valuation of the property to ensure that the asset division is fair and equitable. Furthermore, it’s vital to remove the spouse who is not remaining in the home from the deed of the property during the refinancing and transfer process.
Others, particularly parents, may choose to keep the home temporarily, an option called “birdnesting.” In this form of custody, which is a transitional option to ease children’s adjustment to the divorce, both parents will rotate in and out of the home on a weekly basis and maintain an apartment elsewhere.
Divorce always comes with significant financial and emotional changes, and handling the family home can be a challenge. A family law attorney can work with a divorcing spouse to arrive at a fair settlement on matters like property division and spousal support.