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Deciding to keep the house or move on after divorce

On Behalf of | Jul 8, 2020 | Family Law

Financial considerations are at the top of the list for many people considering divorce in Kentucky. On top of deciding how to split the retirement accounts and who pays for insurance, you wonder if selling the house is necessary. We often work with clients to help ensure the best possible outcome.

According to Kiplinger, keeping the family home is more affordable today than in the past. This is good news for parents who want to keep the disruption of their children’s lives to a minimum.

Get the lowest price

When the real estate market is booming, buying out your ex’s equity share of the property is challenging. However, with property prices falling, the lower value may work to your benefit. An unbiased, professional real estate appraisal can determine the value of your home and potentially help reduce arguments about how much it is worth. Even if you can afford to buy out your ex’s portion of the property, you still need to make sure you can handle the monthly costs, such as utilities, taxes and insurance.

Prepare to move on

Once you determine you can pull the funds together for a buyout, you should look at how much you have left after the expenses related to the home. If it pushes your monthly limit, the financial burden may be more than it is worth. Many people have an emotional attachment to their home, with happy memories of where they lived as a family. Splitting the proceeds with your ex or letting them buy your portion of the house may be better. It could help you move forward with the rest of your life if you do not surround yourself with past celebrations and arguments every time you go home.

If you have a complicated or contentious situation, an experienced professional can help guide you through the process and ensure you have the support you need.