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Family home may be a concern during Kentucky property division

The family home is an asset that can be difficult to part with under any circumstances. When individuals are going through divorce, determining who will keep the home or whether it should be sold can be an emotional experience. In addition to working through those emotions, Kentucky residents may also wish to consider the financial impacts this type of property division could have. 

If one individual is going to keep the home, the owners may agree to a buyout. In this scenario, the party keeping the property will essentially give the leaving individual a certain amount of money. Getting the home appraised may be a wise first step to ensure that the amount negotiated is based to the true equity of the home. Of course, this action may be expensive, and individuals may wish to determine whether their finances could handle buying out ex-spouses.

Some individuals may want or need to sell their houses so neither party maintains ownership. Of course, this action could also have significant financial implications. Taxes on the sale of the property could cause unexpected expenses later. Additionally, if a divorcing couple decides to sell a property, the money gained will also likely come up as part of the property division proceedings, as far as who is entitled to how much of the proceeds.

Dividing any property can be a sensitive topic for anyone, and when it comes to addressing the family home, individuals may want to ensure that they are happy with how it is handled. Therefore, if Kentucky residents have particular plans for their homes and how they hope to address them during property division proceedings, they may want to be informed about their options. Experienced attorneys could help interested parties determine which strategies could work in their best interests.

Source: nerdwallet.com, "Deciding What to Do With the Family Home After Divorce", Mary Ballin, Oct. 31, 2016

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