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Helton Law Firm, PLLC

How to split the house in a divorce

A homeowner in Tennessee who is getting a divorce may be concerned about which spouse will be permitted to keep the house. There may be a number of different outcomes to such a situation. The judge might force the couple to sell the house and split the profits. In such a scenario, however, the split might not be equal. For example, if one spouse put more money into remodeling and upkeep, they may also receive a bigger share of the proceeds. If a couple can negotiate an agreement outside of court, they may be able to ensure a plan that's mutually beneficial.

Another factor a judge might consider is if the couple has any children. In many cases, the parent who gets custody may be allowed to remain in the home because it is better for the child's stability. If a couple negotiates an agreement on their own and can afford to do so, they might work an agreement in which they take turns living in the home while the children live there full time.

The judge may take extenuating circumstances into account such as whether the house was an inheritance or in one person's family for many years. People should be wary of trading a valuable asset, such as a pension, for the other spouse's share of the house.

Property division can be difficult to negotiate because it can bring up concerns about financial security as well as spiteful emotions. However, it is important to make practical decisions during a divorce, and an attorney may be able to assist with this. A lawyer might be able to help a client identify their main priorities and create a strategy for property division.

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