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Helton Law Firm, PLLC

Whether or not to stay in the house following a divorce

Property division is often a significant issue in Tennessee divorces, and major decisions regarding what to do with the family home often are big factors. It is common for a spouse to have an emotional attachment to the marital home, but he or she might want to think seriously about whether or not it is wise to remain in it.

Often, a couple's home is their largest asset. A person who decides to remain in the house will be solely responsible for the cost of maintaining the home and paying the mortgage following a divorce. People should also think about such things as utility costs and whether or not the space is too large for them, especially if their children have grown and moved away.

When there is a mortgage and both spouses' names are on it, the person who remains in the house will often have to refinance the home in his or her own name in order to separate his or her credit from that of the former spouse's. Sometimes, selling the home is a better idea because people can take their portion of the proceeds and use them to purchase new homes that are more in line with their current financial circumstances.

Property division can be very complex in divorce cases, involving many decisions that can have substantial financial impacts. When people divorce, the property obtained during the marriage will be subject to division regardless of who acquired it. There are specific exceptions to this rule, however. People who want to learn more about property division and what they might expect may want to consult with family law attorneys.

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