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Helton Law Firm, PLLC

How to treat a home in a divorce

When a Tennessee resident goes through a divorce, retaining the family home may be a top priority. Alternatively, a person may want to buy a new home with any money that is received in a divorce settlement. However, it may not always be a good idea to ask for or to take control of a marital home when a marriage ends.

Individuals should consider whether it is in their best financial interest to do so. This means taking into account the value of the home as well as whether there will be enough money to pay costs related to owning it. Those who agree to pay alimony or child support after a marriage ends may not have enough to meet those obligations and own a home at the same time. If a person receives alimony, a bank may not accept it as qualifying income right away.

Part-time or commission income may not be accepted either if an individual just got the job. In addition to a lack of qualifying income, a divorce can have an impact on a person's credit. It is possible for an individual's score to go down because of late or missed payments on a joint debt, and those who don't have a credit score of at least 580 are unlikely to get a loan.

When a marriage ends, marital property may be divided in a number of different ways. While an individual may want to keep a marital home, this may not always be a good financial decision. An attorney may be able to objectively review a person's financial situation to determine if he or she would be better off with that home or if it makes more sense to sell it or transfer ownership instead.

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