Couples who divorce in Louisville or Jefferson County often own a home as part of their marital property. Depending on the couple’s situation, the home may represent the largest single asset that will be divided in the resulting property division. Kentucky is a marital property state, meaning the assets deemed to be a part of the marital estate will be divided equally between the divorcing parties. This can make determining how to divide the marital home in a Louisville divorce extremely important.
Often the best solution is simply to sell the home and divide the remaining equity equally between the parties.
In some situations, especially when the couple has children, a parent who will have primary custody may want to keep living in the home with the children following the divorce. When this is the situation, it is not feasible to simply sell the home and divide the equity between the former spouses. There are several ways people may be able to arrive at a property division compromise when dealing with the family home.
The spouse who wishes to remain in the home may want to negotiate giving the other spouse a greater percentage of retirement assets and other marital assets in order to offset of his or her share of the home. A party who is able to remain in the family home may also offset marital equity in the home by reducing or eliminating child support or maintenance.
In most cases both of the former spouses are named in and have signed the associated mortgage(s). If one party will be awarded the house, they are often required to refinance the house in his or her own name within a specific period of time, removing the other spouse from any potential liability or potential credit harm.
Deciding how to divide the marital home in a Louisville divorce is often a primary consideration in property division. If one spouse wishes to remain in the home, it may be very beneficial for them to consider negotiations with their spouse or mediation in order to arrive at an agreement which facilitates this goal.
Learn more about how to accomplish your goals while protecting your interest. We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.
