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Keeping the family home after a divorce

On Behalf of | Jul 28, 2017 | Property Division

For many Kentucky residents going through a divorce, dealing with the family home is one of the top priorities. Some want to retain ownership of the home while others want their fair share so that they can purchase a new home as soon as the divorce is finalized.

While the home is often the largest asset for many couples, keeping ownership of the home after the divorce may not be the wisest financial decision. In many cases, the person who is awarded ownership of the marital home will likely have to refinance the home so that the loan is in his or her name only. If the person is not employed or does not have the cash available for the down payment, this could be a difficult process.

There are some other potential financial challenges those going through a divorce may face. Some couples, for example, have lower credit scores after going through a divorce. This could be caused by stress and forgetting to make timely payments. It can also take some time to qualify for a mortgage, so it is recommended that a person find a co-signer who can help get a mortgage approval more quickly.

In the state of Kentucky, former couples can only divide up marital property in a divorce. Any property that was owned prior to the marriage belongs to the person who owned it. For example, if a person owned a home before getting married, he or she may keep the home if it did not become commingled property. If the home was bought after the marriage, one person may retain ownership or the home may be sold. An attorney can help a person keep the home in the divorce settlement or make an agreement with the other party to sell the home.