Family homes are often places where Louisiana residents have made numerous memories throughout their lives. As a result, such a piece of property can hold considerable sentimental value for its owners and inhabitants. Due to the sentimentality involved, determining what to do with the home after a couple decides to divorce may be difficult.
There are options that individuals may wish to consider when going through the division process. They may wish to sell the home, both maintain ownership or allow one party to buy out the other. All of these decisions could have financial and emotional implications; therefore, individuals may wish to assess their particular circumstances to determine which route may be best for them.
There is a chance that individuals may not agree on how to address the property, and in such cases, negotiations may take place. If an individual wishes to keep the home, that party may be able to offer a buyout amount after the home is appraised and/or potentially barter other property as part of the settlement. If decisions cannot be reached amicably due to the emotional nature of the situation, the court may step in to address the issues.
Many individuals enter into a divorce with ideas of how they want their property division proceedings to go. However, there may be some roadblocks that were not taken into account, and difficulties could arise. If Louisiana residents wish to determine the best strategies for reaching their desired goals, they may wish to consult with experienced attorneys about how to potentially carry out their plans.
Source: nerdwallet.com, "Deciding What to Do With the Family Home After Divorce", Mary Ballin, Oct. 31, 2016