When a couple are preparing to divide their assets due to the end of their marriage, there will likely be many items that need to be addressed. One of the biggest and most valuable assets that individuals must attend to during divorce proceedings may be the family home. Though determining how this piece of property should be addressed may seem difficult, one of two options may be the most feasible.
For a Louisiana parent who gains custody of any children involved, keeping the home may be a strong goal. Maintaining the kids’ place of residence may help the transition seem less jarring. However, the custodial parent would need to obtain that property during division proceedings. This outcome is possible if the parties agree to one person keeping the home either through a buyout or through one party taking over the mortgage payments.
The second option is to get rid of the house altogether. If the residence holds too many negative memories or mortgage payments will cost too much for one party to keep up, both individuals may agree to sell the home. Of course, after such an action, the parties will then need to address how any proceeds will be divided or how the remaining mortgage will be paid if the home does not turn a profit.
It is not unusual for individuals to become attached to their homes, but divorce can certainly put various aspects of life into perspective. Therefore, divorcing Louisiana residents may want to assess their particular cases to determine what they would like to do with their homes. Speaking with experienced attorneys could allow interested individuals to gain useful advice.
Source: marketwatch.com, “What to do about your home in a divorce“, Shawn Leamon, March 16, 2017