There are certain assets that must be divided when a couple divorces. Louisiana couples who own a home and who are in the midst of a divorce need to decide how they’re going to deal with their family home. It may be the most emotionally-charged conversation soon-to-be former spouses may have since a family home is tied to many memories. There are basically three options available in this situation.
The first scenario is to decide to sell the home and to split the proceeds. It’s likely the most simple way, but not always the best for some couples. Capital gains tax may need to be paid on any profits generated on the sale. As well, each party will have to decide whether he or she will want to purchase another home or will do the rental route. Another solution is one spouse buying the other out if one person wishes to remain in the home.
A couple could also choose to maintain joint ownership of the property until they reach a certain age at which time they can make the decision about whether to sell or not. They can split upkeep and utilities costs or perhaps rent the property. It’s up to the couple to decide what is best for their situation.
Any decisions made regarding a family home could be reflected in a divorce settlement agreement. A Louisiana family law attorney is able to assist clients in such situations by offering information and guidance regarding the legal aspects of separation and divorce and how it affects assets, including the family home. A lawyer will help a client to make an informed decision in an emotionally-fraught situation.