We are often asked about strategies to keep the family home after a divorce and how this process might work. Some want to retain ownership of the home so that they can continue to live in it. Others want their share of the equitable distribution as quickly as possible so that they can buy a new home as soon as the divorce is finalized.
Regardless of whether a person wants to keep the family home after a divorce or sell it our experienced divorce and family law attorneys provide sound counsel while working to help accomplish your goals.
Many people want to retain ownership of the marital home purely for emotional reasons. For this to be feasible, the party who wishes to keep their home will have to be able to refinance the property on his or her own. This often means having a cash down payment available, some sort of income and a high enough credit score to be eligible for a new mortgage.
The other former spouse will also have to be bought out.
Those who wish to purchase a new home immediately after the divorce can face similar challenges. Maintaining an appropriate credit score can be difficult when trying to keep up with their bills after moving out of the marital home.
The sources of income are also extremely important as banks often do not allow commission and bonuses to be used to qualify for a mortgage. Income from a business or professional practice may be uneven over the look-back period required to qualify for the new mortgage.
The strong desire to keep the family home after a divorce is a quite common. Kentucky is a marital property state and the court will fairly divide all of the debts and assets a couple has obtained during the marriage. This includes real estate, credit cards and other debts, retirement accounts and any marital interest in a business or professional practice.
Often, when one party is interested in keeping the family home after a divorce in Louisville or anywhere in Jefferson County other assets may have to be given up during the division of property to keep things as equitable as possible.
