It’s not always easy to discern the best course of action when it comes to divorce. This is especially true when you have children. As you want your divorce to be as amicable and painless for them as possible. One question that often arises during these talks is whether or not you should keep the house you lived in. It can be an emotional decision. And you may be torn between wanting to do what’s best for your kids and doing what’s best for you. Seeking legal advice from reliable attorneys in Knoxville TN can be fruitful.
If you are left with the custody of your children then keeping the house can actually be in your and your children’s best interest. After all divorce affects children’s lives the most. And if they stay in the house that they grew up in may help with retaining some level of family stability during a time of great upheaval. But as you are no doubt aware that there are many other factors including finance that come into play when deciding whether or not to keep the house.
The sad reality of divorce is that it creates two households when there used to be just one. This means that your child will have to spend time in separate homes. The financial burden of two houses can be huge, especially if you have to manage on a single income.
If it’s financially possible for you to keep the house without undue stress then this may well be the best option for everyone involved. But if you can’t then the best advice here is to stay calm. And not be swayed by your emotions when making decisions that will affect you financially long into the future.
Let us look at some important questions to consider about keeping the marital home.
Who owns the house?
If the house was bought during marriage then it will usually be considered matrimonial property. However, if it was bought before marriage and the spouse has not added your name to it then it will be classed as separate property. In such a case it is wise to speak to your conveyancer. They may be able to explain how the house was acquired. If you have no idea who owns it then it is probably best you seek legal advice from attorneys in Knoxville TN before making any decisions about a property that you might think is yours.
Can you afford to keep the house?
This is an important question to ask yourself before making any decisions about keeping the house. If you are already struggling financially due to divorce proceedings then it would be very hard for you. And your children and even your extended family if they help out. This could be seen as selfish on your part if you push ahead with plans that will cause trouble for everyone around you.
You need to seriously look at all the costs associated with retaining the house. Which includes mortgage repayments, renovation costs, legal fees and property maintenance. Make sure you have the total amount at hand before making your decision. As now you only have to consider your income. You may have to make some lifestyle changes in order to afford holding on to the home.
You need to seriously look at all the costs associated with retaining the house, including mortgage repayments, renovation costs, legal fees and property maintenance. Make sure you have the total amount at hand before making your decision as now you only have to consider your income. You may have to make some lifestyle changes in order to afford holding on to the home.
Read here to know how unemployment can affect child custody.
Can you sell the house?
In some instances keeping your home might not make sense, as selling can often be a better financial decision. If you have the money to buy a new home without too much difficulty then this is certainly an option worth investigating.
Keep in mind, however, that selling your house takes time and it’s very possible for your financial situation to change during divorce proceedings. This makes it difficult to simply sell the house on a whim if things look bad financially. Also one needs to remember that it could be impossible to put the house on the market due to legal action from your soon-to-be ex spouse. If this is the case then it’s worth giving some thought as to whether or not you can afford a family lawyer yourself, who can protect your interests .
What would be best for your children?
This is the most important question to ask yourself before making any big decisions about divorce. If you have children then it’s worth giving serious thought as to whether or not they will be better off remaining in the home that they know well.
A lot of people think that moving away from their friends and familiar surroundings may have a negative effect on children. Plus, if they are still at school then this would cause all sorts of problems before and after divorce.
Although children may not like the upheaval during times of divorce, moving away from familiar surroundings is never good for them. If possible it’s worth keeping any sense of stability that you can for your kids’ benefit.
Keep in mind that if your children are very young then they won’t be thinking about the financial burden that a divorce may put on you. And this means their best interests will be top priority. But, If it’s not financially possible for you to keep the house, then it’s probably best not to force the issue and make things worse.
Other factors to consider
Know the laws of state you live in regarding relocation with kids after divorce
Depending on your circumstances, there are laws in each state regarding relocation with children. Some states don’t want to block people from relocating, while others may take the child’s interest into consideration.
If you are planning to move to another city after divorce, you should find out the laws in your state regarding relocation with kids. For example some states require the parents with custody to notify the other parent about the relocation in writing. As it may be illegal if you fail to seek approval from the other party who may want to protest the move in the court.
As such it is recommended that you talk to your Knoxville divorce attorney about the options available and what is best for your children. This way you can find an amicable solution that will benefit everyone involved.
Fair share in the property
The spouse who decides to keep the house has to buy the spouse’s share in the property. One can either pay in cash or give up on other assets that are owned jointly. It is always good to have the house appraised and then dividing the equity to each spouse. This means that one gets a fair share of the property as per their contribution. This way you will not cause conflict with your spouse and it also ensures fairness in the divorce proceedings .
If you are looking to buy your spouse’s share in the property, then it’s best to speak with your Knoxville divorce lawyer about what’s possible.
Consult divorce lawyers in Knoxville TN
Deciding whether to keep your house in divorce is something which requires careful consideration. The best thing you can do is to talk to trusted attorneys in Knoxville, TN who will be able to help you sort through the multitude of options .
Divorce can end up being costly, so one should always keep this in mind when trying to determine what’s best. Although it still may be an option to keep the house for your children. It may not be the best financial decision.
Whatever you decide, keeping a positive attitude is the best way to get through divorce and starting fresh.