When couples divorce in Tennessee, one of the assets they have a hard time dividing up is the marital home. Sometimes even vacation homes can give rise to conflict. Couples have many different options to choose from when it comes to splitting real estate in a divorce. If they can agree to work together and maintain amicable negotiations then they may be more likely to find a solution that works for both parties.
According to MarketWatch, one option couples may consider is selling the home to pay off the mortgage. They can then share the profits or use it to pay off other joint debts, such as credit card bills or auto loans. If the home was already paid off, then both people may end up with more money back in their pockets. If the couple is unable to sell the house for a profit, then they may need to come to an agreement on how to repay the remaining balance.
One of the perks of selling the home is that it saves the couple from needing to refinance the loan to remove one person from the mortgage. If one couple wishes to remain in the home, however, this may be the route the couple needs to take. The couple may also consider a quitclaim deed to remove the other person from the title. Failure to do so may cause the ex-spouse to retain rights to the home. This may cause problems later on.
Perhaps the easiest solution comes from Forbes, which is to maintain joint ownership of the home. Couples with children may consider this route to minimize disruption to children’s lives. In these situations, ex-spouses may also come to an agreement on how to split the expenses. Expenses include not just the mortgage but utility bills and general maintenance.
Splitting marital property is one of the most dreaded tasks during a divorce. When couples maintain a clear focus and a sense of fairness, they stand a better chance of coming up with a mutually beneficial solution.