Who gets the house in a Kentucky divorce?

Your home is likely the most substantial asset you own in more ways than one. Besides the money you paid for it and have put into it over the years, it can also have sentimental value and be the one place you feel comfortable.

If you are getting divorced, however, your house can become something else altogether. It can make you sad, angry, frustrated or depressed to be there and maintain it. With all this in mind, you should understand what could happen to your house in a Kentucky divorce.

Sell it and divide the profits (or losses)

In many cases, it is best for everyone to just sell the house and split the profit or losses. In Kentucky, property division laws dictate that any marital asset or debt be divided between spouses equitably, or fairly, so once your house sells, you can factor that money into the overall property division agreement.

One spouse buys out the other

This is often the preferable solution when you have kids. One parent can stay in the home without uprooting the kids, but there are some things to consider. Primarily, you need to be sure that the person keeping the house will be able to refinance the loan in his or her name and cover mortgage payments. If this person cannot qualify for the loan or cover the cost of home ownership, you may need to pursue another option.

Keep it

If you both want to keep the house and continue co-owning it, you could work out an arrangement for how you will split the mortgage and expenses and who will be responsible for repairs and upkeep. Keeping a house can be an option for people who don't want to sell, can't afford to own the house individually and/or have plans to rent out the property and divide those profits.

Whatever you decide to do, it is crucial that you consult an experienced family law attorney prior to making any decisions about your home. Again, it is likely the most substantial marital asset you own and what you decide to do with it will have a significant on the rest of your divorce settlement.

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