When Neither Spouse Wants to Live in the Marital Home
It feels great to hold the final judgment of divorce in your hands, because you finally get to move on with your life. For some recently divorced people, raising their children in the family home without their ex-spouse is a dream come true. In some cases, both spouses have the same dream, and it leads to a bitter dispute over who gets to keep the house. Other times, it is obvious which spouse wants to maintain continuity by staying in the house the couple once shared and which one wants to start a new life in a new residence. Somewhat more rarely, neither couple wants the house, but it is still a marital asset to be dealt with in the division of property stage of the divorce. If you are getting divorced, and you and your spouse are at odds about what to do with the marital home, contact a Tennessee divorce lawyer.
Sometimes Selling the House Isn’t So Simple
Every time you go online, you see worrying statistics and predictions about the economy. Some of these involve the housing market, with some economists envisioning real estate market conditions reminiscent of the 2008 recession. Even in more favorable market conditions, selling a house with a person you are in the process of divorcing isn’t easy. Sometimes it is a major factor in prolonging the divorce process. Getting your ex and the judge to agree to the sale price that the buyer is willing to pay is a challenge. Even when you don’t put the house on the market before your divorce becomes final, sometimes the court awards the house to you, knowing that you plan to sell it, and orders you to pay your ex a lump sum equal to your ex’s share of the value of the house.
If You Don’t Sell the House, What Do You Do?
If the court awards you the house, but you don’t need it as a primary residence, you have several options.
- Rent the house out long-term to a family or a group of housemates.
- Turn the house into a short-term vacation rental.
- Live in part of the house, but rent some of the rooms to boarders. This works especially well if you have a finished basement.
Some of these solutions require some investment of money at the beginning, but they can make your house into a source of income instead of a liability. These situations are more likely to apply to you if you moved into the house when your children were young, but they have since grown up and moved out.
Let Us Help You Today
If you want to keep the marital home, a Tennessee divorce lawyer will fight for you to stay in your home. If you don’t, your lawyer will help ensure that you get a fair amount of money in exchange for not keeping the house. Contact Knoxville alimony lawyer Patrick L. Looper for a consultation.