According to Tennesee’s Department of Health, there were over 22,000 divorces in the state in 2020. As the years go by, that number fluctuates, but it emphasizes one thing: Divorces keep happening.
When going through a divorce in Tennessee, one of the important decisions you may face is whether to hold onto the house. There are myriad elements to consider that can influence your choice, but it all depends on your life circumstances and desires. Consider these aspects of keeping a house to help you decide what is best for you.
Finances
Evaluate the current market value of the property and compare it to any outstanding mortgage or loans. Understanding the equity in the house can help you determine its financial viability as an asset. Additionally, considering your income, expenses and future financial obligations is essential in determining the feasibility of keeping the house.
Emotions
Consider the emotional attachment you have to the house and the sense of stability it provides, especially if you have children. Staying in familiar surroundings may offer a sense of continuity during the divorce process and afterward. On the other hand, you should also evaluate the potential disruption involved in moving to a new location and starting fresh. Relocating can impact various aspects of your life, including work, children’s schools and social connections.
Practicality
Analyze whether the house meets your future needs in terms of its size, location, proximity to amenities and suitability for your lifestyle. Furthermore, if you have children and decide to hold onto the home, you should consider the logistics and potential challenges of co-owning the property with your former spouse. Establish clear boundaries and communication channels to ensure effective co-parenting and shared responsibilities.
Deciding whether to keep the house in your Tennessee divorce is a significant choice that requires careful consideration. Ultimately, the decision should align with your goals and capabilities.