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Financial implications of housing decisions during divorce

Tennessee spouses who are considering divorce might find themselves riddled with questions concerning their future housing arrangements. These individuals may find that they have a variety of emotional and financial components to consider before a satisfactory resolution might be achieved.

When it comes to the disposition of the primary residence, spouses will find that there are four basic options accompanied by their own set of specific financial considerations. Spouses who decide to delay the decision and retain joint ownership for a period of time while one spouse continues to reside in the home may be able to avoid taking any immediate action. However, the parties may want to recognize that tax considerations could change in the time between the divorce and the home's eventual sale.

In contrast, the immediate sale of the home and division of the proceeds is an option that could prove beneficial in some situations. In this scenario, spouses could work to maximize the home's selling price and determine what their split of the proceeds will be before making a fresh start elsewhere. In this instance, the parties may want to be aware that a variety of legal factors could affect the percentage of the proceeds to which each may ultimately be entitled.

The final two options involve one spouse buying out the interest of the other or allowing their own interest to be bought out. In some situations, provisions in the existing home mortgage could present a liability that may need to be addressed. In addition, the availability of refinancing may not be an option in every situation.

In all cases, multiple variables could either help or hinder the goal of seeking a beneficial resolution. A lawyer could be the neutral third party who might best help a spouse more easily navigate the choices that must be made about the house as the divorce process unfolds.

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