Married couples often share almost everything. They pool their income and share a residence, making almost all of their belongings marital property. Even if you bought it yourself without involving your spouse, both of you have an interest in your marital income and assets.
You may have bought your vehicles, furniture and wardrobe during the marriage. You also likely jointly owned the home where you live. Although you probably don’t want your spouse’s vehicle or shoe collection when you divorce, your marital home might be something you both want to keep. Is it a realistic goal to ask the courts to let you keep living in the family home when you divorce?
Can you afford your marital home alone?
Many couples require the income of both spouses to qualify for a mortgage on a nice family home. Unless you have accrued a substantial amount of equity during your marriage, the payments may be too much for you to handle with just one income.
When you consider that equitable distribution rules may require that you withdraw equity to pay your spouse for their interest in the property, you can see how you may not be able to qualify for financing right now. If you have a job, steady income or enough support to afford the house alone, then, you need to think about your family situation and your long-term plans.
Do you have children?
Children should always be your primary focus if you divorce while they are still minors. One of the first things you need to ask yourself when thinking about your biggest assets in a Kentucky divorce is what would be best for your kids.
Divorce can be disruptive for children, and it’s no small part because they have to move to a new home or maybe even change school. If you will assume primary custody of the children or simply have more parenting time than your ex, staying in the family home with them might be beneficial for the children. The support that you receive could make securing a mortgage a bit easier as well.
For some people, the emotional attachment to their home will justify the extra effort required to stay in the home after a divorce. For others, selling the home or letting their spouse keep it and just receiving the money for their share of equity could be a better option.
Thinking about your financial circumstances can help you set achievable goals for your potential Kentucky divorce.