HOW TO AVOID MISTAKES WITH THE FAMILY HOME IN A DIVORCE

On behalf of Craig E. Gibbs, Attorney at Law posted in divorce on Thursday, December 27, 2018.

When people in Louisiana get a divorce, if they have a home to divide as part of the process of property division, they should avoid some common mistakes. One error people often make is fighting to keep the home without taking into account whether they can afford it.

One woman who did this finally agreed to sell the home and split the proceeds after months of negotiations when she realized that keeping it would not fit in her budget. However, according to one attorney, it is less likely for couples to reach an agreement to sell the home right away on their own and more likely for them to do so on a judge’s order.

The couple could agree to sell the home within a year or two. This might also allow them to put a nesting arrangement in place that keeps the children in the home while the parents rotate in and out, but this tends to be short-term and requires a high level of cooperation.

If one person does keep the home, one spouse might buy the other one out, or one may simply sign the house over to the other. The person who does not take the home should be removed from the deed as well as the mortgage. Failing to do so could mean the person still has financial and legal liabilities.

Dividing a home can be a difficult part of divorce because many people may have a sentimental attachment to it. A person who is divorcing may want to sit down with an attorney and discuss what elements of property division they are willing to negotiate and which they are not willing to compromise on. People might be more satisfied with the outcome they get from negotiations instead of litigation since the latter may be expensive and stressful.

Tags: Divorce

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