Top family law attorney Francis King, founder of the Law Offices of Francis King in Nashville, TN outlines the process of claims for the house during the divorce process. For more information please visit https://franciskinglaw.com

Nashville, TN, United States - November 5, 2022 —

The family home is often the biggest and most fought-over asset in a divorce, disclosed Nashville Divorce Attorney Francis King.

For more information please visit https://franciskinglaw.com

The founder of the Law Offices of Francis King took time out from his busy schedule to explain critical solutions and how claims for the house can be handled when the dust finally settles on a marital split.

King said that while the battle over the house could be awkward, several factors could come into play to give couples, attorneys, and the courts a path to a good solution.

First, it is necessary to determine whether the residence is marital or separate property.  If one spouse owned it before the marriage or used his/her pre-marital funds to purchase it, they will likely get to keep the house in divorce (as long as the other spouse has not been put on the title).

However, more often, a couple would have bought the home together during the marriage, making it marital property, so each spouse has a rightful claim to a share of the equity.

"The reality is likely to be more complex when a spouse moves into the other's pre-marriage residence and begins to help with payment of the mortgage and other expenses related to the house," King said. The house could then be considered a marital asset based on the non-owner spouse having made a substantial contribution to the preservation of the property.

Many couples choose to sell the house and divide the proceeds equally or based on other assets involved. Often, neither party can afford the residence alone, so a sale is inevitable.

King suggests couples attempt to find common ground and a way forward to dividing their assets. "Doing so could save money and time by avoiding the fight in court. As substantial marital funds can end up getting paid to attorneys for a court battle, there is less to divide between the spouses. It is better to reach a settlement if possible.”

If couples agree to cooperate, they can hire an independent appraiser to determine the house's fair market value, which will help them negotiate a possible settlement.

"This may be your first time in a negotiation like this, but divorce attorneys do it every day, and they can evaluate your situation without the emotion you are experiencing," King advised.

If both parties agree to list the house, agreements will be needed on the listing agent, the asking price, and repairs to get the property market ready. 

However, a court will have to decide when both spouses want to keep the house. Various factors could affect the outcome, such as financial viability and, if there are school-aged children involved, which parent will have primary custody of the children.

A court might side with a custodial parent who has more time with the children (assuming they can financially maintain the home) as it helps maintain stability for the children. However, if a spouse wants to retain the house, they may have to consider refinancing the home to buy the other spouse out.

Another option is for both spouses to maintain an interest in the house until a future date, for example, when the youngest child graduates high school... This ensures payment in the future while providing stability for the children. 

King concluded: "The property can be a financial and mental drain if you're fighting for the right to keep it. Seeking dispassionate legal advice will often clarify matters and allow you to move on with your life."

Source: http://RecommendedExperts.biz

Contact Info:
Name: Francis King
Email: Send Email
Organization: Law Offices of Francis King
Address: 4235 Hillsboro Pike #300 Nashville, TN 37215
Phone: 615-385-7654
Website: https://franciskinglaw.com

Release ID: 89083612

If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.