Divorce is not just about the cutting of the emotional bond between couples. There are also financial issues involved in a divorce, including property division matters. As any Tennessee resident knows, property division, particularly that of a marital home, can become quite complex. Besides the love and attachment to the home, there is also the prestige that comes with owning the marital home.
In fact, real estate agents agree that some of the most difficult clients are divorcing couples trying to sell their home. In fact, a more practical way to approach this matter would be to decide pragmatically as to whether the couple should live together, give the home to the partner or sell the home. If the divorcing spouses decide to sell the home, then there is the mutual desire to sell it as soon as possible. They also want the maximum value out of that house since it is the largest financial asset; hence selling it is very convenient.
According to the Washington Post, younger couples with children are not very keen on selling this asset. The reverse is true for the elderly who have an empty nest. The best way to handle this property division matter is to come up with a plan, along with an attorney, and then approach a real estate agent. The couple also needs to fix a price and if the house does not sell at that price, then the price needs to be lowered within a given time-frame.
Sharing the asset is also another option and that is referred to as “nesting.” Divorcing couples may also decide to share the home in order to cause less emotional upheaval for their children and financial turbulence for themselves.
Source: Realty Today, “The House is the Most Difficult Property to Divide for Parting or Divorcing Couples,” June 24, 2015