You may have a lot of great memories in your family home. Even though you and your spouse have decided to divorce, you want to keep this home. It will offer your children stability amid the divorce and give you stability and comfort too. Yet, will you get your house in the divorce? What if your spouse wants it too?
Dividing property in divorce
Louisiana is a community property state in divorce. In community property states, divorcing spouses divide their marital assets equally, 50-50. So, if you bought your home during your marriage, you and your spouse will divide how much it is currently worth.
If you want to keep the house after the divorce, you will need to negotiate that with your spouse. You may need to refinance the home to buy out your spouse’s share of the home’s worth. Or you may need to give your spouse other assets, such as more of your retirement savings or investments, to give them half your home’s worth.
Negotiating asset division in divorce
One of the most important aspects of dividing property in divorce is deciding on what you are willing to sacrifice and what you want to keep. You should consult your divorce attorney as you account for all your marital assets and negotiate dividing them with your spouse.
Sometimes, couples decide to sell their family home, split the proceeds and move on. Sometimes, couples decide to rent out sell their former home and sell it a few years after their divorce.
If you want to keep your family home, you will have to be willing to let go of other assets in your divorce. Yet if you can’t imagine letting your home go, you may want fight to keep your home when dividing assets with your spouse.