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Factors that may impact the fate of your real estate in divorce

One of the most difficult challenges of divorcing your spouse in Kentucky is the process of unraveling the years of shared experiences, relationships and assets, as you and your soon-to-be-ex prepare to part ways and live life as independent individuals once again. At Fowler Bell, we have helped many people as they work through the complications of divorce. 

If you and your spouse have owned a home together or have invested in a couple of properties, you are going to have to prepare to split these assets. Working through the process of negotiating the fair split of real estate can be time-consuming when you and your spouse disagree about what should be done. Things can become increasingly complicated if both you and your spouse are adamant to remain in the home. 

According to the Chicago Tribune, if you and your spouse are unable to agree on an outcome, the courts will get involved and will assess what should be done with your property. In considering the outcome, they will consider several factors including the following:

  • If your or your spouse's name is listed on the title. 
  • Who initially purchased the property. 
  • Who was responsible for maintaining the property. 
  • How much your property has increased in value since the time of purchase. 
  • What you and your spouse are requesting the outcome to be. 

Understanding how the fate of your property will be determined may motivate you and your spouse to work amicably in deciding whether or not one person will remain in the property, if it will be sold and profits will be split equally, or if some other outcome will be more beneficial than having to rely on the courts to make a decision for you. For more information about asset division, visit our web page. 

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