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Louisiana family law: What to do with the marital home

Dividing assets when going through a divorce is rarely if ever an easy task. Each party is likely to have different ideas regarding what should happen. For example, the marital home. Maybe one spouse wants to sell it and the other wants to keep it. A Louisiana-based family law attorney can help one find the best way to resolve this issue.

There is not just one right way to approach the division of the marital home. Every couple is different and what they choose to do simply needs to work and make sense to them. Selling the home is typically what is done in divorce. Following the sale, any profit is split evenly between each party. If the mortgage is underwater, each party would be equally responsible for a portion of the debt.

If one spouse is adamant about keeping the home, there may be ways to make it work. One option would be for the party who wishes to keep the home to buy the other party out. If that is not an option, the party not keeping the home may be granted a greater portion of other assets to make the property division settlement even. No matter how it works out, the individual keeping the home will need to refinance the mortgage in his or her name to remove the other party from financial responsibility.

For numerous Louisiana couples, the marital home is a significant asset and figuring out what to do with it in the event of divorce can certainly take time. A willingness to negotiate can go a long way in reaching agreeable settlement terms. With the assistance of a family law attorney, it is possible to come to terms on this asset that both parties are satisfied with.

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