Whether or not to keep the home in a divorce may be a difficult decision for some people in Tennessee to make, especially since there are advantages and disadvantages to either choice. A study by the Center for Retirement Research found that on average, divorced women who remained single tended to have similar assets for retirement as never-married women despite the fact that people who divorce have a 5 percent higher chance of spending all their assets during retirement on average. The difference for women seems to be whether they get the home as an asset in a divorce.

However, financial advisers often counsel women to give up the home in a divorce, and there are good reasons for this advice. It is usually related to the cost of upkeep above and beyond the mortgage. These expenses may include repairs, property taxes, landscaping, maintenance and more. One financial expert says that it does not make sense for a person to keep the house unless it is possible to do so for five years or more. Keeping it for less time in order to increase the sense of family stability is generally a mistake.

In other cases, a house can represent a valuable asset for a retired person. Unfortunately, retired people might not tap into its equity or consider downsizing in order to enjoy a more comfortable retirement.

Before entering into divorce negotiations or litigation, people may want to discuss their needs and wants with an attorney. It is important that individuals do not allow their emotions to lead them to poor decision-making in terms of their long-term financial health after divorce. This may or may not mean keeping the home. Another element a person may want to keep in mind during negotiations over property division is whether it will be difficult to rebuild a retirement account based on his or her income.