Should you and your spouse consider keeping the family home together after divorce?

On Behalf of | Apr 5, 2021 | Property Division |

You may assume that getting divorced means you need to sell your house — and, for many couples, this is exactly what divorce means. Don’t assume you have no other options, however.

There are couples who jointly own their homes even after a divorce. Here are a few reasons why they make that choice:

They want to sell when the market is better

The market may not be as high as you’d like. You want to sell, but you’d rather do it in six months to a year. You and your ex can keep the house, divide your other assets, and then sell it when the time is right. This may maximize your profits. (Similarly, others are waiting until they simply have more equity in their homes because they haven’t lived there long enough to make it easy to afford to sell.)

They’re using nesting custody to allow the kids to stay in the home

Nesting is a child custody tactic that allows the kids to remain in the family home while the parents move in and out on set schedules. This means that the children do not feel like the divorce has changed their lives quite so much and allows for more stability during their transition. It’s often best used for a short period to give everyone more time to make adjustments.

One spouse is keeping it, but can’t get a new mortgage

If you can’t get a mortgage yourself, your spouse may co-own the house with you so that you can keep the joint mortgage. The biggest risk is that, if you do not pay, the bank can still come after your ex for the payments. Many people would never risk this, but it can work for couples who split on very good terms. 

As you can see, you definitely have options, and it’s important to consider everything as you look into the legal process of divorce. It’s always wise to remember that divorce is largely about financial decision