It’s quite common to sell your house when you’re getting a divorce. There are numerous reasons for this. Some people find that it helps them move on and it gives them a clean break with their partner. Others just find that it’s easiest to divide property if they sell the house and split up the money.
But you may be interested in keeping your home. Would this be possible? What options do you have?
Can you purchase your ex’s share?
One potential way to do this is to purchase your ex’s share of the house. Maybe you have other assets that have a similar value, and you can allow your ex to keep 100% of those assets if you get to take over full ownership of the house. Or, if you’d rather not trade assets, then you may just refinance your mortgage and get a loan to purchase that home in your own name. Once the right steps have been taken, you can stay in the house as the sole owner.
Should you own the home together?
Additionally, there are some situations in which couples will continue owning a home together. Maybe the two of you have children who don’t want to move out of their school system because they’re going to graduate in the next few years. You and your spouse may agree to continue on as joint owners until the kids graduate, and then you can sell the house. This is just one example, but rest assured that a divorced couple can still be joint owners of the same home.
This helps to show you some of the options you need to keep in mind during a divorce. Take the time to carefully consider what will work best in your situation.