Home sales are a common part of divorce because couples do not want to be on the same mortgage together after they split up. They would both still be obligated to pay that mortgage, no matter who was actually living in the house. Instead, they sell it and divide the money.
However, there are some situations in which divorced couples decide that they’re going to keep the house together, at least for sometime. Why would they make this decision and why might you want to consider it?
The children still live at home
One reason is simply that children are still in the home, and they do not want to move. This is especially an issue with older children, who may have quite a connection to their house, their neighborhood, their friends and their school system. They don’t want all of that to be uprooted, and parents might decide to keep the home for a few years until the children move out.
The market should improve in the future
If the market has been trending up in the area, couples may also want to hold onto the house because it is a very valuable financial asset. If they could sell it for $300,000 today but they think they could sell it for $400,000 next year, they may decide to own it together for a year in order to increase the amount they get in that eventual sale.
One spouse wants to buy the other out
In some cases, one spouse will want to stay in the home and the other one wants to leave. What happens is that the spouse who wants to stay has to buy out the share of the home owned by the other person. This is possible, but it can take them time to secure the financing or save up the money. If they can’t do it right away, the two of them may stay on the mortgage together while they get everything in order financially.
What are your options?
These are just a few things to consider as you divide property in a divorce. Be sure you know about all the options you have and the steps that you’ll need to take.