Many people assume that divorce means that they’re going to have to sell their house. This can be hard for some people, as they may have purchased a dream house, or they may simply not want to move just because the marriage is ending.
There is clearly the option for one person to buy out the other person’s share, but this can be expensive. If you can afford to pay the amount your ex would have gained when the house was sold to someone else, then you may be able to buy them out of the mortgage and refinance. But not everyone can do this.
So, is there any way that the two of you could keep the same house? And why would you want to do this?
It may be a beneficial option
You certainly can keep the same house if you’d like. You don’t have to sell it just because you’re getting divorced, and you can both stay on the deed and the mortgage.
One reason that people sometimes do this is that they have children. They don’t want to make their children move, so they keep the same house, and the children continue living there. The parents may share time in the house, depending on their custody rights.
Another reason that people do it is that they believe they can make more money in the future. If the housing market dips right when you get divorced, it may make financial sense to keep the home for the next year or so and then sell the house after the market recovers.
No matter what you decide to do, a marital home is a major asset, and you need to make sure that you know about all of the options you have.