What are you going to do with your home? If that’s your biggest question as you move toward a divorce, it’s important to have a plan and a solution. You and your ex need to know what you’re working toward, and you certainly want to know what your goals are so that you can consider them as you make decisions during the divorce process.
All of this starts simply by considering what options you have. It is true that each person’s situation is unique, but here are three common options to consider.
Selling your house
The easiest thing to do may simply be to list your home for sale and hope that you are soon approached by a buyer. This is easy because you will have clear records of how much you purchased the home for, how much you sold it for and how much was earned in that transaction. You and your ex can then split up this money in the divorce.
Keeping it yourself
However, if you don’t want to lose the house, then selling it and splitting the money may not be preferable to you. It may seem “fair”, but you’re not getting the home that you wanted. To keep it for yourself, though, you will likely have to refinance your mortgage, and you will need to give your spouse other assets to make up for the half of the house that they are losing. All of this is possible, but it is very important to plan in advance and figure out exactly how to accomplish that goal.
Keeping it together
The final option is that you and your spouse don’t have to sell or divide the home. You can simply continue to own it. Co-owners do not have to be married or in any other type of relationship, so you don’t have to get rid of your house. Just know that this can be tricky because of the cooperation needed between you and your ex. Some couples do it so that their children can stay in the house, for instance, and focusing on the kids helps them get over the minor disagreements they may have as adults.
As noted above, advance planning is important, so take the time to look at all of your legal options.