One of the biggest questions people ask when they’re getting divorced is what they’re supposed to do with their house. This is a potentially very expensive asset, and it could be very important emotionally and sentimentally. Additionally, couples with children need to figure out their living situation, so the house is clearly at the top of the priority list.
Generally speaking, you have three basic options that the two of you can use.
One of you can keep the home
The first option is for one person to keep the house and the other to give up their half of that asset. This may require the person who is keeping the house to give up other assets or pay their ex in order to keep it, and they generally need to get a new mortgage if the home is not fully paid off.
You can both sell the house
Though it may not be preferential if your children want to stay in the home, there is always the option to sell the house. Many couples do this strictly for the sake of simplicity, as they want to divide the money that they earn in that sale.
You can keep the home together
It is technically possible for two people to keep their house after a divorce. You don’t have to be married to own the home together. This could be problematic for financial reasons, and it may not work for couples in a contentious relationship. But it is possible, especially if you want the children to stay in the same home.
No matter what you decide to do, make sure you’re well aware of all of your legal options and your rights at this time.
