Divorcing will require splitting the assets you own together. If you own your own home, it may well be the most valuable of all your assets to consider. Hence, many people get fixated on keeping it.
While a house may have sentimental and practical value, you mustn’t let these distract you from its financial value. Here are some choices you may have:
You could sell it
If you put the house up for sale, then it removes the emotional factors around it. Once the sale goes through and you pay the mortgage off, you’ll have a quantity of money that you can add to the total pot for splitting.
You could keep it or let your spouse keep it
If you keep the house, your spouse will expect a similar value factored into the overall distribution process in their favor. Before bidding for it, make sure you can afford to cover any outstanding mortgage and all the other running costs. If you have children, consider whether it is better for them if a particular person keeps the place.
You could continue owning it jointly
Continued joint ownership won’t work for all divorcing couples, but it’s an option if you get on well enough. People sometimes go this route if the market has dropped, and they want to wait until it rises before selling. Complications could arise, however, if one of you fails to pay their share of the mortgage, bills or repairs.
There is a lot to consider, so be sure to get legal help to learn more about the options for your house and other assets during a divorce.
