When getting divorced, there is the option to keep your family home, even if you both own it and you are both on the title. This is relatively rare. In most cases, couples will either sell the home and split up the money, or one person will buy out the other person’s share and keep the house on their own.
After all, keeping it jointly means you still have to work together as property owners after your marriage ends. What are some reasons that divorced couples would even consider this?
A place for the children
First and foremost, it often revolves around the children. Say that you have three children who are in middle school and high school. If you move, they have to switch schools. But by staying in the house, they get to stay in the same neighborhood, near their friends and in the same school system. So, some couples will jointly keep the home until the kids graduate.
Refinancing
Similarly, when one person buys out the other’s share, they often have to refinance their mortgage. If this isn’t possible, then couples may explore joint ownership. They may agree to sell the house together at a later date, splitting the costs until that time.
The optimal time to sell
Finally, some couples keep the house together if they do not feel like it is a good time to sell. Maybe the real estate market recently declined, and they’re waiting for it to improve again. They could make substantially more money if they hold onto the house for a year, so they continue as joint owners until it is the right time to sell.
Splitting up assets like a family home can be complicated during divorce, so be sure you know what steps to take.