Some people end up facing divorce and realizing that one of their main areas of focus is keeping their home. There are many different potential reasons for this. Maybe they think that the housing market is too competitive, so they don’t want to risk not having somewhere to live. Maybe the home they bought is one they would consider a dream home, and they have no desire to ever move, whether they are married or not.
If you’re facing a divorce, you may find yourself in the same position, wondering what you can do to keep your house. You may have heard that most couples have to sell their home because they need to divide the value of this significant asset. Do you have any other options that would allow you to keep it?
Getting a new mortgage
One potential option is to get a new mortgage and take over your ex’s share of the home. You can “buy out” their ownership share, perhaps by taking out a loan or by giving up other marital assets. For example, some people give up their right to a retirement account or a family business in order to keep their home. You can then refinance the mortgage to transfer the home into your name alone.
Continue to co-own the property
If your divorce is relatively amicable and your spouse is open to it, you may even be able to keep the home together as co-owners. Getting divorced doesn’t mean you can’t own property together. One reason that couples sometimes embrace this option is that doing so benefits their children. If your children are in high school, maybe you just want to keep your house long enough for them to graduate so that their stability can be better maintained.
No matter what you decide to do, it’s very important that you understand all of your legal options. This can help you know exactly what steps to take to accomplish your goals.
