If you and your spouse own a home together and you decide to get divorced, there’s a good chance that you will simply sell the home. Many couples will sell and split up the money, or one person may buy out the other person‘s ownership share so that they can keep the house on their own.
However, you do have the option to continue owning the home together, even after your divorce has been finalized. What are some reasons why you may consider doing so?
Creating stability for your children
If the two of you are parents, one reason you may consider this is just that it can give the children a bit more stability as they go through the divorce. For instance, perhaps you want to try nesting as a custody solution. The children can continue to live in the home where they lived during your marriage, and you and your ex move in and out to share custody. If you’re on relatively good terms and you think it’d be better for the children to have this type of arrangement, co-owning the home makes sense.
Viewing it as a financial asset
Even if you don’t have children, you may just view this home as a significant financial asset in a difficult housing market. Perhaps you want to continue owning the home because you know the value is just going to keep going up, so the two of you know you can make much more money if you sell in five or 10 years. Or perhaps you want to convert it into a rental property, which could potentially create income for both of you as you move into the next stage of your lives.
Co-owning a house certainly doesn’t work for everyone, but it is important to understand all the options you have and the legal steps to take during a complex divorce.
