When getting a divorce, one of the biggest questions many couples have is what to do with their home. We recently discussed selling the house, which is a common solution because it simplifies property division. If the house sells for $100,000, for example, each spouse can take $50,000, effectively splitting the asset.
That said, selling isn’t the only option. Below are two alternatives to consider.
Continuing to own the home together
One option is for you and your ex to remain joint homeowners, even after the divorce. This allows you to avoid selling the house immediately and can provide more stability during a transitional time. For instance, if you have a child who is a senior in high school, you might agree to keep the house until they graduate. This limits the change and disruption in your child’s life. Afterward, the two of you can sell the home and divide the proceeds.
Buying out your ex’s share
Another possibility is purchasing your ex’s share of the home. This typically requires refinancing the mortgage to remove their name, and you may need to surrender other assets to make the division equitable. For example, if you also own a vacation property of similar value, you might agree to keep the family home while your ex takes full ownership of the vacation property. This satisfies property division requirements without needing to sell.
While selling the house is often the easiest solution, it’s not the only one. Be sure to understand the legal steps involved and explore all your options to make the best decision for your situation.
