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Should you sell your house when you get divorced?

| May 20, 2020 | Family Law |

Dividing your assets during a divorce means going through everything you own and splitting it up.  Most people first take a look at the bank account or their pensions or investments, but it’s important to remember that other large tangible asset – the family home – that also must be dealt with in some way. 

Naturally, you cannot divide your house.  Should you sell it?

Many people do opt to sell the home during divorce because it’s easy.  You just divide up the money that you earn in the sale.  You use the rest to pay off the mortgage and eliminate debt.  Then you both move out and go your own ways.  This is simple and clean, severing the ties between the two of you. 

That said, maybe you don’t want to lose the house.  Another option is to buy out your ex.  They sell their half to you and you refinance so that you own the house completely.  They have to move out and find a new place to live, but you see very little change in this department. 

A far less common option is to continue to own your home together.  One reason to do this is when the kids still want to live in that house.  Parents will sometimes move in and out in accordance with their custody schedule, leaving the children in place.  In cases without children, couples will sometimes keep the house to wait for the market to go up so that they can sell at a profit.  Again, these are less common solutions, but they can work in specific cases. 

No matter what route you choose, make sure you are well aware of your legal options

 

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