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Is it ever wise to own a home jointly after divorce?

On Behalf of | Jan 20, 2023 | Family Law |

In most cases where two married people own a home together and decide to get divorced, they will also decide to sell that house.  The reason for this is that they have to divide their property.  It is easier to divide the earnings from a sale than the physical assets themselves.

But are there ever situations in which you may want to continue owning the home together?  After all, you don’t have to sell it.  You don’t have to be married to be co-owners.  As long as the two of you understand that you are both obligated to make the mortgage payments, you can move forward as joint owners.  But why would you want to do this?

More stability for the children

One potential reason is that the children may feel like their lives have more stability if they don’t have to move.  For instance, maybe your child is a senior in high school.  You don’t want to sell the home and make them move at such a pivotal time, so you and your ex can continue owning the house for the next year.  Once your child graduates and leaves for college, then you can sell the home and divide the earnings.

Earning more in the sale

You may also want to analyze the real estate market.  If it is relatively stable, then it doesn’t matter when you sell the house, but it can be financially beneficial to keep the house if the property values are going up.  You could make significantly more money selling in six months as opposed to selling immediately.  If you do find these types of market trends, continuing to own the home together for a short time can be beneficial.

As you work through this process, be sure you know about all of your legal options.

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