When you begin a divorce, it is important to think about all the matters you need to take care of. One of the most complex issues is property division, and it can get even more complicated if you own a house together.
Often, both parties would like to keep the house, and it can lead to heated disputes between them. While some people want to keep the house because they have grown to love it, or have invested a lot of time and energy in it, for others it is just a financial thing. They see the house as their biggest asset, so don’t want to give it up.
Maybe trying to retain the house is the right option. But you can’t be sure until you have considered the alternatives. For example:
Selling it
If you sell the house it should leave you with a pot of money to split. It’s a lot easier to divide cash than a property. You can also get rid of any mortgage you have, thus cutting another string that ties you together.
One party keeps it
If one of you wants the house and the other doesn’t then that person keeping it may work well. Remember, though, that there is no point in keeping a house if you cannot afford to pay the mortgage, which can be harder on one salary. You’ll also need to think about moving the mortgage into one person’s name only, and the lender might not agree to it if they have doubts about the person’s ability to pay.
Retaining it between you
Some ex-couples go on owning property together for years. You’d need to have a decent relationship for this to work and enough financial security to pay for another place for at least one of you. For most couples, this is probably not an option, except perhaps in the short term if the market has fallen or you want the kids to finish school before selling.
Learning more about your options for the house and other assets can help you make appropriate decisions in your divorce.
