If you and your spouse own a house together and you get divorced, there is a good chance that you will need to sell the house. Many couples do this because they both have an ownership share, so the house is marital property. By selling it, they can just divide their earnings.
That said, you’re not obligated to sell the house. In some cases, couples will even continue being joint homeowners, despite the fact that their marriage just ended. What are some reasons why they might choose this?
Financial reasons
First and foremost, some people are looking at the financial implications. For instance, maybe they want to be joint homeowners, but they plan to simply rent the house out, so it becomes an income property. They split the future income, and it benefits both of them.
Or, perhaps the housing market has been trending up. If this couple waits five years to sell their home, they think they’ll make significantly more money than if they sell it today. They can continue being homeowners until it is time to sell.
Child custody reasons
In other situations, couples will choose to own the family home because they have children. They’ve decided to use a custody schedule where the children remain in the house. If they share custody, the parents may just cycle in and out of that home. This can provide some more stability for children during a divorce because they don’t have to move.
No matter how you decide to divide marital assets during the divorce, be sure you know exactly what legal options you have.