Generally, divorced couples do not continue to co-own their homes after the marriage ends. Either one person keeps the house as the marital assets are divided or the couple sells the house and divides the money. These are the easiest methods as the relationship draws to a close and both people want to have a fresh start.
Keeping the house can be a wise move under certain circumstances
However, some couples do choose to co-own even after divorce. A few reasons they may do this include:
- The equity is low. The couple may want to keep the home a bit longer so that the value will go up and they can sell it for even more.
- They want to use it as an investment property. They’re interested in renting the house out, rather than selling it.
- They want the kids to have a stable environment. Parents sometimes want the children to get to stay in the home they already know. For instance, if a child has a year of high school left, the parents may keep the house for a year and sell it when the child goes to college.
- They’re buying time so one party can get their finances together. They don’t want to lose the house entirely, but one person needs time to save up money to buy out the other person. They agree to co-own for the time that it takes.
- They’re trying an unusual custody method. Perhaps the parents are planning on nesting as a form of custody, meaning they take turns living in the home with the children.
Is sharing the house with your ex right for you?
Couples who do this need to make sure it’s the right choice. It can be difficult to keep working with someone to pay the rent, make repairs and all the rest after you’ve gotten divorced
As you and your spouse work through this process, be sure you really take the time to consider the options that you have and what they’ll mean for your future. An attorney can often provide invaluable guidance.