Deciding what to do with the house is a major consideration for many couples who are getting divorced. There are three standard options. First, they may choose to sell the house and split the proceeds. Second, one of them may refinance and take over as the sole owner, possibly giving up other marital assets to do so.
The third option, however, is for both parties to continue as joint homeowners even after the divorce. This is legal, as you’re not obligated to sell your house just because of your marital status. The mortgage lender won’t care if the two of you are divorced or married, as long as you’re making payments on time.
That said, owning a house with your ex can be risky and potentially problematic. So why might you decide to do this?
2 potential reasons
First and foremost, you may be considering the local real estate market. Perhaps you believe the optimal time to sell the house is in a few years. By agreeing to remain joint homeowners, the two of you could make more from the sale later than if you sold during the divorce.
Another reason is that you may have children who are still living in the house. For example, if your oldest child is a junior in high school, you might want them to graduate without the disruption of a move. In this case, the two of you may keep the house for the next two years and then sell it after your child goes to college.
There are many factors to consider, so it’s essential to look into all of the legal options available to you. Tailored legal guidance can help you understand the specifics of your situation.
At The Law Firm of Poppe & Associates, PLLC, our focus is relentless advocacy for our clients. If you or someone you know is considering divorce, reach out to schedule a consultation at 646-665-3903 or by contacting us online.
Let Me Be Your Brave
Mia Poppe, Esq.
Managing Partner