If you are getting divorced, one of the options that you have is to sell your house. Many couples do choose to do this. They have to divide their assets, and the easiest way to divide something like a home is just to sell it and split up the money.
But you may find yourself in a situation where you would rather keep your house. Perhaps your children don’t want to move, maybe you love the home you’re in and consider it a dream home or maybe buying another home just seems too expensive. Do you have to sell the one that you already own?
2 other options
You actually have a number of different options. Selling may be the most common one, but it’s certainly not the only one.
For example, maybe your ex is fine with selling the house but you would like to keep it. You can refinance the mortgage in your name and then buy out your ex’s share of that loan. They get the money they would’ve made in a sale anyway, and you get to keep the house.
Another potential option is for you and your ex to keep the home together. Perhaps, as noted above, you have children. Say that they are close to graduating from high school and they don’t want to have to move. It may be less jarring for them if you keep the house for a few years and sell it after they move out.
Everyone’s situation is unique. Just be sure you carefully consider all the options you have when deciding what will be right for you.
