You ask your spouse for a divorce, and you immediately start making a list of all the assets that you own. At the top of that list is the house that the two of you bought together shortly after you got married.
Other assets can be divided, but you assume that you’re going to have to sell the house and divide the money that you earn. But is this the only option that you have?
One spouse can buy out the other person’s share
Selling the house is certainly not the only option. For instance, there are cases where one spouse wants to keep the house, and the other doesn’t. The person who wants to keep it can buy out the other person’s share, refinance the mortgage and then continue to own the house themselves. The biggest hurdle to doing this is often the cost.
You could both keep it
In other situations, two married people will decide to keep the house even after they get divorced. They will still move forward as joint owners. For instance, people sometimes do this if they have children and the children don’t like the idea of having to move out of the house. They may also do it if they believe that selling the house at a later date will be much more profitable.
Consider all of your options
You certainly can sell the house if that’s the easiest way for you and your ex to move on from the marriage. But this helps to show that you actually have many different options, and it’s important to consider all of them carefully.
