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Do you have to sell your house during a divorce?

On Behalf of | Jul 24, 2023 | Property Division

Dividing assets is one of the necessary steps to take when getting a divorce. You and your spouse have purchased certain items together or earned money during your marriage, and those assets need to be split up between the two of you in accordance with state law.

But what about your house? You may not want to sell the home that you purchased together, but do you have to if you’re going to divide your assets?

You could keep the home on your own

You don’t necessarily have to sell it. There are some situations in which you could keep the house on your own. But if you do, it’s most important to think about the financial side of things. You need to determine if keeping the same home will be affordable on your new budget after you get the divorce. You also have to consider whether or not you will qualify for a mortgage, since you need to take your ex off of the paperwork and put the house in your own name.

You could keep the home together

Another potential option is to keep the home as a joint possession. You don’t have to sell it just because you’re getting divorced. For example, perhaps your children still live at home but they’re going to be graduating from high school in the next few years and going to college. You may decide that you’re going to keep the same house so that your children don’t have to move, and you and your spouse can then sell it and split up the money after they graduate.

No matter what you decide to do, rest assured that there are options. It’s important to consider them all carefully.