Many married couples will sell their homes when they get divorced. But don’t assume that they have to. There are other options, such as one person buying the other person’s share or the couple continuing to co-own the home after the divorce.
The reason for selling the home is often that it is simpler. It removes both people from the mortgage and the obligation of the house, and it also makes it easier to split up the money earned when selling that home. Why would people decide to instead remain co-owners, even though they are no longer married?
Keeping the home for the children
One potential reason is that they just want their children to be able to keep living in the house. It might be difficult for them to move to a different school system or to move away from their friends. This is especially true for couples who have older children, such as those who are in high school. Keeping the home for a few extra years may make the divorce easier on the children.
Selling at a better time
In other cases, parents will just look at the financial side of things and determine that they could sell in the future for a higher price. After all, they didn’t time their divorce to coincide with the peak of the real estate market. They may agree to continue owning the home for a few months – or even years – so that they can get the maximum value out of it later.
These are just two potential examples, but they do help to show why it’s so important to understand all of the legal options available when going through a divorce.