Your spouse has filed for divorce, and you’ve made peace with the fact that your marriage is ending. That relationship is over. You may even think it will be in both of your best interests to end a dysfunctional marriage.
What you don’t want to lose, however, is your home. Perhaps you know that buying another home would be very difficult in the current real estate market. Or maybe you have a dream home and still want to continue living there, whether or not you’re married. Perhaps you have children and would like to keep the same house to provide them with more stability and consistency. Is it possible?
Property division
If you own the house outright, it is possible to keep it but remember that it’s probably a marital asset. This means that you and your spouse both own it, and it must go through property division. To keep the house, you may need to give your spouse other assets. For example, you could give up your rights to an investment portfolio or retirement account.
Refinancing the mortgage
If you still have a mortgage on the house, you may still be able to keep it, but refinancing the mortgage may be necessary. The reason for this is that, if you and your spouse are both on the mortgage paperwork, your financial obligation remains even after the divorce. Your spouse will likely want you to get a mortgage in your own name so that they are released from liability if you miss mortgage payments in the future.
These are just a few things to consider as you go through a complex divorce. Be sure you know what legal steps to take.