When you are going through a divorce, one of the most challenging issues you will face is determining who will get the home. Likely, both you and your spouse will be attached to your home, but only one of you will be able to keep it if you do not intend to continue living together after your divorce and if you do not want co-ownership.
When One Partner Takes Ownership of the Home
If you have children, whoever receives custody will likely also receive possession of the home. One party of the divorce may file a petition for ownership of the entire residence. Children are sometimes traumatized by a divorce and moving out of a home they have grown attached to will be much more challenging for them.
Sharing the Home After a Divorce
In some cases, you might both decide to participate in co-ownership. This might be so you can provide a more stable environment for your children. This might also be done because one partner is not able to buy the other partner out for full ownership of the home.
However, co-ownership of a home might cause credit concerns when trying to purchase another home. If you are happy with living in an apartment, you may find renting an apartment to be much easier than obtaining another mortgage unless you have excellent credit.
Selling the Home
If both of you and your ex find it acceptable to sell the home, one of the most straightforward options is to sell the home. Then, you may both keep 50% of the value of the home. This can free up capital to allow you to purchase a less expensive home. You may feel attached to your home, but it may also lack the same meaning when you are not with your partner.
Finding a New Home on a Limited Budget
When you are struggling to afford a new home after a divorce, consider getting a roommate. Since you have lived with someone else, you may find it difficult to live on your own. This also gives you time to save up money and seek better employment so that you can eventually purchase your own home.
When you are struggling with the issue of who retains possession of your home, the best thing to do is to work with a divorce attorney like those at Johnson/Turner Legal. Most divorce attorneys have experience with consulting with their clients over these issues and fighting legal battles for possession of a family home.Share