Many couples get divorced and sell their home. They want to move on, and they need to divide marital assets. Selling makes this easier, so it may be the first and only option they consider.
But in some cases, couples choose to continue jointly owning their home, even after the divorce is finalized. Below are three reasons why they may decide to do so.
1. Keeping the home for the children
One potential custody arrangement is known as “nesting.” If the children have lived in the home for a significant amount of time, it may be better for them to remain there. Rather than moving the children back and forth, the parents rotate in and out of the home based on the custody schedule. This approach can provide greater stability during a difficult transition.
2. Selling the home in the future
The real estate market can also influence this decision. For example, if there has been a recent dip in property values, the home might be underwater or not worth as much as expected. The couple may believe the market will recover, so they choose to retain joint ownership and wait for a better time to sell.
3. Renting the house out
Some couples view the property as a potential income source and choose to rent it out after the divorce. This can help cover ongoing expenses, such as the mortgage, insurance and property taxes, while they both transition to separate living arrangements. Often, this is a short-term strategy while they wait for the right time to sell.
No matter what you decide to do with your home during or after your divorce, the key is to carefully explore all of your legal options.