3 choices for your house in a divorce

Owning a home together is something many couples dream of and work hard to achieve. Hence, the home can soon become one of the most contentious points if the marriage does not last and they decide to divorce.

What are your options for dealing with the home you bought together?

1. Sell it and move on

Putting your house or apartment up for sale is often best. You can then free yourself from the joint mortgage and each move on with some money in your pocket to put down a deposit on a new place. 

2. One of you keeps it

One person keeping it typically requires one of two things to happen. Either they take it in exchange for the other person keeping other assets. Or they buy the other person out, perhaps taking out a new mortgage with a new partner, family member or friend to do so.

3. Hold on to it together

Sometimes selling is not the right option at this time and neither of you wants to, or can afford to, buy the other one out. Examples could include if you have children nearing the end of their schooling or if the market is down at the moment. It could also be an option if you have enough assets to afford to get a new place each and keep this as an investment, perhaps to rent out. This is typically the most complicated of all the options though, as you’ll have to continue co-ordinating with each other when it comes to payments, upkeep and more.

There will be a lot to consider when deciding which option is best and learning more about the legalities of it all is wise before you make any decision.