In most divorce cases where the couple owns a house together, they simply sell that house during property division. Say that you recently filed for divorce. If your house is worth $300,000, you can split it and both you and your ex take $150,000. This makes dividing marital property easy.
But there are other cases in which the couples will remain co-owners of the same house. Although this is rare, it can be highly beneficial. What are some reasons a couple would do this?
They still have children in the home
For one thing, couples will sometimes work together to provide a stable living situation for their children. Say that they have two children who are still in high school. The kids do not want to move at this time in their lives, and they want to stay near their neighbors, friends and classmates. The couple may jointly own the home and cover the costs until the children graduate and leave for college, at which time they will sell the house and divide the money.
The property is an investment
Another reason why couples sometimes do this is because they view the home as a real estate investment, not just somewhere to live. They may see that the real estate market is trending up, and they think that the home will be worth much more in the future. They still plan to sell eventually, but they’re just waiting for the optimal moment in the market to maximize their earnings. Until that time, they continue to jointly own the home, perhaps renting it out.
Splitting up marital property can be complicated, especially when it comes to real estate. Make sure you understand all of your legal rights.
