“Can I keep the house?” is one of the first concerns that most individuals ask during a divorce consultation. The typical response is “it depends,” followed by “just because you have the option doesn’t mean you should.”
Issues pertaining to the marital residence frequently cross over and fall under the general categories of child custody, child support, and asset division. All these aspects can all have an impact on a spouse’s ability to keep the house after divorce.
Who Gets the House After Divorce?
It might be difficult to decide who will maintain the marital residence after a divorce, especially when both parties want to keep it. When determining whether to pursue the home in their divorce, the parties should think about the following five questions:
- Do you or your spouse have sufficient assets to purchase the other party’s share of the house?
- After the divorce, will you have enough money coming in and going out to buy the house?
- How long will you remain in the house following the divorce if you are not purchasing the other party’s interest?
- Can I force my partner to leave the house legally?
Based on how you respond to these questions, making different living arrangements can make more sense financially and emotionally.
Who Gets the House in a Divorce If Children Are Involved?
For younger and school-age children, divorce can be a stressful situation. Their emotional distress may increase if they are compelled to leave their current residence, particularly if this also entails switching schools, being separated from their friends, and having to miss out on after-school activities.
You can make the case that it is in your children’s best interests for you to obtain the family home so they can remain with you if you will be the primary custodial parent following your divorce, which means your kids will spend most of their time with you.
If you require evidence to support this claim, you could request a custody evaluation and urge the assessor to specifically discuss how any changes to your children’s living arrangements might affect them.
Can You Afford To Keep The House After Divorce?
You have to weigh your preferences against the post-divorce financial reality. Maintaining two households is more expensive than maintaining one combined, as you are undoubtedly already aware.
Fighting for the family house when you can’t afford it is one of the biggest financial blunders you can make in a divorce settlement. This error can play out in a number of ways.
The Drawbacks of Home Refinance Following a Divorce
Refinancing the home loan is the first step in negotiating a buyout of your spouse’s stake in the property. In most cases, you will have to apply for a new mortgage under your own name.
The refinance will usually result in larger mortgage payments than what you’ve been dividing with your spouse, even if you qualify. The main reason for this is that you will most likely have to take out a loan from your equity to cover your spouse’s portion. Your monthly payments may also go up if interest rates are greater now than they were when you first took out your house loan.
Apart from the increased mortgage payments, you must also think about your ability to cover the additional costs associated with property ownership, such as:
- Property tax
- Insurance premium
- Repairs and other upkeep expenses
- Condo or homeowner association dues (if they apply)
What If You Are Unable to Refinance Your Home Loan?
In the event that you want to refinance your home as part of a divorce buyout, you must first figure out the property’s worth and each spouse’s equity stake. You need to settle on a buyout price with your spouse and conduct some basic research on mortgage loans, such as contacting several lenders and obtaining a loan prequalification.
In the event that a traditional lender determines that you are not eligible for a house loan, you may have the following alternatives:
- Selling your stake in retirement funds and other marital assets
- You can either agree to co-own the house with your ex for a specific period of time after the divorce, postpone the sale until your children are grown, or borrow the money for a buyout from friends or relatives if you know someone who is able and willing to do so.
- If none of these options work for you, you’ll most likely need to sell the house and divide the revenues as part of your divorce.
In a divorce, your spouse’s and your stake in retirement savings will also be divided. You may have sufficient interest in those assets to exchange them for the family home with your spouse, depending on how much you have been able to save for retirement (and how much your employers have contributed).
But there are dangers associated with this choice. If you don’t have many working years left to compensate for the loss of your retirement income, you might be trading away your future stability. Additionally, if you haven’t refinanced, you may have difficulties attempting to get your spouse’s name removed from the mortgage.
Make An Effort To Resolve the Conflict
During a divorce, couples can agree on how to distribute their assets. There are a number of benefits to going this way. For example:
Authority over the result: In contrast to leaving the choice to a judge who doesn’t know you and can’t be expected to grasp all of your family’s needs and hopes, you will have greater control over the outcome
Less expensive: If a trial is required, the expense of a divorce increases dramatically. Even though mediation has fees, they are far lower than those of a protracted court case. Additionally, you may be eligible to benefit from the cost-saving advantages of simplified uncontested divorce proceedings in your state if you and your husband are able to come to a full divorce settlement agreement before you file for divorce.
Better solutions for the home: In addition to a buyout or sale, couples who can work together throughout and following their divorce may be able to find other solutions for their family home, such as co-ownership or keeping the house and allowing the children to live there while the parents alternate in and out.
Expectations in the Event of a House Trial
A judge will arrange a trial and make a decision for you if you and your spouse are unable to agree at all. In that case, the judge will divide property in a divorce in accordance with the laws of your state.
Though most judges will strive for an almost equal division unless it would not be fair in the given situation, very few states enforce a strict 50/50 split between spouses.
Accordingly, when a couple has insufficient assets to balance out the property distribution in the event that one spouse retains the house, judges frequently compel the couple to sell the house and divide the earnings. Even though it’s not a good moment to sell, that might be the result.
If it were financially possible, judges may choose to order a deferred sale of the house so that the custodial parent can remain there with the children.
Conclusion
Keeping the house after a divorce isn’t just a legal question; it’s a deeply personal one. The emotional value of staying in a familiar space, especially when children are involved, can be significant. But that value has to be weighed against practical considerations like affordability, refinancing options, and your financial future.
If you are leaning toward keeping the house after divorce, it can help to hire a good attorney. Affordable Divorce Center offers simple and affordable law services in Florida. We help you understand your rights, explore your options, and make informed decisions without draining your finances. We’re here to simplify the process and advocate for what matters most to you.
Because your home is more than just a property; it’s part of your future. Let’s protect that, together.
Contact us for a free consultation today!
Frequently Asked Questions
1. Can a wife claim property after a divorce?
Any property purchased by either spouse during the marriage is considered marital property. Whose name appears on the title is irrelevant. In the event of a divorce, the wife would be entitled to a portion of the home’s worth if the pair purchased a house, but the deed only listed the husband’s name.
2. Is it okay for a wife to request that her husband leave the house?
It is possible to make a spouse vacate the marital home. To have a single legal claim to the marital residence, however, several conditions must be fulfilled. Examples of scenarios that fit the standards include domestic abuse and agreements between couples over who is to move out.
3. What rights do husbands have in a divorce?
Whether or not both parties agree, a husband has the authority to sue for divorce.
4. What is meant by equitable distribution?
It means fairly split. In an equitable distribution, the two spouses receive their share of the marital property as fairly as the court deems possible. This is typically what occurs, but it is not certain that the court will determine that the property should be shared equally (50-50).
5. What assets are subject to division during a divorce?
In the context of a divorce, there are two categories of property. “Marital property” is anything that the couple purchased while they were married. “Separate property” refers to assets that were yours prior to marriage or that were given to you exclusively by someone other than your spouse. It is possible to divide marital property between the two spouses.
