It’s common for people to assume that getting divorced means it’s time to sell the house. The reason for this is that it’s easiest to sell the home and then divide whatever debt you still have or whatever money you make in the sale.
However, there’s absolutely no obligation to sell your house. You and your ex can keep the house together. This is often done on a temporary basis. Why would you do it? Let’s look at a few potential reasons.
You think you can earn more money in the future
If you’re paying attention to real estate values and trying to get the most back for your investment, you may identify a slump. If you sell your home in this slump, you’ll make less than if you keep it until the values go back up. Some couples will hold on to the house for a few months or even a few years so that they can sell at the optimal time.
Your children are close to graduating
With very young children, you probably just want to get into a new home that they can adjust to. However, if you have high school students who are close to graduating, they may find the thought of moving distressing. It may be better to keep the house until they have finished school and moved on to college or their own living situation. Then you can then sell the home and get a new place without changing their lives quite so much.
As you can see, property division could be more complicated than you may have expected, and it’s important to understand your legal options.