If you get divorced, you can sell your home. Many couples choose to do so. It is often easier for them to sell the house because they will earn money that they can use to pay off the loan, and then they can split any financial assets that remain.
But some couples will decide to keep the home jointly. It is certainly still legal to be co-owners of a house, whether or not you are married. What are some reasons that people choose to do this?
One potential reason is when they are trying to create greater stability for their children. Maybe they would like to use a custody solution like birdnesting, where the children live in one home all the time and the parents shift in and out on a set schedule. Keeping the home jointly allows them to split the costs, as both parents will also have to pay for another place to live when they don’t have custody. In that scenario, joint ownership may make complete sense and can make things go more smoothly.
Another potential reason is if the real estate market is projected to rise. Some couples are trying to get the maximum amount of value out of their house. If there’s a dip in the local market that is supposed to correct itself over the next year, couples may retain ownership until it is the optimal time to sell. They have to balance the cost of keeping the home for an additional year with the extra money that they could earn.
Regardless of what you decide to do, it’s important to understand all of the legal options at your disposal.