One thing that people will say when heading toward a divorce is that they want to keep their house. For one thing, housing is incredibly expensive, so many people do not want to have to look for another place they can afford. Additionally, some people are very happy with their living situation and do not want that to change just because their marriage is ending.
That said, there are a few things to consider if you are thinking about keeping the house. It can work, but you need to make an informed decision.
You likely need to refinance
If you have a mortgage, then you will probably need to refinance that mortgage in order to keep the home. Anyone who is on the paperwork is responsible for making the payments, which would mean that your former spouse could still potentially be liable even after the divorce. But if you refinance into your own name, this removes any future responsibility.
You may need to trade other assets
Another thing to consider is that the home is a major marital asset. In order to keep it, you likely need to trade other assets to your spouse so that property division is still done appropriately. For instance, they may take a retirement investment account that has a similar value to your home.
It can be expensive
Finally, you just need to make a post-divorce budget to see if keeping the house is even feasible. Remember that you will now solely be responsible for paying the mortgage, property taxes, insurance, maintenance and upkeep costs, utilities and much more.
Dividing property
Determining what to do with the house is just one step to take when splitting up marital property. Make sure you know about all of your legal options at this time.