Your spouse asks for a divorce. You knew it was probably going to happen because you could tell that the relationship had changed. But it’s not just the marriage you’re concerned with. You’re worried about how the rest of your life may change in the wake of that divorce.
For instance, maybe the two of you just bought a nice home in your dream neighborhood. This is somewhere that you had wanted to live for as long as you can remember. You don’t want to lose the house and your ideal neighborhood, but you’re worried that you’ll have no choice but to sell the home. Is there anything else you can do?
You don’t have to sell
First off, remember that selling isn’t necessary. Couples just do it because they need to divide the assets that they own. Selling the house is an easy and realistic way to do it. But the two of you could theoretically continue jointly owning your home, whether or not you’re married. Some parents do this so the kids don’t have to move.
Another option would be for you to buy your spouse’s share of that house. Remember that you may have to refinance your mortgage anyway. But if you will qualify for a similar mortgage on one income, you can get that loan and use it to buy your spouse’s share of the family home. They earn money in the sale, but you get to keep the house that you wanted all along.
These are just two tactics that you can use to preserve assets like a family home after you get divorced. Be sure you are well aware of the legal options at your disposal and the steps you’ll need to take.