You know that your divorce marks the end of your marriage, but you are still seeking some level of stability. One thing that you are interested in is keeping the home where you already live. This will make the divorce not feel like such a massive change, and it may be helpful if you have children who want to stay near their friends, neighbors or school.
The first thing to know is that you can often keep the home after divorce, but you need to determine how to do so if that home is a marital asset. If you and your spouse jointly own the house together, then it needs to go through property division.
You will have to find a solution that allows you to become the sole owner of the house. For example, you may be able to give your spouse full access to other marital assets, like your bank account or your retirement savings, in exchange for their ownership in the home.
Getting a new mortgage
Even if your spouse agrees to such an arrangement, remember that you will probably still need to refinance your mortgage. The mortgage lender does not care about your marital status or if you got divorced, after all. If your ex is still on the mortgage with you, they are technically responsible for your payments, so they will want you to refinance so that you are the only one who bears any responsibility.
Depending on your financial situation, applying for that new mortgage can be difficult. You and your spouse may have had two incomes when you applied jointly to buy the house originally. If the home’s value is the same, you will now need to qualify for the same mortgage on just one income.
This does not mean that it is impossible, but it is important to look into the details when going through marital property division to see if it is a viable option for you. At the same time, be sure you are aware of the legal steps you will need to take and all of your rights and obligations during property division.