A house is often the biggest asset in a divorce. Figuring out who gets the house depends on various factors.
It is common for both spouses to want the house, especially if minor children are involved. Not wanting to give up a house could even be the reason you put off filing for divorce.
You might believe that if your spouse agrees that you can keep the house, the problem is solved, but that is not necessarily true. You must be able to afford the house on your own.
Most couples share mortgage or other household related expenses. Before deciding who gets the house in your divorce, you should thoroughly examine your post-divorce budget to make sure you can afford all expenses that come along with owning and maintaining a house on your own.
Consider all house-related expenses
Remember that this includes more than just the mortgage payment. If you receive the house, you are responsible for all utility bills, insurance and taxes.
You are also responsible for upkeep and maintenance costs. If your spouse paid to have yard work done, this cost is now your responsibility. When something goes wrong, such as the heater breaking in the winter, you should be able to cover the repair costs.
Unfortunately, when keeping the house is not realistic financially, you might need to examine other options. If your spouse can afford the house, they can keep the house and buy out your share, meaning you will receive a lump sum of the equity.
When neither of you can afford it, the best option is often to sell the home and split the proceeds. The right solution depends on your situation.
When the court gets involved
Additionally, sometimes a court will intervene and not allow one spouse to receive the house. Marital assets must be divided equitably, or fairly, between spouses.
Even if you and your spouse agree on how to split your marital assets, a court will review your agreement to ensure it is fair. If the spouse receiving the home cannot afford it, a court might not approve the agreement.