Reasons that people choose joint homeownership after divorce

On Behalf of | Apr 16, 2021 | Divorce

Disagreements about the house are common during divorce. However, you don’t have to fight with your spouse or even decide to split up your house.

The two of you could potentially agree to retain joint ownership of your home as part of the property division process. Although that may at first sound like a strange decision, there are at least two common reasons that people choose to do this.

They want to try birdnesting with their children

Needing to constantly move back and forth between their parents’ separate homes can be one of the hardest parts of shared custody for kids. If you and your co-parent have the financial resources to do so, you might agree to try birdnesting.

This is a custody arrangement where the kids stay in your family home and you and your co-parent live in the house full time in separate areas or only during your parenting time. If you alternate your time in the house, you would both likely retain a separate home or apartment elsewhere or live with another family member. Joint ownership makes sense if you intend to keep living together.

They want to wait before selling the house

Maybe you need to do some major work on the property to get what it’s worth from a sale. Perhaps the market in your neighborhood just isn’t that good right now. If you want to sell the house eventually, but not yet, the two of you could agree to short-term co-ownership. You can go ahead and agree as part of the divorce how you’ll divide the proceeds when you eventually sell it.

You could even agree to rent it out and split the income. Whatever reason you choose for keeping the home for the time being, your family law attorney can help you work out the terms of your agreement with your spouse.