Options for Keeping the House During a Divorce?

Keeping the house during a divorce can provide stability and continuity, especially if there are children involved. Here are several options to consider when aiming to retain ownership of the marital home.

1. Buy Out Your Spouse’s Share

Determine Equity: Calculate the home’s equity by subtracting the mortgage balance from the current market value.

Negotiate a Price: Agree on a buyout price with your spouse, typically half of the home’s equity.

Financing the Buyout: Consider using savings, refinancing the mortgage, or taking out a loan to finance the buyout.

2. Sell Other Assets

Asset Valuation: List and value all marital assets, including investments, vehicles, and personal property.

Equitable Distribution: Negotiate an agreement where you retain the house in exchange for giving up other valuable assets.

3. Refinance the Mortgage

Creditworthiness: Ensure you have a good credit score and sufficient income to qualify for a new mortgage on your own.

Refinance Terms: Shop around for favorable refinancing terms and rates.

Cash-Out Refinance: Consider a cash-out refinance to access the home’s equity for the buyout.

4. Deferred Sale

Agreement Terms: Negotiate a deferred sale agreement that outlines the conditions and timeline for eventually selling the house.

Shared Expenses: Agree on how housing expenses, such as the mortgage, taxes, and maintenance, will be shared during the deferral period.

5. Seek Mediation or Collaborative Divorce

Mediation: Work with a neutral mediator to reach a fair agreement on property division and homeownership.

Collaborative Divorce: Engage in a collaborative divorce process where both parties and their attorneys work together to find solutions that meet both parties' needs.

6. Legal Considerations and Advice

Hire an Attorney: Consult with a family law attorney to explore your options and understand the legal and financial implications of keeping the house.

Court Approval: Ensure any agreement reached is approved by the court to make it legally binding.

Please contact us today to determine your options legal options. Book your consultation today to start the process by clicking here or give us a call at 832-844-1677.

Attorney, Ashley Nicole Green is a  family, divorce, and child custody attorney who services clients in Houston, Harris, Fort Bend, Brazoria, Galveston, and Matagorda County! Contact the Law Office of A. Green today to schedule consultation!

You can always connect with us via phone 832-844-1677 or via email at agreenteam@lawofficegreen.com