For many, the most important asset in their lives is their home. Your house not only has a monetary value, but also a sentimental one. For this reason, you likely will do anything in your power not to lose it, should you and your spouse ever get a divorce, even if it means you’ll be a bit strapped for cash if you do so. Please continue reading and reach out to a seasoned Los Angeles divorce attorney from the Zitser Family Law Group, APC to learn more about how you can keep your house after a divorce and how we can guide you through the process ahead.
What things can I do to keep my house after a divorce?
The first thing you should understand is that often, even one spouse keeping a house after a divorce is unfeasible or just downright impossible. That’s why, in many cases, spouses will simply sell their house and split the profits. That said, there are certain things you can do to keep your home after a divorce. To start, one of the best ways to keep your home is by refinancing your loan. You can do so by buying out your former spouse and getting a loan. Unfortunately, not everyone can do this.
A second option to help you continue living in your marital home is to co-own it with your former spouse. An example of a situation that may call for this is if you both agree you should remain in the home until your children are out of high school. That being said, unless you aren’t amicable and on the same page, this may be difficult and not necessarily an option. Since both you and your spouse’s names will continue to be on the mortgage, you’ll both have to make regular payments. If your ex doesn’t do so, the responsibility to make these payments will fall squarely on you. If you can’t do so on your own, you’ll likely have to file for bankruptcy.
The last viable, though not ideal, option to keep your home after a divorce is to tap into your retirement savings. If you can get a QRDO, you should qualify for receiving a portion of assets held in your ex’s employee retirement plan, which you can then use to make regular mortgage payments.
If you have any additional questions about measures you can take to continue living in your home after a divorce, or you need help navigating the divorce process as a whole, look no further than the Zitser Family Law Group. We are on your side.