Generally, divorced parents are going to decide to sell their house. They have to split up the value of the home, so selling it and splitting the cash is the easiest way to do it.
But there are also cases where parents will decide to keep the home jointly. This is different than one person buying out the other person’s share. Both adults continue to be joint owners, even though they are divorced. Why would they do this?
Their custody arrangement
In some cases, the custody arrangement itself will dictate how property will be handled. For example, perhaps the parents are considering birdnesting, which is where the children always live in the same home and the parents move in and out. This can give children a better sense of security and stability, but it does mean that they need to have a central home where they live. Parents may keep the family home from the marriage and share those costs, while independently paying for places to live when they don’t have custody.
The housing market
Some parents are also considering the financial decisions that they’re making. Maybe the housing market is going up, so they believe that they will earn more money if they sell the house in the future. Or maybe homes are so expensive that they are concerned about being able to afford another house, so they decide to keep the one they already own because it has good financial value.
If these factors apply to your situation, make sure that you know about all the legal steps you can take. It’s crucial that you understand your rights, both as a parent and under property division laws.